Sierra Leone, a nation turned into investors’ backyard

Sierra Leone remains at a transformational vintage, thanks to our readiness for this as a people. From once a country in an era of war, political instability, a corruption-ridden nation to one that did not only drive towards change some five years ago, as was clearly defined in the ‘change agenda’ of President Ernest Bai Koroma, but, also one that has gone trillions of miles off in chasing prosperity for her people. From a nation that had less or no desire to give women leadership positions in governance, to one that has not only encouraged more women in governance, but one that has given them the zest of always asking for more. And thanks too to the political will for this.

The country continues to encourage trustworthy investors to feel safe and confident and invest their resources in a range of areas. From China, as in the case of Hainan Rubber Plantation and China Kingho Energy Group, et el companies, we continue to receive billions of dollars in investment. Today, because of President Koroma’s astuteness, a group like China Kingho Energy Group will not hesitate to invest billions of dollars in Sierra Leone in the construction of supporting power facilities, aimed at maintaining long term sustainable growth by securing a stable power supply for industrial use; the construction of a transport and logistics facilities; a 250 km railway construction starting from Magburaka in the north to Sulima in the south, with an estimated US $1.74 billion. Railway transport plays an important role in facilitating trade, ensuring growth in the tourism sector as well as promoting agriculture and industries across the country.

Because we are today a country that protects trustworthy investors, a group like China Gezhouba Group Corporation should be working on plans to see how they start operations in Sierra Leone and this came immediately after President Koroma’s visit to China. With the internationally renowned brand of Gezhouba, GGGC’s business covers 31 provinces, municipalities and autonomous regions in China and reaches out to over 56 countries/regions in Asia, the Middle East, Africa and America. Having worked on the world well-known Three Gorges Dams and the Gezhouba Water Conservancy project, CGGC is currently carrying out the construction of the Neelum-Jhelum Hydro-power Station in Pakistan with a contract sum of 12 billion RMB yuan. This, by far, is the largest hydro-power station project undertaken by a Chinese company aboard.

In essence, the country, under the leadership of President Ernest Bai Koroma keeps doing its best in attracting more foreign and domestic investments.

President Ernest Bai Koroma

The country is an enviable business destination. Providing the environment for people to investment has been paramount for the country, especially given her rush to reach to reach an apex of development. Legislations have been legislated to give people the courage and confidence when it comes to foreign direct investment. There exists, an Investment and Export Promotion Agency, known as the Sierra Leone Investment and Export Promotion Agency-SLIEPA, which continues to be a major player in terms of creating the platform for direct foreign and domestic investment in the country. SLIEPA has a responsibility of promotion, co-ordination and generating foreign and domestic investment. It falls under the direct supervision of Sierra Leone’s Trade and Industry Ministry. There is an Investment Promotion Act of. It was enacted primarily to promote and attract private investment both domestic and foreign for the development of production and value adding activities. It also serves to improve exports and provide employment opportunities.

The law provides for a number of investment incentives like capacity building support; foreign exchange remittance; remittance of profit; guarantee of capital repatriation and of loan remittance and guarantee against expropriation. It further provides for incentive policies in a bid to improve on the capacity of Sierra Leonean business enterprises to be able to compete effectively both at the local and international levels. For instance; government will provide to such business enterprises a number of capacity building and special support programmes like business training; micro-finance; pre-qualification programmes for access to credit. There also is the aspect of incentive policy for expatriate personnel in the country; expatriates shall be permitted to make remittances abroad subject to such withholding tax obligations as contained in the country’s tax laws; another is that, remittance of profits, after taxes, earned by a foreign investor from a business enterprise is guaranteed as constituting current international transactions in respect of which payments transferred abroad shall be allowed without restriction.

Areas of investment abound. From tourism; mining to agriculture, there remains several areas where investors would be interested in. For instance, in the area of tourism, the country has huge untapped potentials in eco-tourism mountains/hills, islands, wildlife parks and sanctuaries as well as pristine beaches and interesting wildlife.

Fisheries could be a great area of investment as well. This is a sector that plays a major role in contributing to the country’s Gross Domestic Product. (10% of GDP) as well as addressing unemployment. Statistics indicate that the fishery sector provides employment for an estimated 100,000 persons directly and for about 500, 000 persons indirectly. This is about 10% of the country’s population. In coastal areas, about 25% of the male population of working age is reported to be involved in part-time or full time fishing. But these positive trends also have challenges. Illegal fishing is one of such. The use of destructive fishing gears and practices (such as inshore shrimp trawling, beach seines and drift nets with small mesh sizes) remains a challenge. Transshipment of a majority of the fish caught by industrial vessels at sea for export, with no local value added or export benefits is also area of concern. And primarily, this could not be unconnected to availability of enough infrastructures. Millions of dollars is what the country is losing yearly on illegal fishing. The New Partnership for African Development- NEPAD has been involved in supporting the country address a number of challenges in a number of areas like Trade, Quality Control, Governance, Aquaculture, Monitoring, Control and Surveillance. This also should take into account a sub regional project, supported by World Bank that aims at strengthening the country’s capacity to manage its fisheries well.

But peace and stability often come to play when investment opportunities are discussed. With that, what is apparent is that Sierra Leone enjoys total peace, security and stability. Running the country through an ‘Agenda for Prosperity’, President Koroma has provided the overall leadership such that we are not just at peace but also enjoying political stability, with few democratic elections held in the last decade and smooth transfer of power from one government to the other. We are also today contributing to regional peace and stability by contributing troops to nations in conflict. We have taken the fight against corruption with all the seriousness it deserves. Investors should surely feel good to check Sierra Leone and see what the country has got to offer them.

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