Sierra Leone’s Trade Minister, Alpha Sesay, revealed that only two million out of the country’s eight million people have bank accounts, highlighting the low financial inclusion that is hurting the economy, particularly the informal sector.
The Ministry of Trade is developing a strategy to formalize the informal sector, aiming to improve access to finance for small and medium enterprises (SMEs).
The minister also noted that just 2% of the population is enrolled in a pension scheme, with his ministry working with the International Labour Organization (ILO) to expand pension coverage and promote financial inclusion.
Minister Sesay emphasized that 90% of businesses in Sierra Leone are unregistered, which hinders tax generation and business growth. Over 4,000 SMEs have been registered, and the Ministry has distributed grants to about 500 SMEs in sectors like agriculture, creative arts, and tourism through the World Bank and African Development Bank.
The Ministry is also revising the Small and Medium Enterprise Development Agency (SMEDA) Act of 2016 to address financial access, gender, and youth inclusion.
In addition, Minister Sesay pointed to the success of cooperatives, which have collectively saved SLL20 million and issued SLL22 million in credit to members. Partnerships with organizations like the Irish Embassy and Irish Government have further supported this growth.
On the international front, Sierra Leone ratified the WTO Fisheries Subsidy Agreement to open new markets for its fisheries sector.
New trade agreements with countries like Turkey, South Korea, Saudi Arabia, and the UAE aim to boost international trade.
Minister Sesay reaffirmed the Ministry’s commitment to strengthening Sierra Leone’s trade sector and addressing the country’s economic challenges.
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