The portfolio view explains dollarization as the optimal portfolio choice for a given distribution of real returns in each currency (Ize & Levy Yeyati, 2003). The approach suggests that, if the returns on foreign currency deposit is higher than local currency deposit, then deposit dollarization will be higher. The theory assumes the validity of the uncovered interest rate parity, such that an increase in the variance of domestic inflation relative to the variance of real currency depreciation induces dollarization as the domestic currency becomes unattractive. This theory asserts that risk-averse resident investors seek to optimize the gains in the determination of asset portfolio. Thus, while the real return on assets denominated in local currency is influenced by variations in inflation, the real return on asset denominated in foreign currency is determined by fluctuations in real exchange rate. Advocates of market failure view considers dollarization as a consequences of market imperfections. This theory asserts that, dollarization exists due to the presence of market imperfections and externalities, and the lack of adequate regulatory framework. According to this theory, market failure arises as a result of restrictions in the use of foreign currencies, due to limited current account openness and weak financial sector. The existence of these factors may affect the dynamics of dollarization. The market failure theory postulates the relationship between dollarization and the extent to which economic agents have access to foreign currency for financial intermediation. It asserts that financial dollarization increases when agents can easily access foreign currency denominated credit facilities without regard for the risks emanating from currency depreciation. The empirical literature on dollarization has produced mixed results. Some studies noted that inflation, exchange rate depreciation, low export are the key determinants of dollarization. Other researchers find political instability, interest rate and market developments as the major determinants of dollarization. Kessy (2011) investigates the determinants of financial dollarization in Tanzania using an error-correction framework. The results establish an inverse relationship between dollarization and inflation. Using Turkish data for the period 1986:1 to 1999:12, Civcir (2003) explains dollarization with an extended portfolio model. The results show that interest rate differential and expected exchange rates are the drivers of dollarization. In a related study, Metin-Ozcan & Us (2007) investigates the determinants of dollarization in Turkey. Using a VAR model, the findings reveal that exchange rate depreciation and inflation are the main cause of dollarization.
schools and killings of teachers clearly reduces education supply during and after conflict. The supply side channels have clear policy implications for post-war reconstruction work. If addressed, this should reduce the impact that conflict has on educational at- tainment. In this sense, SierraLeone is an interesting setting to look at because the government implemented school construction programmes soon after the war (e.g. the SABABU education project). I evaluate the impact of the conflict on educational at- tainment ten years after the end of the war, using both cohort and geographic conflict variation in the spirit of a difference-in-difference (DID) design. Unlike most of the studies analysing this link using similar methods in different contexts, I consider not only pri- mary school education, but also secondary education – and indeed find significant results for secondary school aged children. To be precise, I consider four potentially affected cohorts: those born during the war and pre-school, primary school and secondary school aged students at the onset of war. To deal with potential concerns around the key iden- tification assumption of parallel trends in education across cohorts between chiefdoms 3
Poverty is a multidimensional phenomenon, and its complexity does not decrease the more carefully it is investigated. Economic growth decreases the level of extreme poverty. This is a main conclusion drawn from the regression, which confirms theory and earlier studies. By using a multiple regression analysis technique that includes the economic growth and agriculture value added as share of gross domestic product (GDP) as in independent variables regressed against the change household consumption expenditure per capita as dependent variable, the paper explored the relationship between economic growth and poverty reduction in SierraLeone. From the analysis, our findings indicate that an increase in economic growth has a positive effect on poverty reduction, while agriculture has not proved to reduce poverty in SierraLeone scenario, a situation that can only be sustained and improved upon if certain policy measures are put in place. Prominent among policy measures are stable macroeconomic policies, such as, sound fiscal and monetary policies that would create a hospitable climate for private investment and thus promote productivity that the poor and non-poor would benefit from. The policies should also be such that would emphasis on the income distribution from agriculture sector efficient strategy given its ability to reduce poverty by increasing employment and improving the opportunities for productive activities among the poor more especially the farmers. And if the strategy is associated with increase productivity it will improve wages and under most circumstances the poorest segments of the society will see an improvement in their life conditions.
