The Bank of Sierra Leone has on the 2nd of October 2023 released the official foreign exchange rate in the country.
The rates include the cost of buying and selling major foreign currencies including U.S. dollars, Pounds Sterling, Euros, and Canadian Dollar, amongst others.
The Central Bank’s disclosed rates are as follows:
Pounds Sterling: Buy at Le 27.1073, Sell at Le 27.3888
U.S. Dollars: Buy at Le 22.2410, Sell at Le 22.4646
Swiss Franc: Buy at Le 24.3908, Sell at Le 24.6325
Meanwhile, in the unofficial market, the US dollar settled at Le25 on Monday, October 2, 2023. This is according to parallel market operators in Central Freetown and Lungi.
As per Hanke’s currency watchlist, the Leone is currently the fifth most depreciated currency globally.
The Bank of Sierra Leone has on the 2nd of October 2023 released the official foreign exchange rate in the country.
The rates include the cost of buying and selling major foreign currencies including U.S. dollars, Pounds Sterling, Euros, and Canadian Dollar, amongst others.
The Central Bank’s disclosed rates are as follows:
Pounds Sterling: Buy at Le 27.1073, Sell at Le 27.3888
U.S. Dollars: Buy at Le 22.2410, Sell at Le 22.4646
Swiss Franc: Buy at Le 24.3908, Sell at Le 24.6325
Meanwhile, in the unofficial market, the US dollar settled at Le25 on Monday, October 2, 2023. This is according to parallel market operators in Central Freetown and Lungi.
As per Hanke’s currency watchlist, the Leone is currently the fifth most depreciated currency globally.
Sierra Leone’s President, Julius Maada welcomed Sekou Drame, Chief Executive Officer of Orange SONATEL Group in a strategic meeting on Thursday 28th September 2023 at State House Freetown.
He expressed heartfelt gratitude to the government for creating the enabling environment regarding the ease of doing business in the country and the government’s Human Capital Investment.
He emphasized the Company’s Commitment to give back to society as he congratulated the president for his second term-Victory.
Speaking on their strive to achieve digital inclusion in the country, he confirmed that since 2016 they had contributed positively to bring the best of technology and service delivery to the doorsteps of Sierra Leoneans. He affirmed Orange’s commitment to continue to provide high speed internet with plans to complete the rolling out of their 5G Campaign in the Country.
He assured the President of their Continue support in the areas social and financial support to Sierra Leoneans on Supporting Health Care Programmes and education.
In his response, President Bio thanked the Company on behalf of Sierra Leoneans for their various interventions and also the constructions of Pre-Schools in various parts in the country
He assured the CEO that his government will continue to support Orange in terms of financial inclusion as he maintains an open door- Policy for all investment in the Country.
Double Up Group of companies, one the leading distributors of premium beverages has announced its exclusive partnership with the main manufacturing and distributing factory in Nigeria for the renowned “Coco Samba” herbal drink.
As the sole distributor in Sierra Leone, Double Up Companies is committed to providing Sierra Leoneans with access to this exceptional herbal beverage.
The Management of Double Up Group of Companies has extended an open invitation to interested Sierra Leoneans who are willing to do business with them. Its emphasis is on transparency and integrity, as it aims to foster mutually beneficial partnerships with individuals and organizations across Sierra Leone.
In light of this, Double Up Group of Companies urges all interested parties to pass through their organization for any form of partnership or collaboration. By doing so, individuals and organizations can ensure that they are engaging in legitimate business practices and avoiding any potential legal consequences.
It is stated that the Double Up Companies is dedicated to upholding the highest standards of quality and authenticity, as attempts to manipulate or exploit the “Coco Samba” herbal drink for personal gain will not be tolerated.
The company confirmed that the product, “Coco Samba” is not meant for sexual exploitation, emphasizing that individuals found guilty of such actions will face the full force of the law.
“We are thrilled to be the exclusive distributor of the highly sought-after ‘Coco Samba’ herbal drink in Sierra Leone,” said Chernoh Barrie (T.) Barrie), Managing Director at Double Up Companies.
