“Sierra Leone experiences rapid GDP growth” – World Bank
Port Loko, Sept. 25 (SLENA) – The World Bank Country Manager in Sierra Leone, Atto Brown has said in Port Loko that Sierra Leone is currently experiencing rapid Gross Domestic Product (GDP) Growth as a result of the unprecedented inflow from the mining of iron ore.
He said the GDP growth rate has increased from 60% per annum from 2002 to 2011 to 15.2 % in 2012.
The World Bank Country Manager made these comments during a presentation on Sierra Leone Growth poles programming, a development approach for the Agenda for Prosperity at the on-going Budget Discussion for FY 2014 – 2016 in Port Loko.
However, despite the rapid growth, he said there are still economic challenges that the government is working to correct, pointing out that the Ministry of Finance and Economic Development (MOFED) is currently combating 18.5% inflation in response to high fuel prices and a depreciating Leone.
The report stated that Sierra Leone will need to build a stable economy founded on Private Sector-led growth and diversified across several competitive sectors. The World Bank Country Manager maintained that the Growth Poles Programme will include delivery system to plan, coordinated monitor priorities, deals-orientation for shared infrastructure development, catalytic support to competitive industries through business linkages and social capital development.
He said the growth pole approach has been implemented in numerous countries across the region and is suggested in Sierra Leone as an adequate development tool.
The complexity of such an approach, he said, lies in the prioritization of both geographical areas and industries, as well as the coordination of investments and stakeholders from public and private sectors.
In this report, the Office of the President and key ministries have identified specific industries and geographical opportunities to adopt a growth-poles approach for economic development and diversification and have recommended a possible coordination structure and tangible programme components to move towards implementation.
The Report stated that the growth poles approach can contribute in managing the mining boom and foster economic diversification.
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