The Parliament of Sierra Leone has extensively debated and ratified two international Agreements that are geared towards the implementation of the UN Convention on the law of the sea and the promotion of compliance with international conservation and management measures by fishing vessels on the high seas.
Observing, the Rt. Hon. Speaker of Parliament, Dr. Abass Chernor Bundu spoke on the need for coming up with regulations to give effect to these Agreements and recalled that the UN Convention on the law of the sea had been adopted by countries since 1982, adding that since the Migratory Convention was adopted in 1995, it was only after a period of 24 years had lapsed before Sierra Leone could think of ratifying it, “the reason why a yellow card had been issued to the country”.
Alhaji Alpha Tanu Jalloh, President of Sierra Leone Importers Association, says the current business trend is very difficult and that as an association, they are calling on the government to see how they can help the association solve the problems facing importers in Sierra Leone.
Speaking on the currency situation he said: “we have been pleading with the government to let us try a policy involving the national banks going through the Ministry of Finance to arrange for a forum with importers wherein we would see how we can peg our money at least for six months so that we would create standards. But at present it is highly challenging to live in a region wherein we cannot compete with our neighbors like Liberia and Guinea.”
Three weeks after the UBA group launched its operations in Mali, the global financial city of London hosted a high level gathering of business and public sector leaders on Thursday February 28, 2019, as the new UBA franchise, UBA UK was formally birthed in the United Kingdom amidst high expectations.
At the upscale ceremony which was held at The Prestigious Shard in the city of London, UBA UK was formerly introduced to business leaders across Europe and Africa with a commitment from the UBA Group of its readiness to galvanise trade and commerce between Europe and Africa.
The depreciation of the Leone over the past few weeks is a growing concern to consumers, firms and policy makers.Over the past year we’ve seen a 20% decline in the Leone relative to the U.S. Dollar.Currency depreciation is not necessarily a bad thing, but the current structure of the Sierra Leone economy not only makes it difficult for the country to enjoy the benefits but also increases the costs to consumers. As policy makers worry about the undesirable effects of this decline on consumer prices and interest rates, they should also examine the possible root causes and take steps that would bring relative stability to the currency.Our policy makers should not only focus on imbalances in the current account, but they should also explore capital account imbalances, if business community is reducing its exposure to the Leone because of reduced confidence in the economy.This business exposure reduction can be done by transferring capital abroad or converting it to foreign currency (forex) to secure the value of the capital.Prolonged volatility in the currency could trigger a balance of payments crisis that will undermine the fragile confidence in the economy.
The Tony Elumelu Foundation (TEF), the leading African philanthropy committed to empowering African entrepreneurs has announced 3,050 African entrepreneurs, drawn from all 54 African countries, selected to join the 5th cycle of its $100million TEF Entrepreneurship Programme.
The announcement was made at the Transcorp Hilton Abuja, following a presentation of the selection process by Accenture Development Partners.
Sierra Leone, 20 March 2019: SL Mining Limited, a wholly owned subsidiary of Gerald Group, engaged in the exploration, development and production of iron ore concentrate at Marampa in the Port Loko District, Northern Province of Sierra Leone is pleased to announce the appointment of Dr. Sheikh Umarr Kamarah, a Sierra Leone native, as Community Relations and Development Director. Professor Sheikh has agreed to bring his extensive public service experience to this role, which coupled with his knowledge of Sierra Leone, best positions SL Mining to develop projects that will be in the best interest of all stakeholders.
Members of the Indian Community in Sierra Leone have expressed discontentment over the brutal attacked of a Sierra Leone businessman on Sunday 17th March this year at No.20 Guard Street in the eastern part of Freetown.
Sierra Leone, a country in West Africa. She has a special significance in the history of the transatlantic slave trade as the departure point for thousands of West African captives. The capital, Freetown, was founded as a home for repatriated former slaves in 1787.
The High Commission of Sierra Leone is already in Ghana. She will be extending invites regarding the Investor Seminar ‘Sierra Leone Investment Day in Ghana’.
The General Manager of the National Petroleum Sierra Leone Limited (NP-SL Ltd), Kobi Walker has said that the company is owned and controlled by 35 non-political Sierra Leoneans. He debunked earlier rumor doing the round that the NP is owned by former President Ernest Bai Koroma.
The Pharmacy Board of Sierra Leone (PBSL) has informed journalists that it is investigating the possible presence of a fake brand of the cough syrup named Menthodex that is reported to be flooding the market.
The PBSL move was prompted following information circulated on social media about a sample of the syrup in question with a wrong production date of April 2019. Those who circulated it on social media claimed it is now flooding the Sierra Leone market.