“We invite all Sierra Leoneans who are interested in partnering with us to come forward and join us in promoting this exceptional beverage. We are committed to maintaining the integrity of the brand and ensuring that all business dealings are conducted in a fair and lawful manner.”
Double Up Companies encourages all interested parties to reach out to their organization for further information or to discuss potential partnerships.
Ayoung Sierra Leonean Agriculturist, Francis John Sesay has invested in the production of cassava flour.
Cassava flour could serve as an alternative to the infamous wheat flour which is currently short in market due to the war in Ukraine.
Sesay, who studied Agricultural Engineering at Njala University launched is Cassavity brand as alternative to wheat flour which is expensive now in his country due Ukraine war.
Sesay said the flour can be used for baking cakes, doughnuts, pies and other flour-related products like fish ball.
Although cassava is a famous staple crop in Sierra Leone but it usage as a wheat flour substitute is new in the West African nation.
Some experts have said that large investment in the agriculture sector especially cassava could assist Sierra Leone achieve food sufficiency.
The Sierra Leone Quarterly Fiscal Report has indicated that the government’s expenditure reached SLe 4.5 billion (SLE4,515,898,000) in the second quarter ending June 30, 2023.
This report, curated by the Accountant General’s Department, provides detailed insights into the government’s financial operations.
Awoko reports that the reported amount covers the spectrum of operational costs, including financial charges associated with both local and international debt, arrears clearances, and debt repayment. Accountant General Richard S. Williams confirmed that the report’s figures were collated from genuine revenue and expenditure data related to the Consolidated Fund and central government.
A breakdown of the total operational costs reveals that:
Wages and salaries consumed SLE1,127,725,000.
Social security and benefits for employees were allocated SLE241,731,000.
Expenses excluding salary and interest came up to SLE901,856,000.
Current transfers were marked at SLE1,447,170,000.
Capital expenses and transfers, inclusive of foreign debt interest, summed up to SLE583,637,000. These figures solely reflect the Consolidated Funds.
The quarter also saw financial expenses arising from local interest (SLE597,198,000) and foreign interest (SLE28,187,000).
On the revenue side, external grants for this period summed up to SLE12,853,000, with domestic revenue generation by agencies recorded at SLE32,652,000. Cumulatively, project and sub-vented agency revenues amounted to SLE45,505,000.
Furthermore, the consolidated revenue accrued during Q2 2023 was SLE2,412,809,000, with SLE2,406,882,000 stemming from domestic sources and a grant of SLE5,927,000 donated by Development Partners.
The domestic revenue of Q2 2023 comprised:
Tax income, profits, and capital gains: SLE903,892,000 (38% of domestic revenue)
Customs and excise: SLE52,424,000 (2%)
Goods and Services Tax (GST): SLE457,673,000 (19%)
International Trade and Transport taxes: SLE336,000,000 (14%)
TSA revenue: SLE319,401 (13%)
Other taxes and non-tax revenue: SLE261,810 (11% of domestic revenue).
In April 2023, there was a notable 12.69% increase in reserve money owned by the government of Sierra Leone.
This increase was primarily due to a boost in the Bank of Sierra Leone (BSL)’s net domestic assets (NDA), even amidst a decrease in net foreign assets (NFA). Reserve money is crucial for promoting investments, transactions, managing international debt, and influencing domestic exchange rates.
Regarding liabilities, the rise in reserve money was evident in the increased currency issuance, surpassing the growth in bank reserves. Broad money (M2) grew by 2.24% in April 2023, driven by a hike in the banking sector’s NDA, which overshadowed the decline in NFA. The NDA increased by 4.69%, which mirrors an uptick in net claims on the government by both BSL and Other Depository Corporations (ODCs). Conversely, the NFA of the banking system dropped by 9.36%, mainly due to a decline in both BSL’s and ODCs’ NFA. Additionally, April 2023 marked a slight 0.53% rise in credit extended to the private sector, a drop from the previous month’s 5.92%.