Nevertheless, understanding about the effectiveness of monetary policy in SierraLeone is very vital for a better understanding of the existing concept. Has monetary policy played a role in private sector development in SierraLeone in the past decades? What are the major monetary policy instruments of SierraLeone? How can the private sector development/investment be enhanced? These are some of the questions which are to be explored in this study. A comprehensive understanding of these questions is essential for policy making and hence the transformation of the private sector development model towards a sustainable pattern. In the existing literature, there are many studies which investigated the contribution of monetary and fiscal policy on economic growth, Isaac and Samwel (2012), Korsu and Daboh (2010) and Abbas and Christensen (2007); however the outcomes on empirical substantiation are different depending on the selection of country, time-frames, and the applied methodology. This study expands the existing literature by focusing on the relationship between monetary policy and private sector investment alone and by evaluating monetary policy in a different approach. The latter is based on Sierra Leone’s official data and perhaps endeavored for the first time in this paper. To the knowledge of the authors, there is also a need of logical study on identifying the major monetary policy instruments that influence private sector investment in SierraLeone vis-à-vis that of other African economies. The rest of the paper commences with the main issues associated with monetary policy and private sector investment/development in SierraLeone and a brief review of literatures. This is followed by the description of the methodology. The estimation techniques and empirical results and discussions are then presented. Subsequently diagnostics and stability tests analysis are conducted in order to examine the robustness of the model adopted. The paper finally ends with policy implications and some concluding remarks.
The main sphere of interaction between monetary and fiscal policies relate to the financing of the budget deficit and monetary management. The particular stance of monetary policy affects the capacity of the government to finance the budget deficit by changing the cost of debt servicing and by limiting or expanding the available sources of financing. At the same time, the financing needs of the government and its funding strategy will place constraints on the operational independence of monetary authority. The empirical literature is replete with studies that investigate the relative effectiveness of fiscal and monetary policies, using different estimation techniques and data type. However, the empirical findings have produced mixed results. Some studies found that the impact of monetary policy on the economy is larger and more predictable than fiscal policy, see Andersen and Jordan (1968); Ajayi (1974); Batten and Hafer (1983); Bynoe (1994); Batten and Thorton (1986) and; Belliveau (2011). On the other hand, studies have shown that fiscal actions have a greater impact on economic activity than monetary actions. Researchers that support the effectiveness of fiscal policy include among others, De Leeuw and Kalshbrenner (1969); Chowdhury (1986); and Moayedi (2013).
The empirical work associated with the new growth model consists of cross-country regressions, typically the Summer-Helton (1988) international comparism project data. Those results have been reviewed and their robustness examined in an extremely useful paper by Levine and Renelt (1992) using forty cross sectional growth studies published in 1980. Each study regresses the growth rate over a given period against a variety of variables; well over fifty regressors have been used in these studies. Among the regressors are variable related to trade policy; exchange rates; inflation; fiscal policy and investment. They concluded that several measures of economic policy are related to long run growth, the relationship between growth and almost every macroeconomic indicator other than the investment ratio is fragile.
international machinery for the settlement of investment disputes as the parties may agree. (3) Where any dispute between an investor and a non- governmental body in respect of an enterprise is not settled amicably, and where no recourse is available through arbitration or previously established contracts or other legal instruments, then the matter shall be referred to the relevant legal authority within SierraLeone for settlement, in accordance with the law binding such transaction.
