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Africell Launches 5G Network in Sierra Leone


Africell, Sierra Leone’s premier mobile network provider, unveiled its advanced 5G network on Thursday, October 26, 2023. The event, which attracted high-ranking government representatives, industry leaders, and media personnel, was held at the Sea View Lounge, New City Hall, Freetown.

Prominent figures present included Chief Minister, Dr. David Moinina Sengeh, Ministers Chernor Bah and Hon. Salima Bah, Ambassador Joe Blell, Chairman of the NatCa Board, and Mr. Amara Brewah, Director-General of the National Telecommunications Authority (NaTCA).

Shadi Gerjawi, Africell’s CEO, shared the company’s transformative journey from its 2G roots through its 4G era, and now to the groundbreaking 5G technology. He emphasized that 5G, being 100 times faster than 4G, plays a pivotal role in closing the digital gap, thereby enhancing lives.



As part of the event, Africell also showcased a new multi-functional mobile application, accessible via a QR code. The app provides various services, ranging from bill payments for utilities and services like EDSA, WAEC, DSTV, and Mercury, to facilitating financial transactions and complimentary SMS services for users.

Reiterating Africell’s broader vision, Gerjawi said, “Africell’s mission goes beyond being a telecommunications provider; it demonstrates our commitment to being a responsible corporate citizen.” He lauded Africell’s ongoing efforts in sectors like education, health, and youth empowerment.

He also extended heartfelt gratitude to the Sierra Leonean government, especially to Minister Salima Bah, Ambassador Joe Blell, and Director-General Amara Brewah for their unwavering faith in Africell’s mission.

In his remarks, NaTCA’s Director-General, Mr. Brewah, celebrated the arrival of 5G in the nation as a monumental step towards embracing a digitized future. He stressed the invaluable partnership between telecommunications giants and NaTCA, highlighting the anticipated advancements in internet quality, economic growth, education, healthcare, and governance.

Mr. Brewah also addressed the impending tariff hikes, reassuring that the enhanced quality of internet service would provide value proportionate to the costs.

Africell’s 5G network signifies Sierra Leone’s steadfast march towards a technologically advanced and interconnected tomorrow.



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Air France’s Final Flight Leaves Sierra Leone as Operational Suspension Takes Effect


October 28th, 2023 marked the final day of Air France’s operations in Sierra Leone. The airline bid adieu with its last flight departing from Freetown International Airport, heading to Paris via Guinea Conakry. This departure came following the airline’s earlier announcement of the suspension of its services at FNA due to persistently low passenger numbers, resulting in substantial financial losses.

For over two decades, Air France has been a prominent contributor to Sierra Leone’s tourism and aviation sector, aiding the government in job creation and bolstering the country’s revenue through tax payments. However, the dwindling profitability rendered the continuation of operations unviable, causing the regrettable cessation of services.

This development has significantly impacted Sierra Leone, particularly amidst the recent inauguration of the country’s state-of-the-art airport. The absence of Air France not only stands as a substantial loss but also raises concerns about reduced competition among the limited airlines operating within the nation.



The reduced competition might precipitate higher ticket prices for passengers traveling in and out of Freetown International Airport. This increase in costs could potentially burden travelers, posing a concern for the accessibility and affordability of air travel in and out of Sierra Leone.

The discontinuation of Air France’s services is a setback for the nation’s aviation industry, casting a shadow over the immediate future of air travel within Sierra Leone. As the country navigates this change, stakeholders are left contemplating the impact on both the economy and the ease of travel for its citizens and visitors.



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Sierra Leone Civil Aviation Authority Addresses Rising Air Ticket Prices


During the Ministry of Information and Civic Education’s Press Conference on October 24, 2023, the Director General of the Sierra Leone Civil Aviation Authority, Musayeroh Barrie, addressed the pressing issue of escalating air ticket prices.

Barrie highlighted several key factors contributing to the surge in ticket costs, shedding light on the challenges faced by both passengers and the government.

