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News in the ‘Business & Finance’ Category

Sierra Leone Business: Apex Bank writes-off over Le3bn bad loans

Monday, May 20th, 2019
Sierra Leone Business: Apex Bank writes-off over Le3bn bad loans

Apex Bank’s Emmanuel Ngaujah said that in 2018 they were faced with huge challenge with regards loan repayment which led to the writing-off of over Le3 billion as their clients felt like the funds are gratis.  “They feel that it is a rural financial improvement program,” adding “due to the huge challenge in terms of[…]

Sierra Leone Business: Auditors reveal weaknesses in SLRA project sites

Monday, May 20th, 2019
Sierra Leone Business: Auditors reveal weaknesses in SLRA project sites

 Auditors have found several weaknesses in project site organization by contractors. There were no site organization Plan in place for all 18 projects reviewed and which have been visited. Contractors’ Environmental Management Plans were not in place in all 18 of Sierra Leone Roads Authority (SLRA) projects that were visited. The auditors only found one project[…]

Sierra Leone Business: Financial institutions need product development capacity –ILO Paul Mayanga

Monday, May 20th, 2019
Sierra Leone Business: Financial institutions need product development capacity –ILO Paul Mayanga

If Sierra Leone is to accelerate access to finance two key players need to be supported which are the micro, small and medium enterprises (MSMEs) and the microfinance institutions (MFIs) that deliver the financial services.  This is the position of Paul Mayanga, Representative of the International Labour Organisation, speaking recently on the topic “Accelerating Access[…]

Sierra Leone Business: Amb Hu presents 20,000 bags of rice to Salone

Monday, May 20th, 2019
Sierra Leone Business: Amb Hu presents 20,000 bags of rice to Salone

Chinese Ambassador Hu Zhangliang has presented 20,000 bags of rice to Sierra Leone through the Minister of Agriculture last Thursday. The handing over ceremony for the first batch of 2018 Humanitarian Emergency Food Assistance to Sierra Leone was held at the warehouse of the Queen Elizabeth II Quay. Chinese Ambassador Mr. HU Zhangliang, Economic and Commercial Counsellor[…]

Sierra Leone Business: Christian Aid calls for Debt Cancellation for Sierra Leone

Monday, May 20th, 2019

The UK based charity organization Christian Aid has called on the International Monetary Fund (IMF) to cancel Sierra Leones debt of over 200 million pounds, inorder “to save the country’s health care system and save lives.” The Charity made this call last Wednesday when it released its latest report “The New Global Debt Crisis” during[…]

Sierra Leone Business: In the last three years…RMFA emergency expenditure rose from Le733m to Le9.6bn

Monday, May 20th, 2019

The Technical Audit Report 2019 observed that the Road Maintenance Fund Administration (RMFA) had no guidelines for handling emergency maintenance projects. According to the auditors, in the past 3 years, the expenditure for emergency projects rose 13 times from Le 733 million to Le 9.6 billion in 2016 with a decline in 2017 to Le[…]

Sierra Leone Business: NASSIT investments not doing badly – Dr Brima Kargbo

Monday, May 20th, 2019

Director of Investments of National Social Security and Insurance Trust (NASSIT) Dr Brima Kargbo has told Journalists in a one day seminar at Golden Tulip that their investments are not doing badly as they are lifetime investment. He said NASSIT was established by an Act of parliament, Act No 5 of 2001, and it was established[…]

Sierra Leone Business: Auditors reveal weaknesses in SLRA project sites

Monday, May 20th, 2019

Auditors have found several weaknesses in project site organization by contractors. There were no site organization Plan in place for all 18 projects reviewed and which have been visited. Contractors’ Environmental Management Plans were not in place in all 18 of Sierra Leone Roads Authority (SLRA) projects that were visited. The auditors only found one project[…]

Sierra Leone Business: IFC may start lending in local currency – Frank Ajilore

Monday, May 20th, 2019

“As far as microfinance lending is concern, local currency is the way to go” this is according to International Finance Corporation’s (IFC) Frank Ajilore in his response to innovative measures of dealing with forex challenge. Speaking during a panel discussion on “Raising Capital To Promote Inclusive Financial Growth In Sierra Leone” Ajilore said he would[…]

Sierra Leone Business: M/s Secon 34 street roads contract to be re-advertised-TAR

Monday, May 20th, 2019

A review of the contract agreement for Freetown Streets Phase II West Zone lot 3 and correspondences between the Sierra Leone Roads Authority (SLRA) and the contractor revealed that the contractor for the above road project at the time of bidding was a joint venture between M/s Seacon and M/s Dawnus together. According to the[…]