RESTRICTED  
  
WT/TPR/G/303/Rev.1  
10 January 2017  
(17-0152) Page: 1/26 
Trade Policy Review Body  Original: English  
 
TRADE POLICY REVIEW  
REPORT BY  
SIERRA LEONE 
Revision  
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the 
Marrakesh Agreement Establishing the World Trade Organization), the policy statement by 
Sierra  Leone  is attached.  
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the 
first session of the meeting of the Trade Policy Review Body on Sierra Leone . WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  CONTENTS  
 
1   INTRODUCTION  ................................ ................................ ................................ ..........  4 
1.1   Overview of Macroeconomic Performance  ................................ ................................ ....... 4 
1.2   Real Sector  ................................ ................................ ................................ .................  5 
1.3   External Sector  ................................ ................................ ................................ ...........  6 
1.4   Government Sector  ................................ ................................ ................................ ...... 6 
1.5   Monetary Sector  ................................ ................................ ................................ ..........  7 
2   SECTORAL POLICY ANAL YSIS  ................................ ................................ ......................  8 
2.1   Agriculture  ................................ ................................ ................................ ..................  8 
2.2   Fisheries  ................................ ................................ ................................ .....................  9 
2.3   Tourism  ................................ ................................ ................................ ......................  9 
2.4   Manufacturing  ................................ ................................ ................................ ............ 11 
2.5   Mining  ................................ ................................ ................................ ....................... 11 
3   TRADE ENVIRONMENT  ................................ ................................ ...............................  14 
3.1   Current Trade Position  ................................ ................................ ................................ 14 
3.1.1    Exports ................................ ................................ ................................ ................... 14 
3.1.2    Imports  ................................ ................................ ................................ .................. 15 
3.2   Trade Policy  ................................ ................................ ................................ ............... 15 
3.3   Legislative Reforms ................................ ................................ ................................ .....16 
4   PRIVATE SECTOR DEVEL OPMENT  ................................ ................................ ..............  17 
4.1   Investments  ................................ ................................ ................................ .............. 18 
4.2   Information Comm unication Technology Policy of Sierra Leone  ................................ ......... 20 
5   SIERRA LEONE INTERNA TIONAL TRADE RELATIO NS ................................ .................  22 
5.1   Relations with the WTO  ................................ ................................ ............................... 22 
5.2   Relations with the African Union  ................................ ................................ ................... 22 
5.3   Relation with ECOWAS  ................................ ................................ ................................ 22 
5.4   Mano River Union  ................................ ................................ ................................ .......23 
5.5   Preferential Trade Arrangements  ................................ ................................ .................. 23 
5.6   Bilateral Agreements  ................................ ................................ ................................ ...23 
5.7   Relations with the European Union  ................................ ................................ ................ 23 
5.8   Relations with the United States  ................................ ................................ ................... 23 
5.9   South – South Cooperation  ................................ ................................ .......................... 23 
6   TRADE -RELATED TECHNICAL AS SISTANCE  ................................ ................................  24 
7   CONCLUSIONS ................................ ................................ ................................ ...........  25 
REFERENCES  ................................ ................................ ................................ ..................  26 
 
 
CHARTS  
 
 
Chart 1.1 Sectoral contributions to GDP, 2005 -13 ................................ ................................ ... 6 WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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TABLES  
 
Table 2.1 Evolution of crop production and livestock, 2006 -13 ................................ ..................  8 
Table 2.2 Basic indicators in tourism,2006 -12 ................................ ................................ ........ 10 
Table 2.3 Selected products in the manufacturing sector, 2009 -14 ................................ ........... 11 
Table 2.4 Mineral production and export, 2009 -14 ................................ ................................ .12 
Table 4.1 Key policy prescriptions in the Local Content Policy  ................................ .................. 18 
Table 4.2 Main investment incentives  ................................ ................................ ................... 19 
 
 WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  1  INTRODUCTION  
1.1.  Sierra Leone continues to make progress since 2005. It successfully conducted 
two successive peaceful parliamentary and presidential elections in 2007 and 2012. The security 
remains stable and coordinated by the Office of National Security (ONS) working with the Sierra 
Leone Pol ice (SLP), the Republic of Sierra Leone Armed Forces (RSLAF) and the International 
Security Advisory Team (ISAT). Currently, Sierra Leone is contributing to peace in the continent 
and has troops deployed in Somalia and Darfur as part of the UN internationa l peace keeping 
mission.  
1.2.  Sierra Leone aspires to reach middle level income by 2035 and a donor nation where extreme 
poverty would have been eradicated. By 2035, it aspires to be an inclusive, green, middle -income 
country with less than 5 % of people seeking  jobs. Sierra Leone aims to have a stable, export -led 
economy, based on sound macroeconomic fundamentals, with inflation close to 5 % and 
Government revenues increased significantly to 35 % of GDP. It seeks also to have a Private 
sector -led economy, creating  value -added products, and providing jobs for its people. It desires to 
be a model in responsible and efficient natural resource exploitation among other things. Efforts in 
realizing this dream have begun by designing and implementing sound Government prog rammes 
in various sectors including energy, infrastructure, public financial management and private sector 
development.  
1.1  Overview of Macroeconomic Performance  
1.3.  Sierra Leone's macroeconomic performance has improved tremendously since the last 
review. Real GDP1 almost doubled from Le 5.4 trillion in 2005 to Le 10.1 trillion in 2013, with an 
annual growth rate of 8.0 %. The economy marked double -digits growth in 2012 and 2013 as a 
result of the recent development in the mining sector. Inflation is gradually falli ng despite the 
difficult global economic climate characterized by financial crisis and high commodity prices. 
National CPI2 returns to single digit (8.2 %) for the first time since 2006.  
1.4.  In recent years, Sierra Leone achieved significant gains in stabilizin g the economy and 
ensuring broad -based growth. Economic g rowth accelerated reaching 20.7% in 2013 on account of 
the resumption of iron ore mining, scaling up of infrastructure investments, and robust activity in 
the non -iron ore economy.  
1.5.  In 2014 and 2015, the economy was seriously affected by two major shocks: the Ebola 
epidemic and the collapse in global iron ore prices, which resulted in the closure of the two mining 
companies. Thus, the economy contracted by 20.6 % in 2015 relat ive to a moderate growth of  
4.6%  in 2014, due largely to the lingering impact of the Ebola and the cessation of iron ore 
mining. However, excluding iron ore, the economy grew by 1.4 % from about 0.8 % in 2014, 
reflecting the gradual recovery in agriculture, construction and services s ectors.  
1.6.  Before 2010, the current account deficit was well below 9.0 % of GDP. However, the mining 
boom has led to an increasingly large current account deficit through the importation of 
mining -related equipment and machineries. The current account deficit peaked at US$1.3 billion 
(or 44.9 % of GDP) in 2011 and fell back to US$512 million (or 10.5 % of GDP) in 2013, as 
two major iron ore investors shifted from investment phase to production phase. During the global 
financial crisis, the exchange rate of Leone against other major currencies depreciated 
substantially. As a result, the overall budget deficit excluding grants increased to Le  2.1 trillion 
(9.4% of GDP) in 2015 from Le  1.7 trillion (7.5 % of GDP) in 2014. The deficit, including grants, 
also increased to Le 0.92 trillion (4.1 % of GDP) from Le  0.75 trillion (3.3 % of GDP) in 2014. The 
deficit was mainly financed from external sources. The current account deficit, however, improved 
to 15.5 % of GDP in 2015 from 20.1 % of GDP in the previous year, mainly on a ccount of increased 
donor transfers for post -Ebola support and the reduction of services payments for expatriates. The 
financial account remained in surplus although it decreased to US$323.1 million (7.3 % of GDP) in 
2015, from US$541.8 million (10.8 % of GD P) a year ago, due largely to reduction in net direct 
investment and other net investment flows. On the whole, the overall Balance of Payments (BOP) 
recorded a deficit of US$ 73.8 million (1.7 % of GDP) in 2015, compared to a surplus of 
US$39.0  million (0.8 % of GDP) in 2014. The official mid -average rate between Leone and 
                                                
1 Uses 2006 as base year.  
2 End-of-period inflation - Notice that IMF r eports Freetown CPI instead.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  US dollar depreciated by 45 % from Le 2,981/US$ in 2008 to Le 4,349/US$ in 2011 and stabilized 
in the past two  years.  
1.7.  In response to the Poverty Reduction Strategy Paper 11 -Agenda for Change (AfC) and the 
Poverty Reduction Strategy Paper 111 -Agenda for Prosperity (AfP), Sierra Leone raised 
expenditures on infrastructure (e.g. roads, electricity, and water supply), agriculture, education, 
and health services. The overall deficit3 expanded from 1.9% of GDP in 2005 to 5.2 % of GDP in 
2012. The fiscal position improved in 2013 as Government pursued fiscal consolidation through 
enhancement in domestic revenue collection and the rationalization of expenditures, with the 
deficit narrowed to 1.6 % of GDP . The fiscal deficit was financed largely by foreign concessional 
loans and domestic securities market. In addition, domestic interest rates declined dramatically in 
2013 on account of Government's stance of zero borrowing from the domestic securities mark et 
during the first half of 2013.  
1.8.  Price stability remains the primary objective of the Bank of Sierra Leone. To this end, the 
Bank of Sierra Leone continued to use Open Market Operations (OMO) and weekly foreign 
exchange auction as key monetary instruments . The Monetary Policy Rate (MPR), which has 
stayed at 20 % for many years, was reduced several times4 in 2013 to reflect the decline of 
Treasury bill rates in the domestic securities market.  
1.9.  The economic outlook for short and medium term is bright. GDP is p rojected to grow at 
11.3% in 2014 and an average growth rate of 8.5 % is expected for 2015 and 2016. Inflation will 
remain tamed. Current account deficit will be further reduced with strong export performance. The 
accumulation of foreign reserves is expecte d to cover 4 months of imports by 2016. The exchange 
rate will remain stable due to increasing export earnings, constant FDI inflows, and remittances 
from overseas. The depreciation of the Leone against major international currencies is fuelling  the 
increa se in prices for basic commodities. Since the second half of 2014, the Leone had been under 
immense pressure, with the Leone depreciating by 13.4 % against the US dollar in 2014 and by 
13.5% in 2015, reflecting uncertainty in the foreign exchange market. Th is was precipitated by the 
huge loss of export receipts, especially iron ore (which forms half of the country’s export) as well 
as the winding down of Ebola related inflows, coupled with increased demand pressures for trade 
related imports. Furthermore, ma rket sentiments have had an adverse effect on the developments 
in the foreign exchange market. This has led to speculative behaviour by economic agents, thereby 
undermining the smooth operation of the foreign exchange market.  
1.2  Real Sector  
1.10.   Although agricultu re remains the largest sector in the economy, its dominance is gradually 
shifting to the industrial outputs after 2011. A similar declining trend is observed in services 
sector.5 The main driver of this changing pattern is the commencement of iron ore mini ng.6 
Two major iron ore producers are African Mineral and London Mining. The GDP contributions from 
the other major industries, such as manufacturing, construction, and electricity supply stayed 
relatively unchanged between 2005 and 2013.  
                                                
3 Overall deficit, including grants receivable.  
4 The MPR is lowered to 10% by the end of 2013.  
5 In 2013, within services sector, wholesale and retail contributes the most to GDP (6.8%), followed by 
transport and communication  (6.3%), public services (3.8%), and financial services (3.7%).  
6 The iron ore sector accounts for 8.7% of GDP in 2012 and 19.8% of GDP in 2013.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  Chart 1.1 Sectoral contributions to GDP, 2005 -13 
0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013GDP contribution
Agriculture, Forestry and Fishing Industry Services Indirect taxes (net)Chart 1.1 
Sectoral contributions to GDP, 2005 -13
Source: Statistics Sierra Leone.
 
