Investors Are Welcome …President Bio


The achievement of all the manifesto proclamations of the ruling Sierra Leone People’s Party (SLPP) depends largely on how much resources it has at its disposal for meeting the basic needs of the people who it governs. In which regard, His Excellency Rtd. Brig. Julius Maada Bio, who is a very honest leader, knows the exact status of the economy that his government inherited from the former Koroma administration.

Repeatedly, supported by evidence, he has told the national and the world at large that he inherited a broke economy that has a heavy debt burden to both local and international creditors. At the same time, the President acceded to office at a time when the iron ore industry which the country mainly depended on to earn vital foreign exchange for importing goods had closed. Also, because of disagreement with the former government in November 2017, the International Monetary Fund (IMF) on which the country leaned after the Ebola outbreak had decimated the economy followed by the collapse of the iron ore industry for vital budgetary support withdrew its life line.

Even though since he came into power on 4th April, 2018, President Bio has put in place stringent corrective measures to maximize revenue intake as well as to plug leakages in the economy where the country was bleeding money, the fact remains that Sierra Leone on her own, given the fact that we do not have surplus money, cannot achieve her crucial socioeconomic development needs without outside financial support.

That is why on his recent visit to the People’s Republic of China, President Bio unashamedly told the Chinese Government and the business community that Sierra Leone welcomes investors to help him deliver on the manifesto promises that he has made to the people. In welcoming investors into the country, the President is interested in credible investors whose businesses and industries will strongly impact on job creation, economic growth and poverty alleviation with a focus on industrialization, agriculture modernization, innovation and technology, investment and human development.

Sierra Leone in terms of investment is still a virgin land. Outlining the attractions the country has for investors, President Bio whose government has an open door policy towards the rest of the world named infrastructure, agriculture, fishery and tourism as key components in the ‘New Direction’ government’s ambition to diversify the economy. In which regard, the Chairman of National Commission for Privatization (NCP), Napoleon Koroma has said the Government is willing and ready to go into Public-Private Partnership with investors as the country seeks to privatize loss-making state industries that have the potential to make profit with the right capital injection and managerial competence.

In a nutshell, Sierra Leone offers opportunities for investors in the oil and gas sector, trade and export financing, agriculture, forestry, marine resources, education, health, housing, transport infrastructure, energy, water, telecommunications, among others. In seeking to attract investments for development purposes, the Bio administration assures investors that his government guarantees are safe legal and security atmosphere for them and their investments.