In response to the evolving economic environment, the Bank adjusted its monetary policy rate (MPR) and the standing lending facility (SLF) rate by 0.50 percentage points each. The MPR was set at 19.25%, and the SLF rate at 22.25%, with the standing deposit facility rate (SDF) remaining at 12.75%. In May 2023, the interbank rate slightly increased to 20.88% from April’s 20.77%, aligning with the policy corridor. Commercial banks’ average lending rates stayed at 21.23% in May 2023, while savings rates remained at 2.17%, making the gap between the two a consistent 19.06%.
Moreover, 2023 showed varied trends in government securities’ average yields. The 91-day Treasury bills weren’t traded in January, March, and April, but their average yield decreased from 8.44% in February to 4.11% in May 2023. The 182-day Treasury bills, not traded in January, March, and April, had a yield of 10.49% in May 2023. The 364-day bills maintained stability, with yields ranging from 28.24% to 28.28% between January and May, ending at 28.24% in May 2023.
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This means that you can stay connected with your loved ones and ensure that they have all the essential services they need.
One of the key features of EziPay SL is the ability to transfer funds to Afrimoney and Orange Money. These are the two leading mobile money platforms in Sierra Leone, and with EziPay SL, you can send money directly to these platforms. This means that your loved ones can access the funds easily and use them for their daily needs or emergencies. The convenience and accessibility of EziPay SL make it the ideal choice for sending money to Sierra Leone.
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The African SME Finance and Investment Network (ASFIN) will bring together key stakeholders across the country for a one-day Sierra Leone SME Finance and Investment on 31st August, 2023, at the Radisson Blu Hotel, to address some of the major challenges SMEs face in accessing finance.
According to Peter SaSellu, President and CEO of ASFIN, “In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs.” He says that access to finance is a key constraint to SME growth. It is the second most cited obstacle facing SMEs to grow their businesses in emerging markets and developing countries, especially in Africa.
Small and Medium Enterprises (SMEs) are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises. The International Finance Corporation (IFC) estimates that 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) in developing countries, have an unmet financing need of $5.2 trillion every year, which is equivalent to 1.4 times the current level of the global MSME lending. About half of formal SMEs don’t have access to formal credit. The financing gap is even larger when micro and informal enterprises are taken into account.
Ashma Jalloh, the Coordinator of the Summit says the Sierra Leone SME Finance and Investment is timely. She says, “The Objective of the Summit is to focus discussions on adequate funding, access to finance and financial inclusion. This will take care of some of the problems such as provision of modern technology and low managerial skills.”
She says “the SME Finance and Investment Summit will examine the financing of SMEs in Sierra Leone and the various financing options available to SMEs. This will involve looking at debt financing by considering the role commercial, microfinance banks and other financial institutions and investors play in the financing of SMEs in the country. It will also consider the role of equity financing through venture capital and business angels financing. Efforts will aim at adequate funding of SMEs in Sierra Leone.”
According to Rebecca Paulson, Executive Director of ASPIN, “SMEs play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included. According to World Bank’s estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.”
Arecent World Bank Food Security Update has ranked Sierra Leone top in the list of countries to have recorded the highest Price Inflation in West Africa.
The study covers a period of three months starting from March to June 2023.
Awoko Newspaper reported that Sierra Leone is at the apex after Nominal Food Inflation surged to a new peak of 58 percent. The West African nation surpasses its previous peak which was 56 percent.
The new data shows that Sierra Leone is at the top alongside West African neighbours, Ghana.
According to World Bank, the calculations include the use of Consumer Price Index (CPI) and the overall data of the CPI.
Experts have said that the country’s food inflation is affecting the majority of low and middle income earners.
The government acknowledged that the country is undergoing one of its worst economic shocks due to the protracted effect of the Ukraine war and other factors.
Most of the countries affected by food inflation are in Africa, Asia and Latin America. Venezuela ranked top of the list in World Nominal Food Inflation with a score of 414 while Zimbabwe leads in Real Food Inflation with a score of 80.
Sierra Leone scores 58 in Nominal Food Inflation and 13 in Real Food Inflation.
