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News in the ‘Business & Finance’ Category

Sierra Leone Business: NRA to claim unpaid arrears from fishing companies for fines, local discharge

Monday, November 19th, 2018
Sierra Leone Business: NRA to claim unpaid arrears from fishing companies for fines, local discharge

As at the end of December 2015, arrears for fines and local discharge from four fishing companies were said to have not been collected by the Ministry of Fisheries and Marine Resources (MFMR) amounting to USD$135,942 and Le522million (Le522,841,333). The 2015 Auditor General’s Annual report revealed that it seems as if the debt collection system was[…]

Sierra Leone Business: Fisheries Ministry says NRA should account for Le80m not paid into CRF

Monday, November 19th, 2018
Sierra Leone Business: Fisheries Ministry says NRA should account for Le80m not paid into CRF

  The Auditor General’s Annual report of 2015 queried the Ministry of Fisheries and Marine Resources for an outstanding balance of Le80million (Le80,851,317) not paid into the Consolidated Revenue Fund (CRF). A review of the analysis sheet by the Auditors into the National Revenue Authority (NRA) cashbook and Bank of Sierra Leone bank statement for[…]

Sierra Leone Business: Investment in agriculture: will be private sector led – Finance Minister

Monday, November 19th, 2018
Sierra Leone Business: Investment in agriculture: will be private sector led – Finance Minister

The country’s economy is vulnerable to external shocks given its heavy reliance on the mining sector, and as a result it has led to volatility in economic growth with adverse consequences for employment and poverty reduction. In order to achieve sustainable and inclusive economic growth, the government is now embarking on the need to diversify into[…]

Sierra Leone Business: FINIC designs Local clay brick machine

Monday, November 19th, 2018
Sierra Leone Business: FINIC designs Local clay brick machine

Fomel Industries and National Industrialization Centre (FINIC) being a technology generation enterprise, has been developing machines for the manufacturing of bricks using clay or soil among many others. Initially, they started with the Cinvaram brick making machine named after the South American inventor. Cinvaram is a manually operated press for adobe, which has the versatility to[…]

Sierra Leone Business: ECOWAS Ministers of Finance approve draft Supplementary Act on Community rules of origin and procedures

Monday, November 19th, 2018
Sierra Leone Business: ECOWAS Ministers of Finance approve draft Supplementary Act on Community rules of origin and procedures

A Draft Supplementary Act on Community Rules of Origin and procedures applicable to products originating in the Economic Community of West African States (ECOWAS) has been approved by the Ministers of Finance from ECOWAS Member States. The final Report of their meeting which concluded on the 2nd of November 2018 in Abuja, Nigeria, stated that[…]

Sierra Leone Business: Africa Investment Forum exceeds expectations, participants unanimously agree Adesina: “the needle is shifting, pointing to the right direction, pointing to Africa¨

Monday, November 19th, 2018
Sierra Leone Business: Africa Investment Forum exceeds expectations, participants unanimously agree Adesina: “the needle is shifting, pointing to the right direction, pointing to Africa¨

The curtain fell on a three-day marathon investment marketplace, on Friday, with transactions worth billions of dollars sealed. The Africa Investment Forum ended on a high note with the closing panel comprising heads of Development Finance Institutions (DFIs) unanimously lauding the unique initiative, calling it an exceptional gathering that “exceeded all expectations.” President of the[…]

Sierra Leone Business: Young Africans fired up by African Development Bank agribusiness mentoring partnership with Purdue University

Monday, November 19th, 2018
Sierra Leone Business: Young Africans fired up by African Development Bank agribusiness mentoring partnership with Purdue University

President Akinwumi Adesina with some young farmers sponsored to an agribusiness mentoring programme at Purdue University, U.S. For Miriam Ahuna Ofoeze, nothing now stands between her and her cherished goal of becoming a successful agribusiness entrepreneur. Thanks to an innovative training programme sponsored by the African Development Bank at Purdue University, Indianapolis, the young Nigerian is[…]

Sierra Leone Business: African Development Bank to play bigger role in African economies by investing in infrastructure private equity

Monday, November 19th, 2018

The Board of Directors of the African Development Bank has approved its third equity investment of US$40 million in Africa Infrastructure Investment Fund (AIIF3), a closed-ended pan-African infrastructure fund managed by South Africa-based Africa Infrastructure Investment Managers (AIIM). AIIM is one of Africa’s most experienced infrastructure fund managers. The Fund will focus on acquiring positions[…]

Sierra Leone Business: Borrowing by LMI economies more than tripled in 2017-World Bank

Monday, November 19th, 2018

Borrowing by Low and Middle-Income (LMI) economies from external official and private creditors surged to $607 billion in 2017 from $181 billion the previous year. This is the highest level in three years, with net debt inflows surpassing equity inflows for the first time since 2013, according to the World Bank’s International Debt Statistics for[…]

Sierra Leone Business: Four mining companies pay $52m in 2017 to NRA and other agencies

Monday, November 19th, 2018

The Director General of the National Mineral Agency (NMA) Sahr Wonday has disclosed that in 2017, the four operating large scale mining companies, Tonkolili Iron Ore, Sierra Rutile, Sierra Minerals and Koidu Holding paid a total of $52 million dollars to NRA and other government agencies across the country. He made this disclosure during the launching[…]