As the country needs all the assistance it can get, the IMF loaned US$169mn
for a three-year arrangement under the Poverty Reduction and Growth Facility
for 2001-2004. Apart from peace-keeping duties, the United Nations is
providing capacity building for major institutions.
On the economy, which is import-based, inflation increased to 6.32 per cent
by the end of 2001. The depreciation of the leone to the US dollar continues
at Le2,200/US$1 as at 15 February - 2036 just 12 months before.
Customs revenue which forms the bulk of government revenue stands at about
US$50mn daily. Based on what is called the Community Development Fund, the
Ministry of Mines recently gave US$90,000 to diamond-producing chiefdoms for
development purposes. Many overseas mining companies are returning and new
ones are coming in.
A major conference on Capital Market Development was organised by the
Central Bank (Bank of Sierra Leone) and the major financial institutions
because capital markets play a pivotal role in economic growth and the
development process. For a post-conflict economy such as Sierra Leone's, the
catalytic role of an efficient capital market in mobilising resources for
the reconstruction of the economy cannot be over stressed.
Delivering a paper on Capital Markets at the conference, the Deputy Governor
of the Central Bank, Mr G M Tucker said that, with normalcy now restored,
the country's privatisation programme is expected to resume with renewed
vigour in the near future.
Registration of voters has just ended and prospects for peace building are
high. The State of Emergency has been lifted and the politicians are
slugging it out to win come 14 May.
Power and water services are gradually improving, especially in the capital
city area. The National Power Authority (NPA) which was salvaged by
contracting a local engineering company, CEMMAT has suddenly been
transformed within one year to produce 22MW power as against just 4MW when
it took over the management. The previous management team was dismissed by
President Ahmad Tejan Kabbah for
non-performance.
The three decade-old Bumbuna Hydro Electric Project is now expected to be
completed, courtesy of Salini Construction, an Italian company, within two
years. This will provide reliable electricity for the Western Area and the
Northern Province, with likely export to the Republic of Guinea. The Eastern
and Southern Provinces are effectively serviced by an appendage of the
country's national power authority, Bo/Kenema Power Services.
Airport reconstruction
Rehabilitation and refurbishment of Lungi International Airport is at an
advanced stage with major changes to the runway, perimeter fence, departure
and arrival halls. Similarly, work is going on to upgrade some of the major
provincial airports.
Roadworks in the city are nearly completed while the Kenema-Zimmi highway
linking the Mano River Bridge connection to Liberia has started, although
the border is still closed. Construction work will start shortly at the
Masiaka-Pamlap highway linking Guinea, while work at the Freetown to
Peninsula stretch has resumed.
Words are inadequate to describe the scale of destruction in the
diamond-rich Kono district but life is gradually returning to normal. The
traditional illegal alluvial mining operation continues unabated although
not as indiscriminately as it was in the past.
What is certain now is that many positive things are happening to maintain
and sustain peace, democracy, justice and fairplay.
Naturally, the country has to grapple with social problems like armed
robbery, street children, prostitution, drug abuse and Aids. But
international non-governmental organisations are engaged in meaningful
skills training and poverty alleviation programmes, giving people hope and
reason for optimism especially in the eastern communities devastated by the
war.
Now, oil prospecting has revealed promising results. If these positive
indications of hydrocarbons in the country bear fruit, the process of
rehabilitation and reintegration would accelerate and the woes and pains of
war would quickly be relegated to history - and perhaps even humour.
Financial Times Information Ltd - Asia Africa Intelligence Wire
All Material Subject to Copyright
African Review of Business & Technology
(c) 2002. All Rights Reserved.
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