STABILITY AND GOOD GOVERNANCE BOOST INVESTOR CONFIDENCE
Considerable progress has been made since Sierra Leone ended a decade of civil war. Now, major opportunities are available for U.S. firms as the country rebuilds.

Sierra Leone is rebuilding a peaceful and stable environment in which all citizens can benefit from its substantial resources

The challenge of reconstructing a country shattered by a protracted civil war is a daunting one, but the advances made by President Ahmad Tejan Kabbah and the government of Sierra Leone have been remarkable.
The achievements of the last two years include the completion of the disarmament and demobilization of ex-combatants, the restoration of government authority across the country, the resettlement of internally displaced persons and refugees, and the revival of economic growth.

The assistance of the international community has been crucial to the restoration of peace and security. The task now is to heal the wounds of war, rehabilitate and extend the infrastructure, and set the country on the path of economic development.

Sierra Leone has huge potential as a profitable destination for investment in agriculture, fisheries, telecommunications, tourism, and, most notably, mining; the country is endowed with renowned resources of diamonds, gold, bauxite, and the titanium ore, rutile.

The ongoing return of companies such as Sierra Rutile Limited (SRL), formerly the largest private sector employer and one of the government’s most important sources of revenue, should serve to further increase investor confidence in Sierra Leone’s future.

AHMAD TEJAN KABBAH President of Sierra Leone

Confidence in political stability was boosted last year when President Kabbah was re-elected for a second five-year term, winning 70% of the vote in the UN-assisted general election. His Sierra Leone People’s Party (SLPP) secured 83 of the 112 contested parliamentary seats.

The government boasts a successful record of economic performance over the past two years, characterized by strict fiscal and monetary discipline, growth rates of 7%, exceptionally low inflation, a relatively stable exchange rate, and a commitment to structural reform. Anti-corruption measures instituted by President Kabbah have won international praise.

The government is committed to liberalization in most sectors of the economy through privatization, and a new investment code is aimed at creating an investment-friendly environment. "It is our responsibility to ensure that investors in our country have a real return on investment and plan to stay here for the long term," says the President.

Decentralization and social inclusion are regarded as guarantors of a sustainable peace. “It makes a lot of sense to enhance local participation, so that the people understand what is going on at a national level,” President Kabbah declares. “We want them to feel part of the whole development process.”

Help from United States continues
The United States, which has pumped millions of dollars into the country in food and humanitarian aid, training, rehabilitation, and assistance in the diamond sector, has declared its intention to remain fully engaged in Sierra Leone and to contribute to the country's economic and social development over the coming years.

In addition to trade agreements with the European Union, Sierra Leone is fully eligible to receive benefits under the African Growth and Opportunity Act (AGOA), which provides duty-free access to U.S. markets for African countries that meet its criteria.

Minister of Information and Broadcasting Septimus M. Kaikai says, “Thanks to the recent AGOA agreement, products from Sierra Leone will now find access to the United States, which is a very significant step forward for our economy. We have a high potential for exports of food products.”

According to Professor Kaikai, the government hopes to enhance the relationship and is pleased with the growing role the United States is playing in the West African region.

CHRIS JASABE Managing Director of SLEDIC

Chris Jasabe, Managing Director of the Sierra Leone Export Development & Investment Corporation (SLEDIC), says the challenge is to produce the type and quality of goods required both for U.S. and European markets.
“What we have done is to diversify, move away from the traditional product lines to develop new products that will be attractive to U.S. consumers. We are particularly focusing on the textile sector. We have opportunities to produce garments in this country, and we are very good in the production of dye materials.”

Mr. Jasabe points out that as a destination for investment Sierra Leone has an abundance of skilled manpower and benefits from outstanding natural resources, including a huge area of arable land and easy access to water.
Membership of the Economic Community of West African States (ECOWAS) gives companies based in Sierra Leone access to a huge market. “Those who invest in our country have direct access to 15 other countries in the region,” says President Kabbah. “Sierra Leone has a population of just over five million, but Nigeria represents a market of 120 million.”