By Sulaiman Jalloh
Sierra Leone’s Minister of Trade and Industry Alpha Sesay has disclosed that only 2million Sierra Leoneans have bank accounts, out of the country’s eight million (8million) population. He said that such is not good for a country like Sierra Leone, noting his ministry is developing a strategy that will advance the informal sector, adding that if implemented, the strategy will improve access to finance especially to small and medium enterprise owners. This number only represent just 2% of the population participating in the pension scheme.
He informed media practitioners that his ministry in collaboration with the International Labour Organization (ILO), has created a roadmap to promote financial inclusion and increase pension coverage. This initiative, he said is to mitigate the economic impact of unbanked individuals managing large sums of physical cash, a practice he said adversely affects the national economy.
According to the Minister, about ninety percent (90%) of businesses in Sierra Leone remain unregistered, noting that without formalization of the informal sector, challenges will still persist within the trade industry and that by formalizing these businesses, the ministry aims to improving tax generation, increase access to finance, and expand training opportunities for entrepreneurs. He noted as part of improving the informal sector initiative, they have registered over 4,000 small and medium-sized enterprises (SMEs) across the country.
Minister Sesay revealed that, his ministry has distributed grants to about 500 SMEs in agriculture, creative arts, and tourism through the World Bank-supported Sierra Leone Economic Diversification Project and African Development Bank (ADB) funds while emphasizing the ministry’s commitment to fostering innovation in technology and climate change solutions, areas of critical global importance. “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” the minister disclosed, adding that partnerships with various agencies, including the Irish Embassy and the Irish Government, are further supporting this cooperative expansion.
He rsaid that the ministry of trade and industry is revising the Small and Medium Enterprise Development Agency (SMEDA) Act of 2016, focusing on issues related to business definitions, financial access, gender, and youth inclusion, saying nationwide consultations has been held, and a draft copy of the revised policy will be made public for citizens contribution.
Minister Sesay emphasized that Sierra Leone’s growing commitment to regional integration, highlighting the ratification of the World Trade Organization (WTO) fisheries subsidy agreement. This agreement he said opens up new international opportunities for Sierra Leone’s fisheries sector, enabling greater transparency, accountability, and compliance within the global trading system. Additionally, Sierra Leone is now actively reviewing its trade policy in collaboration with the WTO to align with global standards.
He stated that Sierra Leone has also established new bilateral trade agreements with countries including 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 while assuring that his ministry would continue working to strengthen Sierra Leone’s trade sector and address economic challenges.