Although Executive Outcomes deployed 160 contractors against 15.000 Revolutionary United Front militias, the EO tackled the counterinsurgency operation by storm. Ironi- cally enough, the head of the beleaguered National Provisional Ruling Council, Valentine Strasser, offered Executive Outcomes three interconnected security contracts following the recommendation of Anthony Buckingham, whose ubiquitous Branch-Heritage had sights on the Sewa River’s alluvial diamonds and the Koidu kimberlite pipes (Vines 1999, p. 53). The original plan assumed three months to win the battle. However, within just 10 days in May 1995, Executive Outcomes, primarily through the coordinated strikes of the Mi-24 helicopter gunship and the EO 30 personnel infantry force, had lifted the siege of Freetown and forced the inexperienced (often marijuana-dazed) RUF rebels to withdraw 126 kilometres into the jungle interior. Another phase was to remove the RUF rebels from the alluvial diamond area around Koindu in June 1995, which was accom- plished within a few days. The diamond fields in the Kono district that were the critical source of the EO payment, were subsequently cleared in two days. Finally, Executive Outcomes assisted Sierra Rutile and Sieromco in recommencing extraction in the south- ern coastal rutile and bauxite mines by January 1996. The final objective was to destroy the RUF headquarters that were spotted roughly eighty kilometres east of Freetown and eventually destroyed by the EO in December 1995 (Douglas 2008, p. 182). A cohesive EO task force with coordinated intelligence and air-ground assaults pushed the RUF to the border regions and facilitated a ceasefire in February 1996, which allowed the new SierraLeone government of Julius Bio (who seized power in the coup against Strasser) to conduct a presidential election. Although Sankoh withdrew from the peace agreement in October 1996, Executive Outcomes counteroffensive brought another demise to the RUF headquarters in the south-east and forced the Front to sign the Abidjan Peace Ac- cord on 30th November. Consequently, the PMC is perceived as effective in contract accomplishment.
Conventional wisdom, which ascribes the food shortage problem only to ‘agricultural’ factors – low levels of production, poor processing, inefficient preservation and storage practices – continues to guide Sierra Leone’s food security policy. Thus, all programmes of the Ministry of Agriculture, Forestry and Food Security (MAFFS) are geared towards increasing farm productivity and improving post-harvest practices. In conformity with Government policy, the country’s development partners are also preoccupied with farm output increasing measures. FAO assistance in SierraLeone, for example, focuses on three priority areas namely, i) support to smallholder farmers to increase farm productivity; ii) assisting government in the process to modernize its land tenure system; and iii) put in place enabling policies to encourage investments in agriculture, thereby alleviating food insecurity. 1
LDCs need to rely substantially on domestic revenue mobilization if the Millennium Development Goals (MDGs) are to be realized within the specified time frame. However, the experience with domestic resource mobilization of developing countries over the last 25 years has been mixed. In countries such as Botswana, Israel, Kuwait and Seychelles, the central government’s share of tax revenue in GDP has been more than 40.00 per cent, on average, per annum. Countries such as Argentina, SierraLeone, Niger, Guatemala and Burkina Faso have struggled to raise their revenue above 11.00 per cent on annual basis (Gupta, 2007). The growth in tax revenue must approximate the growth in public expenditure for macroeconomic stability to hold (World Bank, 1990). In LDCs, generally, the major taxes tend to have low elasticity and sometimes low buoyancy estimates. This is mainly due to the inherent weakness in economic structure where a good number of activities remain out of the tax net due to low income levels and the unorganized nature of most economic activities (Bilquess, 2004).
Gender inequality still exists at all levels of Sierra Leone’s society particularly in education, and employment among others. This can be explained by unequal opportunities for boys and girls in accessing education which is exacerbated by factors such as early marriage for girls and preference for boys’ education. While significant progress has been made in terms of literacy and education for women, significant challenges remain to reduce disparities in enrolment and retention rates. The overall share of women in non-agricultural employment is as low as 10.8 per cent.
The goal of the present study was to give insight in the way reading comprehension is taught in SierraLeone. With respect to characteristics of instruction, the most common activity during the reading comprehension lessons was for the teacher to give instruction to the whole class. During this instruction, memorization of the passage by asking questions focused on recalling information was stimulated. The instruction was focused on the meaning of the passage and on learning new vocabulary. In all activities the teachers emphasized a proper pronunciation of words, because for most students English is not their mother tongue and they have difficulty pronouncing words in a right way. The teachers are convinced that a good pronunciation helps them in learning the second language. Not only the passage and the vocabularies were repeated frequently, but also the questions and answers were asked many times. The main reason for the teachers to do this was to keep the students who have difficulty in reading comprehension on track. This is a difficult task, because not all students were able to read or decode the text and the teachers have to deal with large differences in abilities. Therefore, a common activity while teaching reading comprehension was for the teacher to read aloud and the students having to repeat what was read. After this reading instruction, the most common activity the teachers asked the students to do was copying the passage, vocabulary and questions and answers from the blackboard into their notebooks so they could study them at home.