Source:  Statistics Sierra Leone.  
1.11.   The surge of inflationary pressure during 2009 -11 was mainly caused by the global financial 
crisis and the rise in food and fuel prices. Annua l average inflation rate7 rose from 9.8 % in 2008 to 
16.6% in 2011. In 2012, inflation started to moderate thanks to the stable exchange rate, 
increasing domestic food supply, and prudent Government policies. The downward trend continues 
in 2013, with the i nflation rate returns to single digit (8.2 %) by the end of the year.  
1.3  External Sector  
1.12.   During the period between 2005 and 2013, domestic exports increased from 
US$159.0  million to US$1.9 billion, which was largely supported by mounting mineral exports 
(accou nted for 93.4 % of total exports in 2013), especially iron ore. The destinations of exports 
also changed dramatically reflecting China's increasing presence in Africa. The share of exports to 
the EU fell from 87.4 % in 2005 to merely 12.9 % in 2013, while the  share for other countries8 
(predominantly China) increased from 6.4 % to 77.3 %. 
1.13.   Total imports increased from US$300.1 million to US$1.6 billion over the same period, with 
an averaged 27.7 % growth rate. The surge in 2010 -12 was the result of foreign direct investment 
in mining activities. In 2013, imports dropped to US$1.6 billion from US$2.0 billion in 2012. This 
was largely due to the shift to the production phase by the iron ore mining companies after 
completing the investment phase of their business plan s. The decline in mining -related imports 
(e.g. machinery and transport equipment) more than offset the increase in petroleum and food 
import bills.  
1.14.   The current account deficit widened from US$86.0 million in 2005 to US$1.1 billion in 2012, 
resulted from gr owing service imports, mining and construction related imports, and net outflows 
of income. The deficit was financed primarily by FDI inflows. In 2013, Sierra Leone recorded a 
trade surplus of US$362.3 million for the first time in recent history. This pos itive development in 
the trade balance helped narrowed the current account deficit to US$511.8 in 2013.  
1.15.   The currency, which depreciated sharply in 2009 and 2010 as a result of the negative 
impact of the global financial crisis on mineral exports and inflow  of remittances, regained its 
strength in 2011 and has remained relatively stable since then.  
1.4  Government Sector  
1.16.   Sierra Leone continued to implement the modernization Plan of the National Revenue 
Authority including the introduction of the Automated System of Customs Data (ASYCUDA ++), 
                                                
7 The end -of-period inflation follows the same trend.  
8 The EU, USA, Japan, Switzerland, and ECOWAS members are  excluded.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  which now automates customs clearance procedures; introduction of the tax payer identification 
numbers (TIN) to tackle tax evasion and tax avoidance; broadening the tax base with the 
introduction of the Goods and Services Tax and formation of the Domestic Tax Department (DTD) 
that incorporates both GST and Income Tax Departments. Domestic revenue collection increased 
from 8.6 % of GDP in 2005 to 12.8 % of GDP in 20139 largely reflecting the improvements in 
revenue collection moni toring and the decline in duty free exemptions. The recent development of 
iron ore mining greatly enlarged the tax base by adding more income taxes, royalties, and licenses 
fees. 
1.17.   Sierra Leone's expenditure was re -oriented to enhance investment in priority infrastructure 
projects such as roads, energy, and water supply to support economic growth and poverty 
reduction. Overall expenditure increased from 18.0 % of GDP in 2005 to 20.4 % of GDP in 2012 and 
fell to 14.8 % of GDP (amounted to Le 3.2 trillion) in 2013 . The decline was mainly due to the 
reduction in interest payments and domestic capital expenditure.  
1.18.   Since the beginning of 2013, Sierra Leone adopted a policy of zero borrowing from the 
banking system in order to ease the crowding out effects on the priva te sector and to correct 
commercial banks' strong preference for Government securities, which offer higher interest rates, 
over loans to private sector. The policy has led to a remarkable reduction in domestic interest 
rates and consequently savings from i nterest payments. The drop in domestic capital spending was 
mainly due to the Government's efforts to restore budget credibility10 by rationalizing expenditures 
and introducing fiscal disciplines to MDAs. As a result, the overall deficit expanded from -1.9% of 
GDP in 2005 to -5.2% of GDP in 2012 and narrowed down to -1.6% of GDP in 2013.  
1.19.   Sierra Leone developed a comprehensive national debt law in 2011. This legislation sets out 
the framework for public sector borrowing at all levels of Government and provide s a clear 
approach to effective public debt management practices. It also re -enforces the procedures 
required for sound public debt strategies, policies, reporting. Debt Sustainability Analyses carried 
out consistently indicate that Sierra Leone's debt rem ained sustainable with moderate risk of debt 
distress.  
1.5  Monetary Sector  
1.20.   The Bank of Sierra Leone primarily relies on Repurchase Agreements (Repo/Reverse Repo), 
known as the Open Market Operation, to maintain domestic price stability. During 2006 -13, Money 
and quasi -money (M2)11 are more than tripled from Le 900.5 billion to Le 4.2 trillion, mainly due 
to the massive expansion of domestic credits. Over the same period, reserve money increased 
from Le 340.2 billion to Le 1.2 trillion. Hence a rising money multi plier12 from 2.65 to 3.53 was 
observed.  
1.21.   Monetary Policy Rate, the signal of monetary policy stance, is determined by the Monetary 
Policy Committee based developments in the domestic and international markets. In response to 
Government policies, domestic int erest rates which had remained high during the last decade have 
begun to decline. The interest rates on Government Treasury Securities ar e currently ranging 
between 3.4 -9.5% compare to 19.0 -20.1% in 2005.  
1.22.   Weekly foreign exchange auction has been in operati on, since 2000, to complement the 
existing foreign exchange sources in the banking system and facilitate the importation of essential 
goods including rice, fuel, raw materials and intermediate goods for manufacturing industries.  
 
                                                
9 The commencement of iron ore mining in 2011 changed the tax base dramatically. Hence non -iron ore 
GDP is used here for comparison.  
10 For the past three years, domestic capital expenditure recorded significant overruns resulting in the 
build-up of arrears. Strengthening budgetary control, especially on the domestic capital budget was accorded 
top priority.  
11 Includes foreign currency deposits.  
12 Money multiplier = M2 / Reserve money.  It measures the maximum amount of money that can be 
issued by commercial banks given unit of central bank money.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  2  SECTORAL POLICY ANAL YSIS  
2.1.  Sierra Leone's key productive sectors continue to be agriculture, mining, fisheries and 
tourism. Sierra Leone has prioritized these sectors in its national development agenda as they 
have the potential to create employment, improve livelihoods and improve the standard of living of 
the people.  
2.1  Agriculture  
2.2.  The agricultural sector (including livestock, forestry, and fisheries) is the backbone of 
Sierra  Leone's economy. Its contribution to GDP exceeded 50 % until 2012, when it declined to 
42% due to the boost i n the mining sector. The sector employs about 75 % of the labour force. 
Crop products are by far the most important output. Between 2005 and 2012, their share in the 
agricultural GDP increased to 70.9 % (up from 63.6 %). Rice and cassava are the two major cro p 
products. Between 2006 and 2012, the production of rice paddy doubled to over one million 
tonnes, owing to the implementation of policies geared toward increasing the productivity and 
extending the cultivated area. Over the same period, the production of  cassava increased fourfold 
as a result of Government's support to farmers through the provision of processing equipment and 
improved planting materials.  
Table 2.1 Evolution of crop production and livestock, 2 006-13 
Crop  2006  2007  2008  2009  2010  2011  2012  2013  
Food crops ('000 metric tonnes)  
Paddy  552.0  562.0  588.0  680.1  888.4  1,026.7  1,037.7   
Maize  16.2 20.3 22.9 23.5 44.5 51.4 53.2 .. 
Cassava  1,120.6  1,456.8  1,893.9  1,988.6  2,818.6  3,250.0  6,261.2  .. 
Sweet 
potatoes  99.9 104.9  110.2  113.5  177.0  206.2  392.0  .. 
Pulses  48.0 52.0 58.0 59.0 70.0 82.0 81.0 .. 
Cash crops ('000 metric tonnes)  
Cocoa  30.9 35.5 40.9 93.1 107.1  112.5  .. .. 
Coffee  76.9 88.4 101.7  116.9  134.7  141.4  .. .. 
Oil palm  1.6 1.6 1.9 2.9 3.4 3.6 .. .. 
Livestock ( '000 heads)  
Cattle  271.3  325.5  390.6  470 517 568.7  625.6  688.1  
Sheep  326.7  392 470.4  620 682 750.2  825.2  907.7  
Goats  382.1  458.5  550.2  730 803 883.3  971.6  1,068.8  
Chicken  4,161.8  5,202.3  6,502.9  8,600  9,460  10,406  11,446.8  12,59 1.3 
Ducks  389.1  486.4  608 729.6  802.5  882.8  971 1,068.1  
Rabbit  5.9 7.4 9.2 11.1 12.2 13.4 14.8 16.2 
Pigs 23.0 28.7 35.9 43.1 47.4 52.1 57.3 63.0 
.. Not available.  
Source:  GOSL/MAFFS.  
2.3.  However, there are key challenges facing the sector. These include in adequate rural financial 
services, limited large scale irrigation facilities, weak rural infrastructure, and weak extension 
services, heavy reliance on rain fed agriculture, weak capacity in research and statistics and low 
value addition.  
2.4.  To this end, in 2 009, the Ministry of Agriculture Forestry and Food Security developed the 
National Sustainable Agriculture Development Plan 2010 -2030 (NSADP), in line with the 
framework of the Comprehensive African Agriculture Development Programme (CAADP) to support 
government's vision for Agriculture. The NSADP focuses on four major investment sub -
programmes: commodity commercialization, infrastructure development, private sector promotion, 
and sector coordination and management.  
2.5.  With the support of the development partn ers, various programmes are now been rolled out. 
Key amongst these is the Smallholder Commercialization Programme (SCP) which was launched in 
2010, with the aim of moving the sector away from subsistence to commercialization thereby 
increasing productivity , value addition, market access expansion, provision of adequate rural 
financial services, and the development of small -scale irrigation projects.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  2.6.  The Sierra Leone Produce Marketing Company (SLPMC) was established in 2013 to operate as 
the primary exporter  of agricultural produce while guaranteeing fair prices to farmers. Organize 
groups into cooperatives. In February 2014, the Government approved the national cooperative 
development policy, in order to guide the cooperative sector. The Government provide f unding to 
cooperatives. However, it does not have a monopoly over the export of agricultural produce. Its 
activities cover cocoa, coffee, rice, cashews, sorghum, and palm oil (including industrial palm oil).  
2.7.  On the export side, there is a 2.5 % tax on certa in cash crop exports, including cocoa and 
coffee. Some agricultural products are subject to export ban (timber), licensing or permit 
requirements (agricultural produce, plants, and charcoal).  
2.8.  In 2009, the Government adopted a set of incentives specific to investors in the agriculture 
sector. These include complete exemption from corporate income tax until 2020, and 50 % 
exemption from withholding taxes on dividends. Investments in tree crops and rice are eligible for 
a ten -year tax holiday. Businesses in the  agriculture sector, like in most of the other sectors, are 
eligible for full duty exemption on their imports of machinery and equipment. In addition, they are 
entitled to full exemption on parts and other equipment for three years, and a reduced rate of 3 % 
on any other raw material. Seeds and fertilizers are exempted from import duties and from the 
goods and services tax.  Businesses in the agriculture sector are allowed to fully deduct from their 
taxable base, expenses incurred on research and development,  training, and export promotion.  
2.2  Fisheries  
2.9.  The fisheries sector currently contributes about 10 % to the country's GDP and fish is a major 
source of animal protein for over 80 % of the country's population. Between 2006 and 2013, its 
contribution to GDP varie d between 5 % and 7 %. The sector employs about 100,000 persons 
directly and an estimated one million people indirectly mainly engage in fisheries and fisheries 
related activities (including related processing). The sector can be subdi vided into: the 
capital -intensive industrial subsector, operating mostly off -shore; the low -technology artisanal 
fishery, operating in the in -shore marine fisheries; and the aquaculture and inland fisheries 
subsector. Between 2005 and 2010, the production, largely derived from a rtisanal fishing, 
averaged 135.8  tonnes.13 
2.10.   The sector is mainly challenged by the illegal, unreported and unregulated fishing (IUU) 
which is estimated to cause an annual revenue loss of US$30 million. Sanitary and phytosanitary 
issues in fishing also remain  a problem. At present Sierra Leone is struggling to meet international 
standards, a factor that has made it difficult to take advantage of the EU Market.  
2.11.   Sierra Leone therefore took steps to reduce the IUU and decided in 2010 to close their 
international shipping registry to foreign owned vessels. Government with the support of its 
development partners engaged in major infrastructure investments including the construction of 
fish processing plants, dry dock facilities, vessel repair operations, and a new f ishing port.  
2.12.   In 2010 Sierra Leone developed a Policy Framework for Fisheries with the goal of turning 
fisheries into an ecologically sustainable and economically viable sector. Sierra Leone's strategy for 
the sector includes promoting freshwater fishing an d aquaculture, and establishing a semi -
industrial fishing subsector operating in the inland waters.  
2.13.   Support has been received from various development partners (in various forms) including 
the EU and FAO to improve the operations of the sector. Other key p artners in the sector include 
the World Bank which is supporting the West Africa Regional Fisheries Programme (WARFP) which 
Sierra Leone is benefitting from.  
2.3  Tourism  
2.14.   Sierra Leone's tourism sector since 2005 has been growing steadily. The tourism sector 
contribution to GDP since 2006 has been around 7 %. Estimates indicate that tourism's annual 
contribution to GDP was around US$25 million in 2007, growing to around US$37 million in 2011. 
The tourism sector accounted for US$42 million of Government revenue gen erated in 2012, 
                                                