The newly-appointed Managing Director, Ahmed Saybom Kanu is taking the Sierra Leone Shipping Company (SLNSC) to a new direction after he successfully held his first meeting with the management and staff.
According to a number of staff who attended the well-attended meeting, Mr. Kanu thanked them for the reception and promised to work together with each and every staff to bring positive reform and restore profitability to what he described as an institution that was floundering before now.
The International Finance Corporation (IFC), an agency of the World Bank Group, has held a forum at the Radisson Blu Mammy Yoko Hotel in Freetown with the objective to facilitate the matching of commercial investors with mid-size, scalable companies seeking investment.
The event, dubbed – ‘Investor CONNECT Sierra Leone’ – brought together private investors to discuss options to address solutions to difficulties facing private sector growth, from both investors’ and business owners’ perspective.
The United Bank Africa (UBA), one of the leading financial institutions in Sierra Leone as a way of decongesting the banking halls and make transactions easier for their customers has officially launched and unveiled their Cash-Back Point of Sale (POS) for credit and debit card users at their Charlotte Street office in Freetown.
Speaking during the launching ceremony, the Country Treasurer of UBA Sierra Leone, Clement Yeboah, said the launching of the POS is one of their newest additional services to their many existing products.
The Director of the Petroleum Regulatory Agency, Timothy Kabba has informed staff and students of the Milton Margai College of Education and Technology (MMCET) at the Great Hall of the Goderich campus that oil and gas would soon be discovered in Sierra Leone and that government would attract the best companies to start the mining of oil and gas in the country observing that diamonds have not benefited the country.
Senior officials of the Rokel Commercial and Sierra Leone Commercial Banks, yesterday 12th February, 2019 tendered to the Commissions of Inquiry (COI) documents with details of the names of debtors who have failed to repay their debts to the said banks for many years now.
The lists of debtors were received by the Registrar of the Inquiry as part of issues to be investigated.
The Institute of Chartered Accountants Sierra Leone, (ICASL), has called at State House to pledge their unflinching support to the vision and goals of the New Direction Government and to commend its stance on corruption.
President of ICASL, Buffy Bailor, said they were aware of the commitment of the New Direction government and the strides already being made towards making Sierra Leone a better place for all, adding that as an institute they were ready and willing to be part of the change that is already the hallmark of the new government.
He said as part of their demonstration of commitment, they had been working closely with the Minister of Finance and had already signed an MoU to further cement their relationship and mutual collaboration for the advancement of the development of Sierra Leone. He noted that they possessed the requisite skills and competencies required to tackle issues and proffer suggestions to enhance transparency and accountability in the country.
“Mr. President, we are aware of and are supportive of your fight against corruption; we can be strong partners in this fight by our inclusion in board oversight processes in the public sector. Chartered Accountants are men and women of integrity and I assure you that your trust in us will not be misplaced.
“As an institute, we are aware of the impending Commissions of Inquiry. We wholeheartedly support the fight against corruption and we believe that the commissions will serve as a strong deterrence to corruption in Sierra Leone. Congratulations sir, on successfully launching the commissions yesterday,” he said.
He also disclosed that the Institute had held a one-day training workshop on tax exemptions and its impact on the economy with a position paper being shared with the Ministry of Finance, adding that that collaboration had contributed to the appointment of the Institute on the Committee that was set up by the Ministry of Finance on the Review of Duty Waivers and Tax Concessions.
In his brief response, President Bio said he had made a lot of promises during his campaign on behalf of Sierra Leoneans, knowing very well that there were other well-meaning citizens who would join his transformative. He said he knew that he could not do it alone and would need the collective support of everyone.
He added: “We have suffered a lot and still do not have much to show for the minerals we have. We want to collectively move on now and make the necessary changes we need as a nation. I am happy that you have come onboard and I am also excited that I have a partner in you in the fight against corruption.”
The ICASL was formed by an Act of Parliament on 12 May 1988 with an overarching mandate to promote and regulate the accountancy profession in Sierra Leone and to ensure integrity, objectivity, independence, confidentiality and professionalism in the accounting profession.
Senior officials of the Sierra Leone Investment and Export Promotion Agency (SLIEPA), have met with representatives of the Whitaker Group from Washington DC and Invest Africa from London, to discuss the many investment opportunities that Sierra Leone offers.
Both Whitaker Group and Invest Africa are working to promote trade and investments in Sierra Leone particularly and Africa in general.
At a meeting with the Minister of Foreign Affairs of the Russian Federation in Moscow on Wednesday 30th January, 2019, Sierra Leone’s Foreign Affairs and International Cooperation Minister, Dr. Alie Kabba informed him that Sierra Leone is determined to ensure that the country’s historically friendly relationship with the Russian Federation “continues to flourish for the mutual benefit of our two countries and people’s”.