In her statement, Barrie emphasized that the increase in air ticket prices can be attributed to a combination of factors, including passenger volumes, reduced airline options, and the relentless impact of inflation.



In her words, “passenger volumes, fewer airlines, and inflation are among the factors that influence air tickets.”

She disclosed her own firsthand experience, having purchased a ticket from Freetown to London on the same day, October 24, 2023, at a cost of $1871. Of this sum, only $139 constituted government taxes, underlining that the vast majority of the ticket price is beyond the government’s regulatory influence.

This revelation underscores the complexities surrounding the air travel industry, where external factors play a significant role in determining the final cost of tickets.

As passengers grapple with rising expenses, Director General Musayeroh Barrie’s statement brings attention to the challenges faced by governments and regulatory bodies in managing airfare costs, striving to strike a balance between affordability and maintaining a sustainable aviation sector.



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President Bio Pledges Support For Business Growth in Sierra Leone


Sierra Leone’s President Julius Bio made a resounding commitment to bolster business development in Sierra Leone during his address at the Rebranding Africa Forum meeting held in Brussels on 20 October 2023.

President Bio emphasized his dedication to supporting and encouraging business growth in Sierra Leone while addressing officials and fellow African leaders. He stressed the strong and harmonious relationship between the government of Sierra Leone and the private sector, underscoring a robust bond that facilitates cooperation.

The President’s statements were corroborated by the recent annual political dialogue he had with the European Union and various private companies operating in Sierra Leone, reflecting the collaborative efforts to promote economic progress.



“I am here fighting, or attempting to be a marketer because I want to convince you that I am up to the task,” President Bio declared.

He expressed his unwavering commitment to attracting more businesses to Sierra Leone, stating, “Whatever it takes to bring more businesses into Sierra Leone, I am prepared to convince you and provide support.”

President Bio’s remarks highlight his administration’s dedication to fostering economic growth and strengthening Sierra Leone’s position as an attractive destination for investments and business development.

The Rebranding Africa Forum provided a platform for African leaders to discuss strategies for enhancing the continent’s economic prospects, and President Bio’s strong endorsement of Sierra Leone’s private sector aligns with the broader goals of the event.



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Ministry of Finance Engages Sierra Leone Private And Banking Sector on FY2024 Proposals


Sierra Leone’s Ministry of Finance has engaged the banking sector and other key private sector players in the 2024 finance bill formulation.

The Ministry commenced consultations with these sector players in developing tax policies to form part of the 2024 Finance Bill to be tabled by the Minister of Finance later this year for proper justification and approval.

These consultations according to them are part of the Ministry’s approach to formulating revenue and tax policies with public institutions and the private sector to get their input and seek cooperation when these policies eventually come into effect.



They maintained that the engagements would continue with Importers, exporters, Local Manufacturers, Telecoms, and private sector players.



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GT Bank Sierra Leone Celebrates Customer Service Week With Assorted Gifts


In a grand display of customer appreciation during Customer Service Week, Guaranty Trust Bank (GT Bank) Sierra Leone distributed a variety of gifts to its patrons at the main headquarters in Freetown on Tuesday, October 11th. The celebratory atmosphere extended from the Wilberforce headquarters to its 14 branches across the nation.

Speaking on the rationale behind the GT Bank Customer Service Week, Head of Cooperate Affairs, Arthur Kallon revealed that Customers Service Week which normally occurs in the first week of October is an international celebration that cooperate institutions use to appreciate their customers.

Kallon extolled the longstanding harmonious relationship between GT Bank and its customers, highlighting the customer-centric nature of the bank’s products and services, informed primarily by customer feedback.



 

He described their celebration of the week as a gesture to appreciate GT Bank customers for their loyalty to the brand. He confirmed that the celebration can’t be completed if they only targeted customers without taking the staff into consideration, so they are celebrating a staff customer’s service week. He justified that it’s a win situation where in the bilateral relationship between the staff and the customers is being expressed in celebratory mood.

