Economy

African Minerals and Sierra Leone's Economic Recovery

2010-09-01T12:54:04Z

“After the Revolutionary United Front (RUF) war, the very big news that happened to Sierra Leone is the coming of African Minerals. I cannot over emphasize the importance of African Minerals to this country today,” said the Mines and Mineral Resources Minister Hon. Alhaji Alpha Kanu whiles addressing delegates of Shandong Iron and Steel in the conference room of his ministry.

Ghana’s Textile Industry on a Rough Ride.

2010-05-27T00:09:21Z

Fake New Notes Emerge, But Why the Surprise?

2010-05-26T08:37:04Z

On Friday 14^th, President Ernest Koroma launched the new resized banknotes with the Bank Governor Sheku Samberdeen Sesay ranting confidently that the new resized notes have security features that it can’t be forged easily. Less than a week thereafter the counterfeit resized notes are out. Newspapers and radio stations have reported it with some interpreting it politically on the 2012 score sheet. The presence of fake notes is nothing new in the economy of Sierra Leone and also not new in all the economies of the world. But many are asking why so soon in less than a week.

Growth in the Sierra Leone Telecoms Sector

2010-04-07T14:40:30Z

The liberalization of Sierra Leone’s telecoms sector after the end of the Revolutionary United Front (RUF) war in 2002 has come along with tremendous growth in the number of telecoms operators in the country. There are very many billboards and posters across the country of the state owned enterprise Sierra Leone Telecommunications Company Limited (Sierratel) and private run mobile companies including Africell, Zain and Comium.

Reviving the Koindu International Market

2010-03-31T02:10:43Z

Koindu, before the outbreak of the Revolutionary United Front (RUF) War in 1991 housed the international market where traders from Ivory Coast, Guinea, Liberia and Sierra Leone used to converge. Even though the roads within Sierra Leone leading to Koindu were not tarred then, trailers and trucks were venturing into Koindu from every corner of Sierra Leone for the weekly market day on Sunday. The blossoming of trade in Koindu saw the Sierra Leone Commercial Bank opening a branch in the Town.

Relevance of Privatising Sierra Leone’s Public Enterprises

2010-03-31T01:59:16Z

The expression “government is not a good business person” is seen as an attempt to justify the need to privatize state enterprises expected to be profit making but that have actually turn out to be loss-making institutions. If not lose making but need serious intervention for it effectiveness.

As Customers Storm the Bank………. Pro-Credit MD on the Run

2010-03-05T13:09:47Z

The Managing Director of Pro-Credit Bank Andre Radloss is working on a scheme to sneak out of Sierra Leone within the next two weeks as the bank has been sold off to Ecobank without giving notice the workers and paying any end of service benefits to them. The customers too haven’t been informed of the take over. As part of the scheme, Andre Radloss would embark on massive sackings for trivial reasons even as Ecobank staff would gradually take over Procredit Bank operations starting this week. This development has worried almost all the customers and they are rushing to withdraw their savings.

PROCREDIT FOLDS UP AMIDST ALLEGATION

2010-03-05T12:56:58Z

News of Pro-credit selling off to Ecobank has scratched old wounds and customers are rushing to the various branches of Pro-credit to ask for an explanation and/or withdrawal of their savings.

Developing Ailing SALPOST

2010-03-05T12:17:13Z

The Sierra Leone Postal Services Ltd (SALPOST), listed in the National Commission for Privatization ACT 2002 for divestiture will not be privatize. Mr. Mohamed Abu Sesay, Financial Analyst for the Banking sector of the NCP said no rational government would privatize its postal service. With the privatization process going on, Mr. Sesay said the United Nations Development Programme (UNDP) has provided funding for the restructuring of SALPOST.

WHAT ARE THE BENEFITS OF HAVING THE NCP IN TERMS OF ECONOMIC DEVELOPMENT?

2010-03-01T10:01:35Z

One of the frequently asked questions about privatization has been on the benefits of the programme to Sierra Leone. Privatization is not a cure-all or panacea for the economy of the country. It is part of the broader economic reform policy. The Benefits of having the National Commission for Privatization (NCP) in terms of economic development are: