By Chernor Alimamy Kamara
The Ministry of Trade and Industry during this year’s Bilateral Budget discussions at the Ministry of Finance main conference hall on the 26th August, 2024 promised to take its export promotion drive to new emerging markets around the world.
Whilst presenting the ministry’s strategy for effective and efficient revenue mobilization to support Government fiscal space in collaboration with its agencies for the Financial Year (FY) 2025, the Deputy Director of Policy, Planning and Research, Kossy Max Sesay noted that they aim to collaborate with the Bank of Sierra Leone to enforce export repatriation regime. He also said that the ministry wants to increase and improve monitoring of trade space and routes and coordinate with domestic tax institutions at the National Revenue Authority (NRA).
Giving analysis of revenue generated for FY 2023, he stated that agencies of the ministry collected a total sum of NLE 1.299 billion, ranging from the Integrated Trade Services (ITS) which collected NLE 57.520 million, Produce Monitoring Board (PMB) NLE 20.459 million, Petroleum Regulatory Agency (PRA) NLE 1.214 billion, Sierra Leone Standards Bureau (SLSB0 NLE 4.157 million and the Sierra Leone Produce Marketing Company (SLPMC) NLE 3.121 million.
For the first half of FY 2024, he said the agencies collected total revenue of NLE 1.036 billion.
Explaining the ministry’s deliverables for FY 2025, he stated that they want to improve trade infrastructure and business regulatory environment, formalize the informal sector, reposition Sierra Leone for the African Continental Free Trade Agreement, and enhance the promotion of strong and light manufacturing industries. He added that the ministry also seeks to boost private sector development, provide support to Small and Medium Enterprises (SMEs), improve national quality infrastructure, and construct three markets and two regional offices.
Highlighting some of the ministry’s accomplishments for the first half of 2024, the Deputy Director of Policy, Planning, and Research said that they have launched and popularized the Special Economic Zone policy, National Industrial Policy, Cooperatives policy, Agribusiness policy, and National Trade Strategy. He also said that they have established and operationalized the national notification authority, established a Trade facilitation committee, and conducted a joint assessment with the Ministry of Agriculture. He added that the ministry has secured funds for the rollout of the Consumer Protection Commission, saying they have already appointed a Board Chair, and secured and refurbished an office space.
He however highlighted challenges faced by the ministry in FY 2024 like inadequate office equipment and personnel for the office of the minister, deputy Senior Permanent Secretary, to name but a few.
Updating on FY 2023, Sesay stated that the ministry coordinated the implementation of the National Micro-Finance Scheme (Munafa Fund), coordinated business support programme activities and strategic trade facilitation engagement, operationalized the National Notification Authority (NTO), and implemented recommendations of the ministry’s change management retreat including capacity building.
Concluding the presentation, the ministry submitted a total Budget of NLE 140.796 (one hundred and forty million, seven hundred and ninety-six thousand New Leones) for FY 2025.
The Ministry of Trade and Industry contributes to economic development through policy formulation, private sector development, dialogue facilitation, as well as industrial and public education.
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