The Evolution of Banking in Sierra Leone - 1586 Words

INSTITUE OF PUBLIC ADMINSTRATION AND MANAGEMENT/ UNIVERSITY OF SIERRE LEONE MODULE: FINANCIAL REGULATION AND PRACTICES COURSE: BSC (HONS) FINANCIAL SERVICES (YEAR 4) ASSIGNMENT: DISCUSS THE EVOLUTION OF BANKING IN SIERRA LEONE NAME: MOHAMED KHALIL KOROMA REG: 4606 NAME OF LECTURER: MR N’JAI CONTENT 1. Introduction 2.1 Adam Smith and Modern Banking 2. Overview of Sierra Leone banking 3. Our Perception of Banking in Sierra Leone 4. Conclusion INTRODUCTION Mankind has always been seeking security and protection. This need has led him to scientific and tecological development on one hand and banking development on the other. In modern times the banking has become so necessary that†¦show more content†¦The enabling legislation was passed on the 27 of March. The Bank of Sierra Leone was established in 1963, is the central bank of issue .the Banking Acts of 1964 provides for the regulations of commercial banks by the central bank, including the control of money supply. Poor revenue collection ,failure to control expenditure and heavy debt servicing requirements as a result of past borrowing characterized government finances in the 1980s and early 1990s. It is responsible by charter for the oversight of the country’s banks and advising the government on financial matters, management of domestic and foreign debts and maintaining of foreign exchange reserve. Despite the since independence Sierra Leone ‘economy has been characterized by financially disadvantageous exchange rate and government budget deficits which led to sizable deficit balance to payment deficit and inflation. Also IMF has been making numerous interventions to savage this situation. In the 1990s, there were six commercials banks operating in the country. Standard chartered Bank and Barclays bank of Sierra Leone areShow MoreRelatedFactors Influencing The International Expansion Of Nigerian Banks6650 Words   |  27 PagesAs discussed earlier, research on the internationalisation of Nigerian firm’s is still under-explored and scant in the literature. 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By 1894 the now First Bank of Nigeria has established the Bank of British WestRead MoreThe Internationalisation Process Of Emerging Market Multinationals7790 Words   |  32 Pagesstudies that will stimulate the internationalisation business research and policy debate should become a research focus (Adeleye, White, Boso, 2016). Previous studies on the internationalisation process of Nigerian firms have focused mainly on the banking sector (Boojihawon Acholonu, 2013; Amungo in Adeleye et al 2016 p: 69-98). A gap exists in the literature that has failed to study the internationalisation process of Nigerian firms from different sectors in terms of their motivation and patternsRead MoreIndividual Case Analysis And Presentation Essay9535 Words   |  39 PagesBDM Banking Case firm 3 CCR Insurance Case Firm 4 DET Technology Case firm 5 ENA Manufacturing Case firm 6 FCW Technology Case Firm 7 GAB Transport and Logistics 3. 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Graduation Speech I Am A Honor Roll Seal Of Improvement...

I ll always remember the day I sat in class and got the A honor roll seal of improvement with my name on it, my perspective on life all of a sudden changed to where I need to put forth a concentrated effort better. I understood that while others could move along and sufficiently do to get by, that was not what I expected to do. Disappointment was impossible for me, I set objectives that I wouldn t make due with nothing not as much as achievement in my school work, and heading off to college would have been the be the way I achieve my objective. I don t know anything rouses success more than the sentiment disappointment. I just dependably let myself know I need to carry on with the great life, and that takes cash and to have the cash you should be instructed. I never fully comprehended the inclination I had in my stomach, however it made me wiped out to my stomach. I had concentrated on days ahead of time so hard for that test despite everything I took note of I figured I didn t comprehend the material as I thought I did. I contemplated on that falling flat review for a few days, and I just couldn t exactly get it out my head. When I saw that different understudies in my class had fizzled what s more, it simply did not by any means appear to miracle them the way it did to me. They went about as though they could think less about a passing review and that state of mind annoys me the most. I needed to know how their brains handled they fizzled , graciousShow MoreRelatedProject Managment Case Studies214937 Words   |  860 Pagesabout Wiley products, visit our Web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Kerzner, Harold. Project management : case studies I Harold Kerzner. -- 2nd ed. p. cm. Includes bibliographical references and index. ISBN-13: 978-0-471-75167-0 (pbk.) ISBN-10: 0-471-75167-7 (pbk.) 1. 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Theory of Innovation and Technology Management

