With an unwavering determination to achieve their objectives for Fiscal Year 2024 and foster regional trade opportunities, Sierra Leone’s Ministry of Trade and Industry (MTI) has revealed an ambitious roadmap to resurrect the Koindu International market.

During their presentation at the 2024 budget allocation at the Ministry of Finance on October 17, 2023, MTI Deputy Director of Policy, Planning, and Research, Kossy Max Sesay, outlined a comprehensive strategy for the upcoming fiscal year.

The strategy encompasses significant upgrades to infrastructure, improvements in the business regulatory environment, and the establishment of at least two Special Economic and Export Processing Zones, all geared towards boosting the manufacturing and industrial sectors. Additionally, essential reforms in the commodities market are planned to reduce the cost of imported products.

Furthermore, the ministry is set to host an international business roundtable and offer support to Agri-businesses and Small and Medium-sized Enterprises (SMEs) to invigorate economic growth.

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Deputy Director Sesay stressed that their strategy for revenue mobilization in 2024 involves close collaboration with other agencies to enhance export promotion, improve localities, and upgrade transportation routes. Effective coordination with domestic tax institutions, including the National Revenue Authority (NRA), is integral to these endeavors.

Highlighting their achievements in Fiscal Year 2023, Sesay pointed out that MTI successfully introduced several pivotal policies, including the Special Economic Zone Policy, National Industrial Policy, Corporate Policy, Agribusiness Policy, and National Trade Strategy, all of which received parliamentary approval. The ministry’s National microfinance “Munanio fund” has already assisted 10,032 beneficiaries, with the recruitment of 12 financial service providers.

Furthermore, MTI has played a vital role in the development of women-owned SMEs, having provided training to 4,000 such enterprises in various business development services. They have also selected a second cohort of 60 SMEs in Agro-processing across the country.

Director Sesay proudly revealed that in 2023, MTI generated an impressive NLE 1,225,915,000 (one million, two hundred and twenty-five thousand, nine hundred and fifteen thousand New Leones) in the first half of the year from Integrated Trade Services, Sierra Leone Standards Bureau, Produce Monitoring Board, Petroleum Regulatory Agency, and Sierra Leone Produce Marketing Company.

The presentation culminated with the submission of a budget estimate of NLE 11,884,000 (eleven million, eight hundred and eighty-four thousand New Leones) to fund key deliverables for Fiscal Year 2024.

The Ministry of Trade and Industry remains steadfast in its mission to develop policies and programs aimed at stimulating local and export trade, fostering private sector growth, and propelling industrial development, thereby contributing to Sierra Leone’s economic advancement.