APC/SLPP nasty parties
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https://cocorioko.net/sierra-leoneans-angry-with-their-parliamentarians-for-their-excessive-salary-and-benefits-proposal/ The MPs believe Preso is on a spending spree, having enough cash to splash around, ignoring the triple whammy of low commodity prices, depreciating Leone and higher oil prices that will be afflicting the Sierra Leone economy in the months to come. I guess the solution will be the new direction of piling up more debt.
Reply with quote #2
So it turns out that the SLPP, like many of us knew all along, is no different from the APC when it comes to looting the national treasury. Those SLPP mofos in parliament are responsible for the low turnout of SLPP participants here at Bintumani. After all the pre-election trash-talking about how the SLPP is going to bring sanity and economic vitality, what we are witnessing now is the...
Reply with quote #3
KL, wake up and be realistic. Do you expect the SLPP in nine months to solve the mess that the APC criminals took ten years to create? The government is pursuing a new and sane approach by fighting corruption which is the cause of Sierra Leone's problems. At least people have started paying back stolen funds.
Salaries of government officials is an issue that has to be seriously reviewed in the hopes of reducing the theivery of state assets. A cost benefit analysis of the increase of the effect of the increase in the pay of government officials and the funds stolen from the state. This should not be limited to M.PS only.
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Orkama, I am being realistic and you may not accept it. Ask if Sierra Leone is in the right economic circumstance to even consider paying rent allowance, vehicle allowance, wardrobe allowance, Recess allowance, sitting fees and all that crap to parliamentarians when the average joe can hardly afford breakfast in the morning? and moreover, if you think this is going to help reduce thievery then you must be spending most of your time on mars.
Those parliamentarians are not in parliament because they love salone so much and are willing to make sacrifices...they are there to enrich themselves and the proof is right in your face. Talking about stolen funds? This is laughable! How much stolen funds can be recovered to make a difference? Get stolen funds from he BIG kahuna in makeni then we might have some hope. So far all we here is how much progress the government is making.
Reply with quote #5
I do not disagree with you . Most of the parliamentarians do not put Sierra Leone first. The whole salary of Government officials has to be reviewed. Government officials have to be paid a living wage to prevent the temptation of corruption. It is only a step to curtail corruption. There is also corruption in the great USA
You are right , they have to deal with the big Kahuna in Makeni. Strike a deal with him to return the $ hundreds of millions he has stolen from Sierra Leone. I am also realistic that no government is going to solve Sierra Leone's problem in a short period. All the current government can do is stop the bleeding. Even God knows that Sierra leone could not stomach another five years of APC. They would have sold Sierra Leone to China. Sierra Leone needs foreign capital to invigorate and stimulate its economy. In order to do to attract this capital, Sierra Leone must develop its infrastructure; roads, banking system, quality of hotels, communications, airport and customer service. Business people do not want to go buy diamonds in Sierra Leone when they can go buy in Brazil with much less hassle. They do not want spend four hours traveling from the airport to Freetown and stay in substandard hotels at exorbitant prices worrying about their safety.
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"Sierra Leone needs foreign capital to invigorate and stimulate its economy. In order to do to attract this capital, Sierra Leone must develop its infrastructure; roads, banking system, quality of hotels, communications, airport and customer service" Kamara Kamara, What you are really saying is that Sierra Leone needs domestic capital/investment to stimulate its economy. Domestic capital attracts foreign capital. Without domestic capital, foreign direct investment will not thrive in a host country. If Sierra Leone can develop its infrastructure, roads, banking system, quality of hotels, communications, airport, and customer service as you argue, then that it is sufficient to invigorate and stimulate the economy.
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Yes, the nation needs domestic capital as well. Unfortunately, there is not enough domestic capital available to develop the nation. If there were, the nation will be more developed. You need foreign and private capital to push the nation forward. Even the US economy depends on massive foreign investments.
