By Abass Jalloh
President Julius Maada Bio is taking over the chairmanship of a board that looks at complaints of investors, as part of a move by the government to assure investors of fair play in business dealings.
The National Investment Board (NIB) is an entity comprising the three key business regulatory agencies in the country: Sierra Leone Investment and Export Promotion Agency (SLIEPA), Corporate Affairs Commission (CAC) and the Public Private Partnership (PPP).
NIB was established on the 19th June, 2019 to attract, coordinate and regulate investment in the economy of the country, as well as to improve on the investment trajectory from other countries. The board was designed to serve as the highest decision-making body on policy, regulatory reforms and strategic development on investment in the country.
But officials say since the establishment of NIB, it has not been effective and one of the actions taken to change this situation is to move the chairmanship to the presidency, to be assisted by the vice presidency.
Delivering his key note address at a three-day regional stakeholders’ consultative meeting on the board, the Executive Director of NIB, Professor Marda Mustapha, said the move for the president to take over the chairmanship was deliberate.
“It was a deliberate action. The President wants to take the bull by the horn. He wants to be really involved in making and helping to improve the ease of doing business. Therefore, when you have a problem and it comes to the NIB, the president would know about it first-hand because he is the chair of the board,” Mr Mustapha said during the opening session at the Golden Tulip Hotel in Aberdeen, Freetown.
He added that business owners should lead the way and that the goal of creating the NIB is to provide an enabling environment for investment or to ensure private sector participation in national investment issues.
“The idea is to provide investors with an integrated modern investment promotional facilitation service through networking, collaboration, and coordination of government ministries, departments and agencies,” he said, adding that this could only be achieved through an outstanding and well-coordinated structure that will coordinate and promote investment activities in the country.
SLIEPA, which is the country’s official agency to assist investors and exporters, will be working with the NIB to transform them into informed and experienced professionals who guide companies through business in Sierra Leone.
The Chief Executive Officer of SLIEPA, Sheku Lexmond Koroma, said that they are in full support of the initiative because it is in the interest of the people as it makes them better in terms of doing business.
“It is a one structure; the decision comes from there and takes it to us and then we act upon it. It will not be business as usual, when your time is wasted and then it costs you money, that will not happen anymore,” he stressed.
The CAC is there to work with the NIB in terms of supervising, incorporation and registration of all public or private business companies limited by guarantees, shares and unlimited. They are also responsible for the transfer of shares for verifications and approval.
The PPP, according to officials, is a tool for economic development that allows large scale government projects such as roads, bridges, or hospitals to be completed with private funding. With the NIB coordinating, the PPP methodology will be providing finance and expertise for critical projects.
The Director of Operations of the PPP, Abu Kamara, said in the meeting that the government is not an employer or a business person but policy maker, noting that the formation of the PPP is extremely important because it protects private partners and investors.
“We are going to definitely bring all these units under the coordination and supervision of the NIB to ensure that we work efficiently and we get deliveries in a tag manner to help out growth in the country,” he said.
Copyright © 2020 Politico Online
