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Sierra Leone
Thursday, May 19, 2022

PC MP calls for pro-local banking & mining laws

By Jariatu Bangura

Paramount Chief Member of Parliament, P.C. Bai Kurr Kanagbaro Sanka lll, representing Tonkolili District, has appealed to his colleague lawmakers to repeal and amend laws relating to banking and mining in the country because most of the rules and regulations governing both sectors need urgent review.

He said laws regulating the acquisition of loans from local banks are archaic and contained restrictive rules, which effectively undermines growth and development potentials in indigenous businesses. He said such could portend negative implications to a buoyant economy driven by local entrepreneurship, and therefore entreated lawmakers to take the lead to repeal those laws to enhance their public social utility.

The traditional chieftain maintained that most local businesses, as a result, access loans from foreign banks instead of local credit institutions. He noted though that interest rates paid by mining companies to local banks are minimal, compared to other developing countries, and that foreign companies operating in the country wire huge amount of monies abroad.

He said the Bank Governor should be summoned to Parliament to answer to questions in respect of such development.

P.C. Sanka III maintained that mining agreements signed between the government and foreign multinational companies should accord citizens great economic opportunities, adding that the rules and regulations governing such agreements must be dictated by the terms of local owners.

He said the condition of service for local workers should be radically improved while employees, who give preference to foreign workers, should be urged to conform to the Local Content Policy.

He lamented the fact that the country is still struggling to provide adequate energy supply to households and commercial houses across the country, stating that no country can develop on a shambolic energy supply. He said the east-end of the city goes without electricity supply for weeks and that such development will only undermine development in the country.

The national power provider NPA, he urged, should strive to urgently fix burnt transformers, rectify the Bumbuna dam malfunction as soon as possible, and that solar lights installed in provincial headquarters should be effective.

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