In Parts 1 and 2 of the above produced last year (2015), the writer explained the difficulties FBC is going through, the reasons for such a sad state of affairs, the reaction that followed from the Project Implementation Unit of the government and the ensuing questions regarding the commencement of implementation and completion of project that the PIU is yet to answer. The articles attracted a lot of attention (both in and out of the country) and those wanting to help out (like the Australian friends) can please go ahead to do so.
In this final part of ‘The Tears of FBC’ (Part 3), the current events and the “behind the scenes” play regarding FBC’s rehabilitation are going to be discussed.
Last week, the Minister of Finance and Economic Development, Dr. Kaifala Marah, explained to the public in his Ministry’s conference hall that the Kingdom of Saudi Arabia has finally loaned the Government of Sierra Leone US $ 12 Million for FBC’s rehabilitation and that event was climaxed with the signing of the loan agreement between the two countries. Good news eh, regardless of how long it took to happen. Remember, however, that this is a loan and implies that it should be repaid over a reasonable period of time. Note also that signing an agreement is one thing and the disbursement of money (funds) relating to that agreement is definitely another matter. This is because all loans have conditions attached to them even though the Minister did not explain these conditionalities for the understanding of the public.
Let us also recall that the Invitation for Bids for this project is still ongoing till March 2016. So, when will this project visibly commence or simply put, when will the actual rehabilitation action commence?
I still repeat that it’s a pity to sign such an agreement for FBC’s rehabilitation when the country had the resources to fully fund this project; and I will explain how (forget about all the natural resources we have as this is an old argument now)? But consider this! Last year, Rokel Commercial Bank (in which the Government has a major stake or share) lost Le 90 billion in the form of loans given to would-be-creditors, for which there was no repayment simple DEFAULT situation. Mr. Kebe Kouroma, the Chairman of the Bank’s board, after explaining this setback in their annual December meeting was still upbeat about the years ahead for the bank. Very interesting optimism but heads would have rolled by now had it been in other countries. The calculations indicated that such a loss by the Bank was equivalent to US $ 20 million, which was really more than enough to have rehabilitated FBC. So, why was such an amount not invested in FBC (education) which could have yielded higher returns but leaked out in such a manner!
Furthermore, the development argument in the African Continent now has always been to provide “African solutions to African problems”. Hence, we know the relevance of the African Development Bank (AfDB) in the country and last year, one of our brothers even vied for the Presidency of that Institution. In view of this, I am convinced that AfDB would have come to our aid to rehabilitate FBC if the government had approached the Bank. If that had happened, FBC’s rehabilitation would have commenced long ago because disbursements of funds from the AfDB is better and faster than most other development financial institutions.
Readers are further encouraged to note that this BADEA (Arab Bank for Economic Development in Africa) project in the form of US $ 12 Million does not cover the road rehabilitation and reconstruction project through FBC and on the campus. That is solely the responsibility of the government and “behind-the-scenes” meetings have taken place on this matter in the Office of the Vice President with great interest from an elderly statesman from Germany. My only hope is that the VP will timely inform his boss, HE, Dr. Ernest B Koroma for approval on same to ensure that the road construction commences immediately.
This brings me to something very IMPORTANT for the attention of the public domain. Dr. Ernest B Koroma is the first product from FBC (since its establishment in 1827) to become President of a country in the world. In other words, President Koroma is the only and first alumnus from FBC in Sierra Leone to become President of the country. So, you see how FBC is fortunate. Nevertheless, FBC’s blessings will only be realized or made visible if such a rare opportunity is translated into action by President Koroma. As explained in Part 1, President Koroma’s “faith of appreciation” of FBC should be NOW and he should therefore not wait anymore longer regarding the road rehabilitation.
Furthermore, the Thompson/Dumbuya/Gbamaja Administration of FBC is doing its utmost as construction works are now on-going to expand the Amphitheatre (the normal venue for conferment of degrees) and another structure is coming up by the side of Kennedy Building to provide additional lecture halls for the college.
In conclusion, these are signs that FBC’s rehabilitation will commence this year (no matter when precisely) as the loan agreement has now been signed by the minister. The truth, however, is that we have waited 5 years for this to happen and if Time Series Analysis (TSA) will continue to remain a very important tool of analysis in Economics and Statistics, then it’s going to be another 5 years for FBC’s rehabilitation to complete. In other words, the project by TSA will end in 2021 (2016 + 5 years = 2021). By which time, so many students would have passed through Fourah Bay “Schollege” (a combination of School and College; where the former refers to students coming for classes and then returning to their homes like in normal schools while the latter refers to students expecting to having hostel facilities which is currently lacking but have faculties, attending lectures, etc). Therefore, the government has the responsibility to prove TSA, otherwise this time around if the “Alternative Hypothesis” could be at most 3 years for the completion of FBC’s rehabilitation. In other words, let all efforts be made to ensure that FBC’s rehabilitation is completed by latest 2019 and this will be in line with my analysis explained in Part 2 earlier.
I can now rest my pen while monitoring the envisaged progress regarding FBCs’ rehabilitation in the months ahead. Posterity will definitely judge all the different stakeholders involved in FBC’s rehabilitation in the not-too-distant future and may God Bless Us All.
By DR. DENIS M SANDY (LECTURER, DEPARTMENT OF ECONOMICS AND COMMERCE, FOURAH BAY COLLEGE – USL;
( e mail [email protected])
Tuesday February 02, 2016
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