Skip to main content

Tollgate contract document

The contract document for Tollgate that was endorsed by the APC government. Verify aspect 10:4 of the contract document to ascertain whether it was explicitly stated that fee adjustments would be made in the event of an exchange rate issue.   Please check on points 10:4 The remaining documents will be posted later 

Why do you attribute the increase in the exchange rate on the bank governor?

Dollar vs Leones and the Auction Policy My Take.

By Ansumana George

Firstly, we have to understand why certain policies are implemented at some point. Economics and Finance policies are implemented not based on opinion but based on data and prevailing market conditions at a time. We saw at the tail end of the redenomination circle the dollar started to increase geometrically, so the BSL has to extend the time again to avoid rush in the market, and today we have seen the foreign exchange policy issued by BSL which is geared towards neutralizing the exchange rate to protect our national/local currency. 

This is what we should be asking, do we print dollar in SL?  do we have enough investments in key sectors like mining, fisheries, manufacturing etc to strengthening our dollar reserves and give us satisfactory current account balance so that we will not struggle in situations like this, if the answer is no then why blame the Bank Governor?

Foreign exchange rate is influenced by key factors but let me put more weight on  Current Account Deficit, this happens when we spend more on imports and gain less from exports, and borrow from foreign sources to close deficit gap… this is eminent in our case, we saw when the Finance Minister at some point announced how much govt has lost in paying public debt, it doesn’t matter who incurred it or not but as long as you owe debt you must pay. 

Have we asked why the increase in dollar price?

There is increase because the demand as of now is higher than its supply looking at the businesses that need dollar to buy goods or pay for services.. it is so because, the amount of USD in circulation is small but the BSL has encouraging sum of  dollar in reserves so, is it wrong for BSL to circulate the dollar in the market now that we have shortage technical no, or just like when you are hungry without food is it bad for your brother to give you food to eat?  It is again similar when we had the fuel crises and a lot were saying govt should subside, this is the similar case.. BSL is releasing (subsidizing) the dollar to limit the big gap between the demand for the dollar and its supply. There is no better time to introduce this policy than now.. looking at prevailing market conditions. 

Let’s don’t forget the fact that our market is free ( capitalist) were private sector controls the economy so it is the responsibility of govt in this case through the BSL to implement socialist policy to avoid misuse of market privileges. 

I must state this, until we have enough investments in country to boost our export and maintain our forex reserves government will just try its best to at least minimize the effects as it is happening now. Without enough in country investments, we  will continue to dress the same masquerade with a new cloth.  That is why we should not disrupt the peace of our own very country to allow investments.  

Government will do its best but investors don’t care all they care about is the safety of their investment capital which is their goal, so our responsibility as citizens, is to be honest to those foreign investors when they come and ensure that peace and tranquillity prevail as we continue to urge government to deliver by asking the hard questions based on their promises. 

Note: Again, any monetary policy that America takes will affect African countries.. we are not printing the dollar so shortage is eminent…if the USA does not print enough dollar or having challenges in the world market it will affect us.  Checking other countries, we will come to conclusion that there is an exchange rate crisis in majority African states.


Popular posts from this blog

Swift Response from Security sector, saves Central of Freetown from Calamity

Swift Response from Security sector, saves Central of Freetown from Calamity By: Kembay Central Business District (CBD), Thursday 21st September, 2023 The security sector in a move to restore not only law and order but peace and calmness in the Central Business District (CBD) of Freetown gun down a notorious criminal, Mohamed Massaquoi commonly known as Big Fish. Eyewitness account states that Big Fish accompany by two others in an unknown intention grabbed the weapon of a female Operational Support Division (OSD) officer by on Charlotte Street by UBA Bank and an attempt by members of the public to disarm him resulted to rapid shooting  both on the ground and in the air. The sounds from the gun shots attracted the attention of the security sector, mainly the Military and Police who traced the sound and caught up with the desperado on Lightfoot Boston Street where he was gun down, an action that yielded public jubilation and commendation of the security sector.  Meanwhile, i

Dr. John Idriss Lahai, the whistle-blower for fake degrees is "Social Medially dead".

Dr. John Idriss Lahai, the whistle-blower for fake degrees is "Social Medially dead". If you recall, in the year 2022, Dr. John Idriss Lahai, a whistle-blower who exposed a phony degree, attracted the attention of every patriotic Sierra Leonean. His activity came to light after it was found that numerous Sierra Leoneans had received honorary PhDs from a Waterloo, Western Rural District postsecondary institution that was not accredited. Even well-known Sierra Leoneans, including the previous Inspector General of Police, were given honorary PhDs by the university known as Dominion University. When it was determined that the aforementioned university lacks the integrity to grant such a credential, the IG subsequently declined the offer. Dominion University PHD award ceremony From this point on, Dr. John Idriss Lahai began to expose Sierra Leoneans who, in his opinion, had earned questionable academic credentials. He then began to draw attention from people from all

A scammer from Sierra Leone has been captured by Guinean police.

  The person in the picture is actually Abdulai Jalloh, despite the fact that he is identified as a lecturer from Njala University under the name of Dr. Kanu. In early January of this year, he posted in a WhatsApp group in Kambia that he had scholarship chances and could help people acquire government pin codes, among other things, but that the offer was only valid for those from the South and east.   Someone sent him NLe1,500 for overseas study without realizing he was a scammer.  The scammer claimed that the entire application process for the scholarship cost 3,000 New Leone.  Later, the contacted person realized that he was not who he had been representing himself to be, and he immediately blocked the victim of his syndicate.  He once more perpetrated the same crime against Molai, another individual, and someone else.  In the pretense of an international scholarship, he demanded 3000 New Leones from each person. He accepted the cash and fled without telling them where he was.  The m