By Foday Moriba Conteh
Minister of Trade and Industry, Alpha Sesay, has on October 29, 2024 detailed significant progress made by his Ministry in enhancing the nation’s economic framework despite ongoing global economic pressures. Referring to the Ministry of Trade and Industry as the “heartbeat of the economy,” Minister Alpha Sesay reaffirmed his team’s dedication to realizing President Dr. Julius Maada Bio’s vision outlined in Sierra Leone’s Mid-Term National Development Plan and the Big Five Game Changers initiative. He made these remarks during the weekly Government press briefing at the Miatta Conference Hall, Youyi Building.
During the briefing, the Minister announced the launch of a new website, www.moti.gov.ti, which is currently in its testing phase. The platform aims to provide the public with improved access to updates, resources and news regarding the Ministry’s activities, reflecting a broader objective of enhancing transparency and accessibility.
A key focus of the Ministry, according to Minister Alpha Sesay, is the formalization of the informal sector, which constitutes approximately 90% of businesses in Sierra Leone. He stressed that the absence of formalization perpetuates challenges within the trade sector. By formalizing these businesses, the Ministry aims to enhance tax generation, increase access to finance and expand training opportunities for entrepreneurs. This year alone, over 4,000 small and medium-sized enterprises (SMEs) across various sectors have been registered.
The Minister further revealed that the Ministry has distributed grants to more than 500 SMEs in agriculture, creative arts and tourism, supported by the World Bank’s Sierra Leone Economic Diversification Project and African Development Bank (ADB) funds. He emphasized the Ministry’s commitment to fostering innovation in technology and climate change solutions, both critical global priorities.
Highlighting the pressing issue of financial inclusion, Minister Alpha Sesay pointed out that only 2 million of Sierra Leone’s 8.5 million citizens have bank accounts and just 2% participate in the pension scheme. In response, the Ministry, in collaboration with the International Labour Organization (ILO), has developed a roadmap aimed at promoting financial inclusion and increasing pension coverage. This initiative seeks to alleviate the economic challenges faced by unbanked individuals who manage large amounts of physical cash, which negatively impacts the national economy.
The Minister also discussed advancements in the cooperative movement, noting that over 25 credit unions have been established nationwide. “These cooperatives have collectively saved over SLL20 million and issued approximately SLL22 million in credit to their members, fostering a supportive financial environment for small business growth,” he stated. Partnerships with various agencies, including the Irish Embassy and the Irish Government, further support this cooperative expansion.
In an effort to modernize policies, Minister Alpha Sesay reported that the Ministry is reviewing the Small and Medium Enterprise Development Agency (SMEDA) Act, focusing on business definitions, financial access and the inclusion of gender and youth. Nationwide consultations have been conducted and a draft of the revised policy will be shared for public feedback soon.
On supporting women entrepreneurs, the Minister announced that under the Munafa Fund, the Ministry has disbursed over SLL22 million to assist more than 10,000 beneficiaries, with women comprising 80% of the recipients. These loans provide essential financial support to small businesses, particularly women-led enterprises, thus promoting gender inclusivity in the entrepreneurial landscape.
He highlighted Sierra Leone’s commitment to regional integration, noting the ratification of the World Trade Organization (WTO) fisheries subsidy agreement, which opens up new international opportunities for the fisheries sector. This agreement aims to enhance transparency, accountability and compliance within the global trading system. Additionally, Sierra Leone is actively reviewing its trade policy in collaboration with the WTO to align with global standards.
The Minister reported the establishment of new bilateral trade agreements with countries such as Turkey, South Korea, Saudi Arabia and the United Arab Emirates, affirming that these partnerships are part of the Ministry’s efforts to boost international trade, enhance cooperation and create new market opportunities for Sierra Leonean products.
In closing, the Trade Minister assured that his Ministry will continue working to strengthen Sierra Leone’s trade sector and address economic challenges. With ongoing initiatives at both local and international levels, he expressed confidence in the Ministry’s potential to significantly contribute to national growth and stability.
