The Effect of Fiscal Policy on Financial Sector Development in Sierra Leone: A Time Series Approach (Published)
This study investigates fiscal policy impact on financial sector development in Sierra Leone between 1980 and 2015. The objective of the study is to establish the long run relationship between fiscal policy variable and financial sector development. The study used a quantitative approach; the model was formulated with Private sector credit used as a proxy variable for financial sector development. This was regressed against gross domestic product, money supply, real interest rates, inflation and total tax revenue. The study used error correction model to estimate both long term and short term effects of the explanatory variables on the dependent variables in the empirical functions. The unit root tests shows that variables in the equations were I(1) variables, meaning they were stationed at first difference using both the Augmented Dickey Fuller and Philip Pheron tests. The Johansson co integration tests concludes that there are more than one co-integrating factors in each empirical function, therefore a long run relationship exists between private sector credit and its explanatory variables. To validate the quality of the data for the use of vector auto regression, all of the tests were conducted including; lag length criteria test, serial correlation test, normality test, stability test. The result from the private sector credit and fiscal and non-fiscal variables in Sierra Leone contradicts most of the theoretical and empirical literature on financial sector development. The conclusion is that even when we are expecting a negative relationship between private sector credit and money supply, real interest rates, total tax revenue and inflation, the results all came out positively and significantly in long run financial economic analysis. This study shows that the private sector is willing to borrow regardless of the interest rate in the economy and the level of taxation. Basically the risk appetite in the private sector shows the level of desperation of private institution to access short to medium term capital. This might explain the reason for the high non-performing loans (NPL) in the economy of Sierra Leone.
There are numerous benefits one can get from using technological innovations ranging from comfort to minimal cost in telecommunications, health, aviation, commerce, energy, agriculture, intelligence, education via Internet and Internet of things (IoT). However, criminals have over the past decade accelerated highly sophisticated techniques to steal billions of sensitive and costly data either from private individuals, government or corporations costing billions of US dollars globally. Therefore, the research provides awareness as to how these Cybercrimes can be mitigated especially within the scope of Sierra Leone. It largely focuses on the establishment of the Cybercrime Unit at the Central Intelligence Department (CID), and the Office of the National Security (ONS), both units was created by an act of Parliament to secure and protect citizens against imminent cyber criminals within the confirmed of Sierra Leone. These agencies has been able to solve some of the crimes issues but yet still there exist unsolved problems. This is because of lack of many indigenous cyber security experts in the country. Also, the study indicated that the laws governing Cybercrimes are too weak to be able to tackle all the numerous issues relating the internet crime.
Competitiveness in Higher Education Practices in Sierra Leone: A Model for Sustainable Growth (Published)
This article has taken a step towards providing an open critical approach for the future of sustainable growth for HETIs in Sierra Leone. The system at the moment needs a complete review and overhaul in order to move forward in competing with HETIs at a global scale. The government on its own cannot continue take up the burden of a 100% funding for HETIs in the country (with increase population growth rate) when the situation across the region, and the world is such that HETIs are developing great plans towards self-sufficiency / sustenance through high quality teaching and learning, and more importantly, competitive research ventures. A model has been worked out for a future sustainable and competitive HETIs in the country, and partnership with TEC, followed by some realistic recommendations for consideration both in the present and the future.
What Policies Have Been implemented in the Protection of Sierra Leone’s Natural Resources (Published)
Sierra Leone is one of the fastest growing economies in Africa, with mining and agriculture as the primary industries driving such economic growth. However, despite the booming economic conditions, there are various environmental issues that the country is facing that impact and hinder the economic and environmental stability of the country. The country is rich in natural resources, most particularly mineral resources. The purpose of the study is to critically analyze the various environmental policies and legislative efforts made by the government through the Sierra Leone Environmental Protection Agency. It further investigates the various environmental issues and problems addressed by these existing policies and legislations, as well as evaluate their effectiveness. Five administrators and heads of the Environmental Protection Agency were interviewed. Findings showed that there were various policies and legislative efforts instigated in order to protect and conserve their natural resources, primarily their mineral resources, water resources, land resources and coastal and marine resources.Analysis also showed that some of these policies and legislations are less effective in meeting their purpose due to various factors such as poor governance, lack of infrastructure, human resources management ineffectiveness, lack of public awareness and many others. Recommendations were provided following the analysis.
THE EFFECT OF CORRUPTION ON SMALL AND MEDIUM ENTERPRISES: PERSPECTIVE FROM A DEVELOPING COUNTRY (Published)
This paper investigates the effect of corruption on Small and Medium Enterprises (SMEs). Specifically it looks at the relationship between corruption and SMEs performance including price, profit, growth, productivity, wages and employment. Researches on the effect of corruption on SMEs in developing countries are scarce. Therefore, there is a value in investigating the effect of corruption on SMEs. As a result, this paper filled a research gap in the study of SMEs.In order to achieve the purpose of the study, qualitative and quantitative research methods were employed. The qualitative research was carried out using semi-structured interviews. Alternatively, the quantitative method was conducted using questionnaires as the principal survey instrument complemented by personal interviews. The data for the study was collected using mainly 340 questionnaires. The sampling design for the survey was based on stratified random sampling. The stratification was by region and business sector.The results from this study indicated that corruption is positively related with price. As predicted, corruption is negatively associated with growth, productivity and employment. But it shows no significant statistical relationship with wages and profit. In addition, the descriptive survey analysis reveals that corruption reduced SMEs owner/managers access to finance. Another interesting finding was that a large number of the respondents perceived corruption as a practice that leads to extortion by government officials. This study contributes to knowledge by providing insights on the effect of corruption on SMEs performance in Sierra Leone. To the best of the authors’ knowledge, the study is one of the few studies ever done in a developing country context.
VICTIMS OF VIOLENCE: AFRICAN WOMEN AND THE CONSEQUENCES OF WAR, AN APRAISAL OF VIOLENCE IN THE SIERRA LEONE CIVIL WAR (Review Completed - Accepted)
Women in all ages in different countries have been victims of violence, particularly violence emanating from wars. In Africa, women have had to contend with rape, loneliness, shame and rejection among others. The Sierra Leone Civil War brought to the attention of the world the bestiality of the male folk. Although it affected all members of the Sierra Leonean society, its effects on women were more devastating. This paper examines the violation of the rights of women in the Sierra Leone Civil War; the role played by the rebel movement, government forces and civil defence corps in gender related abuses; and find out why women are more vulnerable to rights violation in armed conflicts particularly in Sierra Leone. The methodology adopted was based on secondary sources. Our findings are that women were raped, brutalized and murdered and in some cases abducted and used as sex slaves. The study recommended that perpetrators of war crimes particularly against women should be severely punished to deter others.