In summary, the Cultural tourism product and cultural tourism itself is a very complex segment of the tourism industry in SierraLeone, both its demand and supply is diverse and versatile. Its future position will most probably be strengthened directly and indirectly as well since with the change of the recreational needs of tourist and visitors the demand for cultural travels will rapidly grow as well (additionally when we consider the new appearing selling markets). Of course classic mass tourism will never considerably lose its market positions but the new tourists will have a more and more diversified need to get to know the different cultures and customs of the remote places. On the other hand, consideration will be made so that the rapid growth and development of cultural tourism will not cause new problems in the tourism industry in SierraLeone. When analyzing these recent trends. It is also necessary to take into consideration that not only the needs of local communities have changed but also the motivation of the cultural tourists. According to this perception one of the most important international researches on this era “has indicated that the experiences enjoyed most by cultural tourists tend be those small scale, less visited places that offer a tasted of „local‟ or authentic culture. Tourists increasingly say that they want to experience local culture, to live like locals and to find out about the real identity of the places they visited”.(Richards, 2009 in the analysis of a tourism product, we have to be aware not only the positive effects but the negative aspects of tourism development as well). The growing and rapidly increasing cultural tourism in the recent years has raised the question whether it really serves the needs of sustainable tourism especially in small communities. Cultural tourism started as a form of alternative tourism and now a day it can be considered in certain tourism destinations as a dominant part of mass tourism.
The national platform of Sierra Leonean people in the Netherlands, The SierraLeone Central Union is joining forces for the first time with The Sierra Leonean Embassy in Belgium to promote SierraLeone investment potentials in the Netherlands. Our main objective is to promote economic growth that will accelerate the implementation of The Agenda for Prosperity in SierraLeone. This will help put the SierraLeone investments opportunities on a networking platform in The Netherlands. It could create new opportunities for recognition and active participation in transnational business linkages between The Netherlands and SierraLeone respectively.
remained in the present model; whereas age and educa- tion, which are ubiquitous in studies of determinants of contraception use, and which were present in the bivari- ate analysis, did not remain in the multivariate. A pos- sible explanation is that literacy is a direct resultant of both age and exposure to education and might be a bet- ter reflection of the causal pathway of non-utilization of contraception. An argument in this direction can be found in a quasi-experimental study; Leon et al. imple- mented, in India, a three-year community intervention to globally promote woman’s empowerment. They ob- served, in the intervention area, a significant change on beliefs about the decision to have children, but only in the illiterate women . The results of Leon generate the hypothesis that literacy acts not only as a determin- ant of utilization, but possibly needs to be taken into ac- count for choice of interventions.
All polytechnic Institutions in SierraLeone are referred to as subvented institutions, this means government provide the required funding for the smooth running of all Institutions and determines what fees candidate must pay per programme. Polytechnic Institutions are manned by their respective Councils, who are charged and sole employing authorities and meet when deemed necessary. Each of these Polytechnic Institutions is headed by a Principal, Vice Principal, Registrar, Senior Finance Officer, Deans of Faculty, Heads of Department, In the case of the premier Polytechnic, Milton Margai College of Education and Technology that comprises three Campuses have Dean of Campus that manage the affairs of his/her Campus and report when and where necessary to administration during one of their several meetings. All of these Polytechnics have a Senior Staff Association charged with responsibility of seeking the welfare of its members and as a result, such academic staff is represented on the Polytechnic Council Meeting by their Presidents. The five associations have formed an umbrella association to consult with the appropriate authorities on staff matters.