Question: The concept of innovation and entrepreneurship are probably schumpeter's most distinction contributions to economics.one of the most common themes in schumpeters writing was the role of innovation (new combination)and entrepreneurship in economic growth. critically evaluate the various dimensions of innovation and the drivers that contribute to the growth of small start up entrepreneurs Answer: Introduction Financial improvement needs feasible and spread upgrades in every family wage associated with changes in the computational structure of budgetary system towards more foremost justified even despite included things and more efficient gathering frameworks (Acs, 2004). Ambitious people can progress economic change by helping the reallocation of sources from less to all the more compelling uses by executing contrivances in the productive structure (Leibenstein, 1968) (Hausmann, 2003) and by carrying outline change (Lewis, 1954) (Gries, 2010). These positions have as of late been the purpose of a growing masterful works (Minniti, 2010). A dismissed work in this academic works is the prospective bit of business visionaries as coordinators in making nations. John Schumpeter plot a thousand years back that business visionaries are often times coordinators, giving new things and mechanical progression to business focuses, starting up new ad focuses, procedure, and thoughts, and commercializin g new information. At any rate, it is every now and again erroneously recommended that progress by specialists is less basic for progression in low-pay making nations than in more innovative budgetary strategies (Naud, 2010). A gigantic unique works has been focused on knowing the circumstances under which specialists advance, and the qualities and progression of the nation over techniques of progress (Nelson, 1993). In light of present circumstances, regardless, this academic works has been incorporated with the methodology of progress and its qualities in imaginative budgetary systems (Naud, 2010) (Naud, 2010). Entrepreneurship (Baumol, 1990), recognized that not all chance ill-use will truly be to society's most prominent playing point, and he deà ¯Ã‚ ¬Ã‚ ned ambitious people, generally who are innovative and inventive in the frameworks that is for their own specific achievement, energy, and reputation (Shane, 2000). Business capacities can be apportioned in frameworks that again off financial improvement. Despite the way that we perceive that the structure of a gathering can incite such a dangerous settlement of organization capacities, we will in this report be concentrating on fruitful business innovation. This contains the advancement, unmistakable confirmation, and use of positive potential conclusions inside present à ¯Ã‚ ¬Ã‚ rms or through improvement of new à ¯Ã‚ ¬Ã‚ rms to the point that contains development or the supply of new mixtures. The à ¯Ã‚ ¬Ã‚ rst framework concentrates on the organization work, the second on the capability of associations and the third on holder worked associations. The running viewpoint is incorporated with the fit stars that settle on key choices on theory, manufacturing, progress, zone, or investigation and improvement. This perspective of business is more far reaching than that of ambitious people who run their own specific associations. It moreover contains administrators of all inclusive à ¯Ã‚ ¬Ã‚ rms, state associations, or non-profit associations and a broad mixed bag of successful organization visionaries inside associations. In this viewpoint, organization is an eager trick making reference to anticipating the waves, creative energy, and imaginativeness (Lundvall, 1992). Innovation A slender technical framework concentrates specifically on thing and method redesigns, or mechanical improvement, often times said to be the outcome of data raised entrepreneurship. A more broad strategy addresses progress as the advancement of new things, new methodologies, new resources of supply, furthermore to the abuse of new advertisement focuses and the improvement of new strategies to driving force business. One can separate between more controlled changes and additionally astounding overhauls. It is vital that innovation does not simply make reference to the à ¯Ã‚ ¬Ã‚ rst entry of intriguing by a à ¯Ã‚ ¬Ã‚ rst moving organisation, moreover to the pass on of the progress to diverse stars in the monetary structure. Advancements that are new to the globe are basically found in the innovative money related structures (Fagerberg, 2005). Improvements new to the entrepreneurship in making nations make reference to the general spread and use of mechanical headway. The family unit à ¯Ã‚ ¬Ã‚ rm presents overhauls which have starting now been arranged someplace else, yet which are new to the business in their own particular nation. Improvements new to the à ¯Ã‚ ¬Ã‚ rm make reference to information à ¯Ã‚ ¬Ã¢â‚¬Å¡ows inside the family unit financial system. The innovation is starting now introduce in the business focus, yet is instantly realized by a given à ¯Ã‚ ¬Ã‚ rm. This last considered innovation comes closest to the Rogerian considered progress (Rogers, 2003). A couple of sorts of progress that are new to little à ¯Ã‚ ¬Ã‚ rms in making nations may exist together with level cash related structures and upgrading creative progression holes like the general edge. Our vital speculation is in the sorts of astonishing direct that enhance budgetary expecting the waves and make up for lost time at country level. Like business, incredible adequacy has been figured in a couple of unique frameworks, using licenses, pictures, RD information, and other additional signs, for instance, journals or purposes of investment. Firms are requested whether they have shown overhauls in innovation overviews. The most progress reviews is on advances