By Foday Moriba Conteh
In a pivotal Press Conference held on Wednesday 29th November, 2023 at the SLeCAD’s office on Bathurst Street in Freetown, the Executive Secretary of the Sierra Leone Chamber for Agribusiness Development (SLeCAD), Ahmed Nanoh, presented crucial findings on the demand and supply side of access to finance in Sierra Leone.
The assessment, conducted for the International Labour Organization Opportunity Salone Project, funded by the European Union and managed by the International Labour Organization, aimed to shed light on the challenges faced by agribusinesses in accessing financial services.
Addressing pressmen on the key findings, Ahmed Nanoh said only 9% of agribusiness Small and Medium Enterprises (SMEs) and companies confirmed access to finance and among those who received loans, many experienced high-interest rates (28-30%), short-term loans, no grace period and high transaction costs.
He added that only 15% of agribusiness SMEs, cooperatives, and farmers have accounts with banks while 85% access loans through Village Savings and Loan Associations (VSLA).
Ahmed Nanoh pointed out that 95% stated that high-interest rates negatively impact business growth and that 95% reported a lack of communication from Financial Services Providers (FSPs) regarding Cost of Transaction (CoTs) deductions.
He said that 92% complained about bureaucratic delays, especially for large amounts with 75% reporting difficulty obtaining Letter of Credit (LCs) with a short maturity period (30 days), stating that 95% found Advanced Payment Guarantees (APG) complicated, with 40% of funds released from a grant or payment for project activities.
The SLeCAD boss stated that as part of the findings various concerns were raised about commission fees, bureaucracy in fund transfers, high visa charges, expensive cheque books, and the impact of high Government lending for local banks and that 98% of agribusinesses, cooperatives, and farmers indicated a lack of insurance.
Ahmed Nanoh revealed that the negative consequences include: Dwindling Government tax base, Impact on GDP, Expansion of the informal sector, Retardation of investment, Poor entrepreneurship, Increased unemployment, Increased Government borrowing and debt, High inflation, Lack of trust in the banking system, Increased hoarding and too much money in circulation among others.
According to him, in order to address the issue of Access to Finance in Sierra Leone’s Agribusiness Sector, the Sierra Leone Chamber for Agribusiness Development (SLeCAD) is recommending the reduction of interest rates to support Government programs, reducing money in circulation and standardizing currency denominations, cutting down on Government spending and focusing priority projects, instituting/promoting a cashless economy to reduce corruption, reducing and harmonizing taxation to increase investment flows.
He went forward to state how they further recommend for the establishment of an entrepreneurship or investment bank with single-digit interest rates as well as for the promotion of Village Savings and Loan Associations (VSLA) for rural economies.
The Executive Secretary said there should also be improved supervision to reduce hoarding and boost private sector confidence and finally to increase engagements with the private sector in order to enhance the economy.
He ended up emphasizing that SLeCAD’s recommendations are strategically designed to address the challenges uncovered in the findings geared towards fostering an environment that is conducive for the robust growth of Sierra Leone’s vital agribusiness sector.


Constructive Journalism: Shifting the Spotlight to Solutions
A Commentary By Amin Kef (Ranger)
In today’s fast-paced world, it’s easy to get overwhelmed by the constant stream of negative news. From political scandals to environmental crises, it often feels like problems are piling up with no end in sight. However, a growing movement in journalism is challenging this narrative by focusing on solutions rather than just highlighting problems. Welcome to the world of constructive journalism.
Constructive journalism, also known as Solutions Journalism, is a refreshing approach to reporting that aims to provide a more balanced and comprehensive view of the world. Instead of solely focusing on the negative, this approach uncovers innovative ideas, successful approaches and positive stories that inspire change.
Gone are the days of doom and gloom. Constructive journalism seeks to counterbalance the overwhelming negativity by highlighting stories of hope, resilience and progress. It goes beyond simply reporting on problems; it delves deeper into exploring potential solutions and showcasing the individuals or communities making a positive impact.
One of the key principles of constructive journalism is rigorous reporting. Just like traditional journalism, it relies on thorough research, fact-checking, and verification of information. It does not shy away from uncovering and exposing problems or holding those in power accountable. However, it goes the extra mile by presenting insights into what has worked in similar situations and what can be learned from successful approaches.
By focusing on solutions, constructive journalism provides a more nuanced and comprehensive understanding of complex issues. It seeks to answer questions such as: What are the underlying causes of a problem? What has worked in similar situations? By presenting these insights, constructive journalism equips readers with knowledge and tools to think critically and engage in meaningful discussions.
Moreover, constructive journalism emphasizes the human aspect of storytelling. It often features personal stories of individuals or communities who have overcome challenges or made a positive impact. By humanizing the issues, it fosters empathy and connection, making it easier for readers to relate and engage with the stories.
Transparency and accountability are also crucial elements of constructive journalism. It encourages journalists to follow up on the progress of solutions and their long-term impact. By providing updates and evaluating the effectiveness of different approaches, constructive journalism ensures that the public has a more accurate understanding of the issues and the efforts being made to address them.
Constructive journalism offers a refreshing and empowering alternative to traditional news reporting. It seeks to inform, inspire and engage readers by presenting not just problems, but also potential solutions. By focusing on the positive aspects of society, it aims to create a more balanced and constructive narrative that encourages action and promotes positive change.
So, the next time you feel overwhelmed by the barrage of negative news, remember that there is another side to the story. Constructive journalism is here to shift the spotlight to solutions, reminding us that change is possible and that we all have a role to play in creating a better world.