The Minister of Trade and Industry, Alpha Ibrahim Sesay, announced that Sierra Leone will begin the production of iron rods by December 2024, marking a significant step towards local manufacturing.

During a press conference held at the Ministry of Information and Civic Education in Freetown on October 29, 2024, Minister Sesay emphasized that the introduction of “Made in Sierra Leone” iron rods will not only lower prices but also enhance availability for construction projects across the country.

Highlighting the importance of this initiative, Sesay stated that local production will contribute to a more robust construction sector by reducing dependency on imported materials.

He expressed optimism that this development would lead to better access to quality building materials for both commercial and residential construction.

Related News

In an effort to improve communication and accessibility to information, the Minister revealed that the Ministry has launched a new website, www.moti.gov.sl, which is currently in testing phases. He assured the public that comprehensive information regarding the ministry’s operations will soon be available on the site.

Minister Sesay also discussed the significance of the informal sector in Sierra Leone’s economy, noting that approximately 90% of businesses operate outside formal registration. He stressed the necessity of formalizing these businesses to enhance financial inclusion, revealing that only about two million out of the country’s 8.5 million residents currently have bank accounts. “It is crucial for everyone engaged in business to obtain a registration number, which will facilitate greater access to resources and opportunities,” he stated.

The Minister announced that over 4,000 small and medium-sized enterprises (SMEs) have been registered across various sectors, with more than 500 receiving grants through the World Bank-supported Sierra Leone Economic Diversification Project. He encouraged entrepreneurs to focus on innovation, particularly in areas related to technology and climate change.

Furthermore, Minister Sesay highlighted the ministry’s success in generating over one billion New Leones in revenue for the government from various agencies, including the Sierra Leone Produce Marketing Board and the Petroleum Regulatory Agency.

He discussed efforts to enhance fuel storage capacity and reform the pricing formula in the petroleum sector to prevent arbitrary price increases. “All components of fuel costs have been identified, and any proposed price hikes will require government approval,” he explained.

Despite these advancements, Minister Sesay acknowledged the challenges posed by global conflicts, particularly the ongoing issues in Ukraine and the Middle East, which have led to a 40% increase in freighting costs.

He also mentioned the political tensions experienced in Sierra Leone during August and November of the previous year, which have made it challenging to attract new investments into the country.

The Minister’s remarks reflect a commitment to fostering a conducive environment for business growth and economic development, aiming to build a resilient economy through local production and formalized business practices.