inciting new things or new amassing systems. In later years of the reviews, an individual kind of business and advancing changes is seen. Effects of innovation and entrepreneurship Nearby the customary edges, for instance, expenses, specific thing, and system, upgrades have transformed into the best approach to contenders and business accomplishment. Innovation is essential to forefront thoughts of advancement and improvement (Verspagen, 2005). Competition in the overall budgetary system has coherently been able to be learning based. In fact in apparently conventional cash related locales, for instance, fabrics, set, or sustenance dealing with advancement and specific improvement has transformed into the best approach to improvement (Mytelka, 1999). The same keeps for organisation ranges, for instance, settlement and publicising, financial courses of action, and ICT plans. Progress is similarly particularly tolerably joined up with changes in the arrangement of the money related system, particular upgrading in amassing, and moving to higher quality included exercises in worldwide worth stores. Inventive alter is epitomised in new years of supplies and gear and new years of better instructed specialists. There are moreover irrelevant progressions in thing and strategy advancement, which come to fruition due to official and nice enthusiasm for RD, limits, and at work learning (Helpman, 2004). Yet it not simply fabricates the way of cash related result, moreover the quality and characteristics of what is made. It realises a perpetually broad extent of new things or arrangements. Conclusion Entrepreneurship can accept a part in key schedules to budgetary progression. A prevalent understanding of the segments and effects of progress in making nations and the methodologies and affiliations that help or restrict advancement is the central backing of the ranges of this report. Without reducing the thriving of inconspicuous component in the diverse portions, we centre this release by accent out three general get ready (Lipsey, 2005). Innovation is key across over different nations and institutional circumstances. Nevertheless, the properties and bit of progress will change at unique periods of budgetary headway. Business visionaries in low-pay making nations give overhauls that are essential to à ¯Ã‚ ¬Ã‚ rm and country headway, paying little respect to the likelihood that they are directed in qualities. Progression in making nations consolidates the technique by which à ¯Ã‚ ¬Ã‚ rms expert and apply the style and amassing of things or organisations that are new to them (Casson, 2003). Various little progressions in thing style and quality, changes in the way gathering is sorted out, creative energy in promoting and modifications in amassing methodologies and systems site, fabricate efficiency and flexibility to react to changes in centred conditions and redesign profit and business change. Progression performs a discriminating part in get up to speed and change in a globalised economy. Regardless and huge this is a result of the different changes perceived by little association administrators in making nations. On the other hand it moreover depends on upon the activities of business visionaries in imaginative cash related structures, where changes are made that along these lines spread to making nations, to be joined in their particular common circumstances. References Fagerberg, J. D. C. M. R. R. N., 2005. The Oxford Handbook of Innovation. Oxford: Oxford University Press. Gries, T. W. A. N., 2010. Entrepreneurship and Structural Economic Transformation. Small Business Economics Journal, 34(1), p. 1329. Hausmann, R. D. R., 2003. Economic Development as Self-Discovery. Journal of Development Economics, 72(2), p. 603633. Helpman, E., 2004. The Mystery of Economic Growth. Cambridge, MA: Harvard University Press. Leibenstein, H., 1968. Entrepreneurship and Development. American Economic Review, 58(2), p. 7283. Lewis, W. A., 1954. Economic Development with Unlimited Supplies of Labour. The Manchester School of Economic and Social Studies, Volume 22, p. 139191. Lipsey, R. G. K. I. C. C. T. B., 2005. Economic Transformations: General Purpose Technologies and Long-Term Economic Growth. Oxford: Oxford University Press. Lundvall, B. A., 1992. National Systems of Innovation: Towards a Theory of Innovation and Interactive Learning. London: Pinter. Minniti, M. W. A. N., 2010. What Do We Know About the Patterns and Determinants of Female Entrepreneurship Across Countries?. The European Journal of Development Research, 22(2), pp. 1-17. Mytelka, L. K., 1999. Competition, Innovation and Competitiveness in Developing Countries. Paris: OECD. Naud, W. A., 2010. Entrepreneurship and Economic Development. Basingstoke: Palgrave Macmillan. Naud, W. A., 2010. Entrepreneurship, Developing Countries and Development Economics: New Approaches and Insights. Small Business Economics Journal, 34(1), pp. 1-12. Naud, W. A., 2010. Entrepreneurship, Global Development, and the Policy Challenge. Harvard College Economic Review, 4(2). Nelson, R., 1993. National Innovation Systems. A Comparative Analysis. Oxford: Oxford University Press. Rogers, E. M., 2003. Diffusion of Innovations. 5th ed. New York: The Free Press. Shane, S. S. V., 2000. The Promise of Entrepreneurship as a Field of Research. Academy of Management Review, 25(1), p. 217226. Verspagen, B., 2005. Innovation and Economic Growth. Oxford: Oxford University Press.