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The Ministry of Trade and Industry, in collaboration with the Small and Medium Enterprises Development Agency (SMEDA), held national consultation to review the Small Medium Enterprises Policy of 2014, the SMEDA Act of 2016, and the development of new SMEDA regulations.
The event was held on Monday 7th October 2024, at the Family Kingdom in Aberdeen, Freetown, supported by the Sierra Leone Economic Diversification Project
(SLEDP).
The objective of the consultation was to gather insights from various SME groups and sectors, identify gaps and challenges, and highlight areas for improvement. Participants also pinpoint priority areas for SME policy and regulation while building consensus around the identified issues.
Minister of Trade Industry Ibrahim Alpha Sesay, while delivering his keynote address, emphasized the crucial role of SMEs as the backbone of Sierra Leone’s economy.
According to him, SMEs are vital for driving economic growth, creating jobs, and reducing poverty. “SMEs contribute significantly to our GDP and provide essential goods, services, and employment opportunities, especially for youth and women,” he said.
Sesay further highlighted that SMEs support the livelihoods of approximately 70% of the population and represent over 90% of the domestic private sector. He also recalled the establishment of SMEDA in 2016 through an Act of Parliament, which aimed to coordinate development programs for SMEs across all stakeholders and serve as a central reference point for research and data dissemination.
Albert Ojo Collier, Chairman of the Board of Directors of SMEDA, shared insights from the agency’s seven years of operation. He noted that while the agency has made significant progress, there are important lessons to be learned from the implementation of its programs, particularly the MUNAFA scheme. Collier emphasized the need to revise some provisions of the 2014 policy and the 2016 Act to better align them with existing regulations governing the private sector.
Joseph B. Michael, Senior PSD Advisor, underscored the essential role of the SME sector in fostering economic diversification and inclusive growth. He highlighted the importance of evolving the frameworks that guide this sector to meet new challenges and seize emerging opportunities. “This review reflects a proactive approach by the Government of Sierra Leone to enhance the enabling environment for SMEs, improve access to finance, strengthen capacity, and encourage innovation,” he stated.
Michael concluded by expressing appreciation for the Ministry of Trade and Industry’s leadership in the review process and its commitment to engaging stakeholders in refining policies that will shape the future of the SME sector.
“We remain committed to supporting entrepreneurship as a driver of sustainable development and economic resilience in Sierra Leone,” he affirmed.