May be Sierra Leone abroad can form investment groups that can purchase and manage Sierra Leone parastatals
Reply with quote #8
Be careful with this over reliance on foreign capital. In the short-run the influx of foreign capital in a host country may be good. But in the long-run, foreign capital in areas such as mining and agriculture may actually prove detrimental to a country's development. Apart from foreign capital crowding out domestic capital, what happens when there are huge capital flights? How does the vacuum get filled? Government can encourage domestic capital in countries like Sierra Leone through the setting up of cooperatives. Since we are a primary sector economy that relies mainly on mining and agriculture, cooperatives in mining and agriculture can do wonders for the economy. They can even attract foreign capital and coexist with it without any vacuum being created in the incidence of a foreign capital flight. Lastly, I disagree with your contention that the US economy depends on massive foreign investments. US multinationals are the largest in the world. Thus, domestic investments create far more jobs in the USA than foreign investments. FDI in the USA is only necessary in so far as it enhances and maximizes benefits already generated by domestic investments.
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I do not disagree with you. Idealistically, you want domestic investors to be at the forefront of developing the country. Unfortunately, a young country like Sierra Leone has not got too many domestic investors that are willing to risk the capital for long term benefits especially at a time when government is threatening to close businesses for non payment of taxes. Government has to work with domestic investors so that they can invest in the local economy. Give tax breaks to domestic investors to encourage investment. Many of the US multinationals have massive foreign investors. Many are American in name and registration only. Prince Awaleed of Saudi Arabia was the highest investor in Citibank.
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The problem with your analysis lies in your rigid tunnel visionary conception of capital accumulation in developing countries. To you, the typical investor must be the guy with a million dollars or more. And in a typical Neo-liberal fashion, you insinuate that Sierra Leone must wait for the guys with bundles of money to come from to West to develop Sierra Leone. If such a line of thinking is not idealistic then I wonder what is. Look, the typical investor can have as little as fifty dollars. That is why I have suggested the formation of cooperatives in mining and agriculture that can pull the resources of Sierra Leoneans together and in the process function as domestic investment platforms that are capable of attracting foreign direct investment. When cooperatives act as domestic centers of gravity for investment, they hold a country together and continue the process of economic transformation in the event of a mass foreign capital flight. Relative to investment in America, naming only major foreign investor as you did does not advance your argument. I will continue to hold on to my contention that the ranks of American multinationals, the largest in the world, are filled with money men born and raised in America.
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Again, It will be more beneficial for Sierra Leoneans to provide the bulk of the domestic capital,unfortunately that has not happened. Unlike Ghana, Nigeria, Ivory coast, Kenya and South Africa, Sierra leone has not yet developed a full fledged stock market where they can raise domestic and foreign capital to spur investment. The small man with his or her $50 can have a stake in the economy.
I do not disagree with you. The investor does not have to be a someone holding $1,000,000. You can have 20,000 Sierra Leoneans investing $50.00. You just have to have systems in place that will facilitate 20,000 people to invest $50.00 . Corporations are moving towards internationalism or Globalism , the word that Trump Supporters hate. They have multinational capital, stockholders , Executives and locations. Apart from where a company may have been founded or registered, it may be difficult very that a company is truly American.
Reply with quote #12
"Unlike Ghana, Nigeria, Ivory coast, Kenya and South Africa, Sierra leone has not yet developed a full fledged stock market where they can raise domestic and foreign capital to spur investment" Kamara A stock market for Salone? How large is Salone's private sector? Lets not put the cart before the horse. It is a waste of resources to establish a stock market in an environment where you can literally count the number of private business entities. Remember that the primary purpose of a stock market is to allow companies to raise equity from investors. To have a thriving stock market, there must be a large number of private firms that want to go public through an initial public offering (IPO). Does my argument of forming cooperatives to pull the resources of Sierra Leoneans together in an effort to create domestic investment platforms that would attract foreign direct investment not make sense here? Once we have developed a large and formidable private sector, we can think about a stock market.
Reply with quote #13
We can go round in circles, the bottom line is that most countries have sought foreign investment as well as domestic capital to spur economic development, whether it is private individuals, corporations, stock markets or cooperatives as you suggest. Sierra leone needs billions of dollars to develop its infrastructure and economy. This amount of money cannot realistically come from the current successful Sierra Leone businessmen no matter how much they love Sierra Leone.
There are currently 29 stock markets in Africa representing 38 countries including Cape Verde a country of 500,000 people. Some of these countries have from 2 companies to 265 listed on their market . In 2017 and 2018, the stock markets in Nigeria and Kenya did better than NASDAQ in USA. This has brought additional foreign investor in their markets. There is nothing wrong with trying form a cooperative to a mass domestic capital if it can work. My opinion is private capital domestic or foreign will spur development in Sierra leone.