The Sierra Leone Telegraph: 24 May 2013

The latest report of the IMF on Sierra Leone’s economic performance, says that the economy rose to 15% last year as widely expected, contrary to the government’s 30% forecast.

But there are serious concerns that despite rising economic growth – fuelled largely by increased iron ore mining production, there is no sign of the obscene levels of poverty coming down. 70% of the population continues to live on less than one dollar a day.

Although the IMF reports that inflation dropped by 5 percentage points in 2012 to 12%, prices of consumer goods and some essential industrial materials, such as cement and fuel soared.

Several Banks have also experienced sharp falls in profit, as the Banking industry struggles to compete with government’s continuing dominant presence in the money market.

The IMF mission was in Freetown, where it conducted its ten days review of the country’s economic performance, with a view to agreeing a new three-year economic and financial assistance program, through its Extended Credit Facility (ECF).

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Yusuf Keketoma Sandi

The Sierra Leone Telegraph: 23 May 2913

Just last week Wednesday, the Revenue Watch Institute, published its latest Resource Governance Index for 2013. The Resource Governance Index measures the quality of governance in the oil, gas and mining sector of 58 countries.

After almost a year of assembling 46 expert researchers who gathered original data from all 58 jurisdictions, and the findings examined by 56 peer reviewers, plus an independent review, the report for Sierra Leone and many other countries makes for uncomfortable reading. (Photo: President Koroma).

Overall, the index finds that only 11 out of the 58 countries have satisfactory standards of transparency and accountability. In the rest, the public lacks fundamental information about oil, gas and the mining sector.

Most worryingly, more than half the sample – 32 countries, do not meet even basic standards of resource governance, performing weakly or simply failing.

So the question is: what does the report say about the quality of governance in the mining and extractive sector in Sierra Leone and how does Sierra Leone compare with its neighbour Liberia?

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Anthony Kamara Jnr.

The Sierra Leone Telegraph: 21 May 2013

The chairman of Sierra Leone’s National Telecommunication Commission (NATCOM) – Siray A. Timbo, was recently lauded in Istanbul, Turkey, for the bold steps he is taking in addressing the country’s ICT regulation challenges.

Mr. Timbo (Photo) was attending the 8th International Electronic Communications Regulators Conference, where he was commended for his “unwavering commitment to integrity”, as he continues to lead the Commission.

The conference “ICT Today – and Beyond” brought together representatives of European, Asian, American and African ministries, agencies and institutions responsible for the functioning and development of the telecommunications industry.

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The Sierra Leone Telegraph: 15 May 2013

A new report on Africa’s economic competitiveness published last week, says that the strides made by African economies in achieving economic growth, must be accompanied by efforts to boost long-term competitiveness, if the continent is to ensure sustainable improvements in living standards.

The Africa Competitiveness Report 2013, released last week by the African Development Bank, the World Bank and the World Economic Forum, identifies closer regional integration as an important driver for enhancing economic competitiveness.

‘Connecting people, consolidating peace and accelerating economic transformation’, were the main themes of a high-level seminar organized by the African Development Bank in Abidjan last Monday, May 13.

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The Sierra Leone Telegraph: 12 May 2013

Sierra Leone’s economy is classed amongst a group of ten African economies, whose annual growth rates have far exceeded the continent’s average of 4%.

This is largely the result of recent increase in Foreign Direct investments (FDI) and export revenue.

However, there are genuine fears that this unprecedented surge in FDI may not be sustained, especially by the Chinese, whose economic growth forecast has been recently down-graded, as industrial production slows down.

The total annual value of FDI received by Sierra Leone in the last five years, is far less than the $1 Billion expected by the government.

And this, despite the staging of a well attended international trade and investment conference organised and fronted by former British Prime Minster – Tony Blair in London in 2010.

The Chinese government has made several political gestures to increase its investment in Sierra Leone. Will the newly announced $6 billion investment materialise, or is it just another promise?

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The Sierra Leone Telegraph: 7 May 2013

African countries are gradually coming to the realization that they cannot continue to marginalize and ignore the economic potential of two-thirds of their population – women.

Although the reality for most of Africa is that women have for centuries acted as the invisible backbone of domestic subsistence, few countries have put policies in place that will harness the development potential of women.

But without access to basic utilities, such as water, electricity and telecommunications, Africa’s developmental aspirations will remain, but a dream. The empowerment of women must therefore, not only focus on educating the girl-child, but guaranteeing equal access to sustainable energy.

In the West African sub-region – Sierra Leone, Liberia, Guinea and Ivory Coast, through the Mano River Union, have woken up to the desperate need for public policy shift towards greater access to energy for women. This is the agenda of a three-day conference, which opened earlier today at Tokeh Beach in Freetown.

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