Describing GTBank line of activities with customers and staff during the 5 days celebration, Kallon said, “We stay consistent to what others are doing across all subsidiaries, across GTCO, Africa and the United Kingdom. There are some areas we go overboard; there are some areas we stay within the limit. What we are doing here we dedicated the five working days to different activities from Monday to Friday. If you check out our branches in Freetown and all 14 branches you will notice that there are different types of celebrations. The attire that staffs are using throughout this week is remarkable, and beautiful. The official colours of GT Bank which Orange and white is being expressed in the way we dress throughout the cause of this week. We have raffle draws that staff are winning Top up Cards, Teacups, Keys or Key Holders, Pens, diaries and refreshments that ranges from sweets biscuits to create a relaxing mood.”

As the culmination of the week, staff will dress in the attire of various professions they serve, including the police, teachers, journalists, and pilots, symbolizing the deep connection between the bank and its diverse clientele.

The distributions of gifts to customers, were done by staffs with great delight, as the team distributed hundreds of assorted items to most of their customers in the banking hall.

Kallon called on customers and staff to enjoy the week and trust the GT Banking Process. He acknowledged that there are some challenges even outside the industry, but they will continue to work on them.

A beneficiary driver at the GT Bank Headquarters, Alusine said, ‘I am very happy with what you people are doing. This afternoon I didn’t even know I was going to get a special gift. I am surprised.”

Similarly, Isatu Mansaray thanked GT Bank for the donated items. She added that this is the first time she has received such a gift from a Banking institution in Sierra Leone.

GT Bank has consistently built its reputation on exceptional customer service and anticipating their needs, standing out for its commitment to delivering quality banking experiences.



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UNDP, Apex Bank And LAPO Microfinance Team up For Sierra Leone’s Informal Economy Advancement


In a significant stride towards advancing economic inclusivity and prosperity, UNDP Sierra Leone has unveiled a strategic alliance with Apex Bank and LAPO Microfinance for their joint informal economy initiative.

Under this cooperative endeavor, UNDP Sierra Leone, Apex Bank, and LAPO Microfinance will collaborate closely to craft, test, and extend financial products and services customized explicitly for the informal enterprises and entrepreneurs in Sierra Leone. This pioneering venture is an integral component of the expansive Informal Economy project, generously underwritten by the European Union in Sierra Leone.

This partnership materialized following the initiation of an innovation challenge by UNDP Sierra Leone, wherein Apex Bank and LAPO Microfinance distinguished themselves as the victors.



Consequently, both financial institutions have been awarded grants of $150,000 each to innovate financial solutions finely tuned to meet the distinct requirements of informal enterprises in the nation.

The core objective of this initiative is to unlock the latent potential of Sierra Leone’s informal economy. By facilitating access to financial services and advocating for formalization, the project aspires to nurture inclusive economic growth, catalyze economic transformation, and enhance the livelihoods of individuals involved in the informal sector.

This ambitious undertaking will be jointly executed by UNDP Sierra Leone and the International Labour Organization, reinforcing the dedication of these entities to catalyzing positive transformations and sustainable development in Sierra Leone.

The partnership uniting UNDP Sierra Leone, ApexBank, and LAPO Microfinance signifies a pivotal stride towards harnessing the economic prowess of the informal sector, ushering in a path towards heightened prosperity and progress within the nation.



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Sierra Leone Mobile Telecommunication Networks to Normalize Tariffs


Due to the recent hike in the prices of petroleum products, electricity tariffs, and the foreign exchange rate in the country, the telecommunication sector is expected to normalize its tariff soon.

It is without gainsaying that all other sectors have adjusted their charges as a result of the factors listed above but it is only the telecommunication sector that has been left unattended.

We are of the view that if nothing is done to protect the sector from facing economic insolvent it will be counterproductive to the state in terms of revenue generation, youth employment, and providing financial and moral support to national activities. This sector which has been ostensibly neglected is currently one of the highest taxpayers in the country that has the highest rates of youth employment.



