Agenda for Prosperity Collapses... APC GOVT OWES 111 BILLION IN ARREARS

-
Citizen Budget Watch Sierra Leone, a reputable civil society organization in Sierra Leone has slammed the government of Sierra Leone for what it's described as the abysmal failure of the Agenda For Prosperity.
"In the first three month of FY 2017, arrears payment has increased significantly to Le111.788 billion this continues to diminish domestic supplier confidence and further ruining the working capital of these businesses as much needed working capital is locked idle."
They furthered that as such, corruption and cut-throat lobbying amongst domestic suppliers is necessitated thereby conflicting with the purpose of the 29th May 2017 Development Finance Forum organised by World Bank Group in order to unlock finance for private sectors and SMEs and crowd-in investment in the country. 
The report also stated that the current inflation rate stands at 19.80% which is one of the worst in the Sub-Region and may increase 23.34% by the end of June and 25.75% in July if the Government implements the toll on the Wellington-Miasaka Road.
Giving detailed analyses of the inflation rate, Citizen Budget Watch Sierra Leone said that the high inflation rate for the month of April and May means that prices of commodities that have already gone up, will be doubled, thereby inflicting more suffering on the ordinary people of Sierra Leone.
"As the exchange rate pressure remains unabated, the Leone continues to depreciate against foreign currencies especially the USD (depreciated by 28.73% December, 2016), so also the inflation rate continues to sky rocket with its devastating effects on the lives of the ordinary Sierra Leonean," Citizen Budget Watch emphasized.
 Director of Citizens Budget Watch, LaminVanna reaffirmed that the linchpin of the economy is out of order, and fixing this economy now under the present spending pattern of government is like "having a cold day in hell"
MDAs across the country are grumbling over the fact they have not received any money from the government to run their different offices just because the government is currently cash-strapped.
However, just last week, the International Monetary Fund (IMF) announced a credit facility agreement $224. 4 Million as support to important policies targeted at reducing inflation and significantly increasing domestic revenue.
The Government of Sierra Leone, according Financial Experts at the Ministry of Finance and Economic Development is expected to receive $54, 4 Million by the end of June to ensure that it reduced inflation to 12%.        

Comments

Post a Comment

Popular posts from this blog

Five Awards In 2019… GT-SIMPAY Drives GTBank With Another Award

-
Image
The Asian Banker has awarded Sierra Leone fastest and finest bank, Guaranty Trust Bank (Sierra Leone) an award of Best Mobile Initiative, Application or programme. This was disclosed to the media yesterday by the Managing Director GTBank, Ade Adebiyi at their Wilberforce Street branch. The plaque reads: “THE ASIAN BANKER The west Africa Excellence in Retail Financial Services Awards 2019 This is to certify that Guaranty Trust Bank (Sierra Leone) GT-SIMPAY Fulfilled all the research criteria to be recognized by their industry peers as winner of Best Mobile Initiative, Application or Programme (as recorded in www.theasiabanker.com) Signed hereunder by all members of The Excellence in Retail Financial Services Programme on 25 April 2019.” GTBankis a commercial bank that has been operating in Sierra Leone for several years. Over the years the bank been has keeping it services and it activities within the country’s environment. This, the Managing Director, Ade Adebiyisaid are...
Read more

Africell Gives Over Le 242 Million To Subscribers

-
Image
S ierra Leone finest GSM operator Africell has presented Le 242,265,000 to lucky winners in the on-going “Africell 3G ++ Ramadan Show’’. Subscribers who were excited about the promotion expressed their appreciation to the company for making it possible for them to feel belonged in the company. Four subscribers won the star prize50 Million Leones each while other subscribers won different prizes such as phones, Wingle+MB, Mifi+MB, recharge cards and cash. The presentation of prizes took place yesterday at the Company’s Headquarters in Wilberforce and was witnessed by the press and subscribers. In his address to subscribers and the press, Africell Chief Corporate Affairs Officers, Joe Abass Bangura said “We are also pleased to announce that Wednesday 29 th June, we had another Star Prize of winner of 50 Million by the name of John Kamara from Dworzack. The three other winners of 50 Million Leones were Abdulai Sall a 15 years old boy SSS 1 pupil of Benevolent Secondary Schoo...
Read more

TRACE Joenal: Seawright Mining Company: Salone’s Real Transformer

-
Image
Hello folks, how you do? TRACE Joenal was lucky to be part of a team of development-oriented people. These are people that mean well for Sierra Leone including Seawright Mining Company. From the Chief Executive Officer to the list staff, their minds are set on innovation and creativity that will bring smiles to the poorest of the poor. It was not a mistake when Dr. Alfred Seawright came with another powerful idea that will benefit Sierra Leone, and that is the Fish Farming. Some countries are far ahead and they are contributing greatly to their country’s GDP. It was made clear when a fifteen man delegation from Sierra Leone visited Ghana to undertake the first ever aquaculture research. The team left Sierra Leone on the 30th May and returned on the 3rd June 2019 and it was solely sponsored by Seawright Mining Company. The team comprises of: Jabulani Mkoko Chief Operating Officer, Mrs. Sai Josephine Konomanyi Human Resources Manager, Mohamed Tunkara Finance Manager, Ibrahim Suma...
Read more