BUSINESS WORLD
Economic Growth and External Debt in Sierra Leone
BUSINESS WORLD
Posted by on Jul 2, 2008, 18:17
The desire for economic growth drove developing countries to industrialization, which was seen as the engine of economic growth. In industry, as in any other sector, the industrialization process for its very essence is inconceivable without the introduction of new equipment. In developing countries this gives rise to one of the most intricate and difficult problems. The building of modern enterprises is based on capital-intensive equipment, which is designed to increase output with a saving of labour
Development and Micro Financing in Sierra Leone
BUSINESS WORLD
Posted by on Jun 25, 2008, 01:39
Sierra Leone has seen many years of under development since independence in 1961. The staggering 70% rate of poverty in the country certainly sends devastating waves to researchers and operators of poverty alleviation schemes. There are several underlying factors that can affect the rate of output change and hence development. The most obvious among these factors are the rate of investment, increase in the size of the workforce, and changes in economic policies. A country's macroeconomic policies will affect its growth performance through their impact on certain economic variables.
Rules for Establishing Commercial Banks in Sierra Leone
BUSINESS WORLD
Posted by on Jun 24, 2008, 16:31
These are the procedures commercials banks are established in Sierra Leone1. Any company wishing to carry on deposit taking in Sierra Leone must be registered in Sierra Leone.2. It must apply in writing for a license to the Bank of Sierra Leone. 3. The application for a banking license should be accompanied
Regulation, Financial Institutions and the Central Bank of Sierra Leone
BUSINESS WORLD
Posted by on Jun 23, 2008, 10:24
The Regulatory Role of the Bank of Sierra Leone unlike the other financial institutions, which merely act as a medium through which the economy is regulated is different. The central bank is by statute charged with the primary responsibility of regulating the economy. Since the Bank of Sierra Leone Act became law in March 1963 and the Bank commenced operations in August 1964, its statutory responsibility has been the promotion of monetary stability through the formulation and implementation of monetary policy and the development
Sierra Leone’s External Debt Management: An Overview
BUSINESS WORLD
Posted by on Jun 12, 2008, 11:44
As at end December 2000, Sierra Leone's total disbursed and outstanding official medium and long-term debt, including principal arrears stood at US$ 1,192.5 mn. The total stock of debt is still dominated by debts to Multilateral and Bilateral creditors, accounting for 61.20 per cent and 29.00 per cent respectively. Other creditors like Foreign Military Contractors accounted for 2.40 per cent whilst the residual 7.30 per cent is owed to Commercial Creditors.
How to Navigate Business through an Economic Downturn
BUSINESS WORLD
Posted by on Jun 12, 2008, 03:40
An economic downturn is a phase of the business cycle in which the economy as a whole is in decline. This phase basically marks the end of the period of growth in the business cycle. Economic downturns are characterized by decreased levels of consumer purchases (especially of durable goods) and, subsequently, reduced levels of production by businesses
IMF's Financial Programming and Increased Economic Hardship in Sierra Leone
BUSINESS WORLD
Posted by on Jun 4, 2008, 01:19
In late 1999 the government adopted an emergency programme for the year 2000, designed to address the immediate critical needs of the population while laying the foundation for the resumption of the macroeconomic and structural reforms that were interrupted by the civil war. The strategy centered on ensuring the provision of critical services to the population in the context of a macroeconomic framework that will contain domestic and external imbalances
Trade Liberalization or Protectionism in the Wake of Rising Food Prices
BUSINESS WORLD
Posted by on Jun 1, 2008, 19:00
Since the 1960s, the Government of Sierra Leone has supported and promoted local industries by providing subsidies and other export promotion strategies in order to compete with foreign industries. This was of cause done under the inward-looking import substitution strategy; however, the strategy did not lead to growth and development of these industries in this country.
Commercial Banks And Resource Mobilization For Economic Development
BUSINESS WORLD
Posted by on May 27, 2008, 12:05
This is another area that needs our urgent attention and calls for the extension of banking services to population group-wise as well as spatially. An increase in the number of bank offices can mean channeling of a greater fraction of the nations savings into investment through the mediation of the banking system, which in turn, may lead to initiation of increasing number of investment projects. Banks have made substantial efforts at reducing the spread
Commercial Banks And Resource Mobilization For Economic Development
BUSINESS WORLD
Posted by on May 22, 2008, 15:01
This is another area that needs our urgent attention and calls for the extension of banking services to population group-wise as well as spatially. An increase in the number of bank offices can mean channeling of a greater fraction of the nations savings into investment through the mediation of the banking system, which in turn, may lead to initiation of increasing number of investment projects.
The Role Of Commercial Banks In Economic Development
BUSINESS WORLD
Posted by on May 15, 2008, 01:33
Before we initiate a well articulated and meaningful discussion on the subject, it would, in my view be befitting to clearly understand the theoretical underpinnings underlying the role of finance in the process of growth. Views of economists on this important issue viz. the inter-relationship between finance and growth, however, diverge. While some economists feel that finance drives the wheels of economic growth, others opine that the process of economic growth itself induces financial development
Sierra Leone: Review of the Economy
BUSINESS WORLD
Posted by on May 8, 2008, 05:50
Economic activities during the year 2000 continued to be greatly influenced by the overall security situation in the country. The modest economic recovery that was experienced in the second half of 1999 following the cease-fire and signing of a peace agreement with the Revolutionary United Front (RUF) extended through to the early part of 2000. The Disarmament, Demobilisation and Reintegration Programme (DDR) for ex-combatants received international support and United Nations Peace Keeping Forces (UNAMSIL) were deployed to implement this.
What Are Risks to Banking Institutions
BUSINESS WORLD
Posted by on May 2, 2008, 13:51
Commercial banks are in the risk business. In the process of providing financial services, they assume various kinds of financial risks. Over the last decade our understanding of the place of commercial banks within the financial sector has improved substantially. Over this time, much has been written on the role of commercial banks in the financial sector, both in the academic literature and in the financial press. In performing these roles they generally act as a principal in the transaction,
Africa's Failing Infrastructure Renders Compulsory Licensing Pointless
BUSINESS WORLD
Posted by Thompson Ayodele on Apr 30, 2008, 02:59
Switzerland is about to become ground zero for the future of health policy in Africa. Next week, the World Health Organization's (WHO) Intergovernmental Working Group will convene in Geneva to discuss public health, medical innovation, and intellectual property.Many participants are expected to express their support for efforts to undermine patent protections
Meeting the Challenge of Attracting Investors—Foreign and Diasporan
BUSINESS WORLD
Posted by Omotunde E. G. Johnson, PhD (econs.)Freetown and McLean, Virginia on Apr 16, 2008, 02:49
One hears these days a lot of discussion about making Sierra Leone attractive to investors, running Sierra Leone as a business establishment, and attracting Sierra Leoneans with money and entrepreneurial capacity, in the Diaspora, to come home and invest to help their dear country. First, I shall make some general remarks about the bottom line for investors. Second, I shall give a brief overview of reforms that help attract investors, with a view to narrowing down the challenge that Sierra Leone faces at this juncture. Finally, I shall turn to aspects of three of the four factors that I believe are among the priorities right now for Sierra Leone, namely, skills
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