With no iota of doubt, if the tariff normalization does not take effect soon, there is a tendency for over 50% of staff within the sector to lose their jobs and there is also a proclivity for the sector to scale down or short down some sites in remote areas where they are spending millions of leones to provide connectivity. This itself will be a burden on the people and government of Sierra Leone which is more the reason that the tariff adjustment is needed now to prevent such shortfall in the sector.

Other areas, like the media, sport, entertainment, tourism, education, child welfare, civil society, and other sectors that are currently benefitting hugely from the magnanimity provided by the telecommunication sector will be left to suffer; particularly the media fraternity to which we belong.

A seasoned economist, Mr. Dennis Sankoh has argued that when the cost of producing goods or services is higher than the profit margin, it will lead to a shutdown of operation. Therefore, he has urged the government of Sierra Leone to intervene by factoring a new tariff adjustment to protect the telecommunication industry from falling or find a win-win situation that will lead to economic equilibrium in the sector.

“If the telecommunications sector continues to face serious economic challenges or crisis it will hurt the economy in terms of services, trade, Corporate Social Responsibility, and employment,” he warned, adding by applauding the telecom sector for still being committed to driving investment in the sector.

However, the economic expert is of the view that the constant rise in input costs whilst the tariffs are stagnated at a rate that had been fixed since January 2023, it difficult for the sector to make more gains in terms of investment and creation of jobs in the country. He added that the situation will be further exacerbated by the devaluation of the Leone as against the dollar.



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Bank of Sierra Leone Reveals How Inflation Remains a Serious And Persistent Challenge


The recent monetary policy statement issued by the Bank of Sierra Leone has revealed that inflationary pressures have remained persistent since their previous MPC Meeting due to the demand and supply side factors.

The Policy statement affirmed that headline inflation edged up from 44.3 percent in May 2023 to 44.81 percent in June 2023 and increased significantly further to 50.94 – percent in August 2023.

The monetary statement further pointed out that headline inflationary pressures continue to be largely driven by both food inflation and non-food inflation.



The Monetary Policy Committee of the Bank of Sierra Leone met on 28 September 2023 in a meeting chaired by the Acting Bank Governor, Dr. Ibrahim L. Stevens. After a careful assessment of recent macroeconomic and financial developments in the global and domestic economy and the implications for domestic inflation and growth, the MPC decided to raise the Monetary Policy Rate [MPR] by 2.0 Percentage points, to 21.25.





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Bank of Sierra Leone Raises Monetary Policy Rate to 21.25%


The Bank of Sierra Leone has announced a hike in the Monetary Policy Rate (MPR) by 2 percentage points, increasing it to 21.25 percent.

This decision was revealed in a recently published document following a meeting of its Monetary Policy Committee (MPC) on 28 September 2023. The meeting was chaired by the Acting Governor, Dr. Ibrahim L. Stevens.

The document noted, “After an assessment of recent macroeconomic and financial developments in the global and domestic economy and the implications for domestic inflation and growth, the MPC decided to raise the Monetary Policy Rate (MPR) by 2.0 percentage points, to 21.25 percent.”



In explaining the rationale behind this decision, the Bank of Sierra Leone pointed to several factors. Global economic developments, inflation rates, domestic economic activities, fiscal development, as well as the state of money, banking, and financial system stability were all cited as significant considerations that influenced the monetary stance.

The document went on to emphasize the challenges of inflation, stating, “Inflation remains a serious and persistent challenge and there are upward risks to the outlook for inflation. These risks include further hikes in fuel and transportation costs, exchange rate depreciation, expansion in monetary aggregates, the continuous rise in the price of imported commodities, and inflation expectations. Given these risks and the level of persistence, the MPC is of the view that the stance of monetary policy going forward has to be contractionary (tight) over the next few quarters.”

More on this document could be read below:



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