study became stationary at first difference. The Johansen cointegration test indicated that there exists a long-run relationship between the variables. From impulse response analysis, trade reacted negatively to foreign exchange reserve for the first two years of shock but subsequently reacted positively for the rest of the 10 year period. Similarly, foreign exchange reserves reacted negatively to a shock (trade deficit) in the trade of SierraLeone. The Granger causality test results indicated a unidirectional causality between foreign exchange reserves and trade of SierraLeone. The OLS results indicated that all the independent variables employed in the study except GDP were statistically significant to explain the dependent variable by a variation of about 89 percent. It is worth noting that all the variables used in the study have a retrogressive effect on foreign exchange reserves of SierraLeone. It is therefore suggested that a vigorous industrialization process is embarked on to promote the export trade of SierraLeone as a way of minimizing trade deficit as well as building up reserves.
reconciliation was the “Sierra Leonean way” and that “God has put the capacity of forgiveness inside us.” In rural areas, interviewees referred to “stages of conflict transition,” looking at reconciliation as a precondition for long-term capacity building and sustainable development. In a group interview in Bomaru, villagers recalled their first participation in a Fambul Tok ceremony. Located half a mile from the Liberian border, Bomaru is significant as the site of the first RUF attack on SierraLeone. As in other areas in Kailahun, perpetrators and victims were living side-by-side. Tensions between villagers were stifling – preventing members of the community from speaking to each other and participate in communal life. Rifts resulting from the war had impeded social relations to the point that the village, which relied on collective agricultural labor, found it hard to do vital communal work, such as farming and building houses. An elderly man in the village described a “miserable atmosphere” – citing a regular occurrence, where a rape victim would go out of her way to avoid contact with an ex-RUF member. Schoolteacher, Sensy J. Musah, recalls the arrival of Fambul Tok to speak to the villagers about reconciliation. Initially they were skeptical: “What is this reconciliation, we asked them?” Eventually, a primary motivation for participating in reconciliation ceremonies was to improve their economic situations. After six years of not speaking, the villagers took part in a series
The country is situated within the vegetation zone of the Upper Guinea Rainforest, once blessed with an abundant richness in ecosystem and biodiversity. Some 50 years ago, more than 60 percent of SierraLeone was covered by closed high forests. Low productivity, unsustainable farming practices and increasing demand for fuel wood and charcoal in urban areas have contributed to high levels of deforestation and soil degradation. Today, only approximately 5% (180,250 ha) of the forests are remaining, mostly located in marginal and remote areas. With increasing population pressure the forest cover is continuously decreasing. Income of a rural Sierra Leonean largely depends on the natural resources base. The irrational exploitation of the environment and natural resources over the years has resulted in considerable environmental degradation, leading to increased vulnerability and poverty. Rural-urban migration, combined with an absence of urban physical planning and inadequate investments in infrastructure and social services, including water and sanitation facilities, has led to hazardous environmental health conditions for the urban population.
The southern province had been protected mainly by local CDF units, composed of local hunters who had undergone a special initiation, knew the terrain and were more mobile in the bush than the army, initially established to protect local communities. The Kamajors were the response of Mende society to general insecurity. However, with the prominence of the CDF in positions of power, civilian and civil authority became dominated by the CDF authority often creating problems for the community. In SoroGbema, because the Paramount Chief had died long before the war and many sections and village chiefs died during the war, civilian authority was weak when the people returned to their chiefdoms. At present, roughly half of the pre-war population of the chiefdom has returned home. The border between Liberia and SierraLeone was closed on numerous occasions; refugees were unable to return home. As a result of the war, there are no permanent structures in the chiefdom. People have constructed temporary structures made of sticks, mud,and thatch. Tarpaulins are a luxury . With the onset of the "hungry season" — the tail end of the rainy season -- there was a lot of anxiety in the chiefdom as the staple food, rice, was largely unavailable. People were eating breadfruit and mangoes, which had also become scarce because of the sudden demand .