By Josephine Sesay
Saturday 30, November 2024 – In his latest audio message, Chief Minister Dr. David Moinina Sengeh provided a comprehensive overview of the impressive strides made in Sierra Leone’s industrial and economic sectors under the leadership of President Julius Maada Bio. Dr. Sengeh shared that over 20 companies and factories have been established in the country from 2018 to 2024, a clear indication of the government’s commitment to fostering economic growth and job creation.
In the message, which marked the 41st update to Sierra Leoneans, Dr. Sengeh outlined the significant strides made in the establishment of key industries, with one of the latest being a steel factory that will soon begin producing iron rods for domestic use. He emphasized that the creation of such companies was part of a broader effort to diversify the country’s economy and reduce reliance on imports.
Economic Transformation and Industrial Growth
Dr. Sengeh pointed to various sectors where new companies have flourished, particularly in food production, manufacturing, and banking. Among the most notable are African Beverages, Sierra Paint, Sierra Leone Flour Mill, Arise IIP, SabCo, Sierra Light, Capitol Food, and several others. He highlighted that more than half of these companies focus on agro-processing and food production, which aligns with the country’s goals of achieving food sufficiency and ensuring affordable local products for Sierra Leoneans.
Notably, Dr. Sengeh credited President Bio’s administration with reversing a key decision advised by the World Bank – the proposed sale of two indigenous banks, the Sierra Leone Commercial Bank and Rokel Commercial Bank. Instead of selling them, President Bio’s government transformed both into profitable institutions, generating substantial returns for the country.
Job Creation and Economic Opportunities
A significant theme in Dr. Sengeh’s message was the creation of jobs. He pointed out that these new factories and companies are providing thousands of employment opportunities, both for skilled and unskilled Sierra Leoneans. He explained that this job creation is having a ripple effect, benefiting families and communities across the country.
“These companies are not just changing the industrial landscape of Sierra Leone, but also creating massive employment opportunities for our people,” Dr. Sengeh said. “It’s about empowering families and communities while contributing to national development.”
Foreign Investment and Government Policies
The Chief Minister also emphasized the role of foreign investment in the country’s economic progress, acknowledging that the establishment of these companies was partly due to the conducive environment created by the government. Dr. Sengeh attributed much of the success to President Bio’s international engagements, where he has actively sought foreign investors for Sierra Leone, ensuring that they are encouraged to set up businesses in the country.
“Many of the investors coming to Sierra Leone have been convinced by President Bio during his overseas trips. His leadership is instrumental in luring these investors,” Dr. Sengeh explained.
He further stated that the government’s focus on creating a secure environment and strong policies is essential for attracting and retaining investment. According to Dr. Sengeh, these efforts are laying the foundation for a competitive market, where locally produced goods will soon be more affordable and accessible to all.
A Vision for a Prosperous Future
Looking ahead, Dr. Sengeh reiterated the importance of sustaining the momentum of Sierra Leone’s growth. He emphasized that with strong leadership, sound policies, and support from the Sierra Leonean people, the nation is poised for continued prosperity. The Chief Minister expressed confidence that under President Bio’s leadership, Sierra Leone will not only continue to attract investment but also become a regional hub for industrial and economic development.
Dr. Sengeh concluded his message by reaffirming the government’s commitment to building a prosperous Sierra Leone and thanked President Bio for his visionary leadership and efforts to transform the country. He called on Sierra Leoneans to continue supporting these efforts, saying, “With good policies, strong security, and a shared vision, nothing will stop Sierra Leone from thriving.”
As Sierra Leone continues to progress under the Bio administration, the country’s industrial landscape is rapidly evolving, offering hope for long-term economic stability and growth.