13 Estimates and information provided by the Ministry of Fisheries and Marine Resources.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  coming from local hotel accommodation, restaurants, transportation, and souvenirs. The number 
of employees in the tourism sector reached an estimated 5,600 in 2012. Since 2006, the number 
of arrivals by air has nearly doubled to 59,730 visi tors (Table 2.2). Nearly half of the visitors 
travelled for business purposes.  
2.15.   Sierra Leone's tourism assets include its beaches, tropical environment and scenery, the 
diversity of its wildlife, and its cultural heritage. Development of the industry has su ffered from the 
decade -long political instability in the country. As part of its strategy to promote the concept of 
"root tourism", the authorities are undertaking efforts to restore some historic sites such as the 
Bunce Island Facilities.  
Table 2.2 Basic indicators in tourism ,2006 -12 
Year 2006  2007  2008  2009  2010  2011  2012  
Arrivals  33,704  32,223  35,670  36,775  38,615  52,442  59,730  
No of hotels  22 25 28 27 33 37 22 
No of employees  2,620  2,583  3,238  2,940  3,650 4,687  2,620  
Contribution to GDP  7.5 7.2 7.0 6.9 7.0 7.2 5.9 
Source:  National Tourism Board . 
2.16.   In a bid to revive the sector, Sierra Leone in 2007 developed a seven year Tourism 
Strategic Plan, with support from the Integrated Framework. Sierra Leone in 2 009 as part of its 
National Investment Policy, adopted a set of incentives for the development of the tourism 
industry that includes: a reduced -rate of 15 % for the  corporate tax during the first  five years of a 
new investment (instead of the standard rate of 30 %); a duty -free treatment for the importation 
of materials, machinery and equipment used in new construction, and for extension or renovation 
of existing tourism -related facilities (provided that such materials are not easily available locally);  
and a  three -year exemption from the payroll tax for up to six non -national employees (provided 
that the skills are not available locally).14 The sector continues to enjoy a number of significant 
investments in hotels by the private sector as well as improvement in roads and other tourist 
related structures by the Government. Big entities like Radisson Blue and Hilton are now investing 
in the sector.  
2.17.   Notwithstanding all these, the sector still remains challenged by limited infrastructure, 
Sierra Leone's internatio nal image, the relatively high costs of travelling to Sierra Leone, the weak 
institutional and legislative frameworks for the sector and the long -term sustainability of key 
tourist sites.  
2.18.   Sierra Leone's overall goal in the medium term therefore is to have an eco -friendly tourism 
sector which can compete with other West African tourist hubs in terms of value -for-money, and 
ensure jobs for Sierra Leoneans.  
2.19.   Sierra Leone's effort has been complemented by the Enhanced Integrated Framework (EIF) 
to the tune of US $2,990,000 to implement the Sustainable Tourism and Promotion Project geared 
towards developing an Eco tourism policy, marketing Sierra Leone internationally, rehabilitating 
the Hotel Tourism and Training Centre (HTTC) and improving five key product sites.  Sierra Leone 
and UNESCO and have also started the process of declaring three key sites as world heritage sites. 
These include the Bunce Island a slave fort which was renounced during slavery, the Old Fourah 
Bay College, the oldest college in West Africa a nd Kings Yard Gate.  
2.20.   Sierra Leon's overall goal in the medium term therefore is to have an eco -friendly tourism 
sector which can compete with other West African tourist hubs in terms of value -for-money, and 
ensure jobs for Sierra Leoneans.  
2.21.   The direct contri bution of  Travel & Tourism to GDP was Le 374.6bn (1.5 % of total GDP) in 
2014, and 0.4 % in 2015, and to rise by 5.8 % pa, from 2015 -2025, to Le 663.7bn (1.6 % of total 
GDP) in 2025. The total contribution of Travel & Tourism to GDP was Le 887.3bn (3.6 % of GDP ) in 
2014, and 0.1 % in 2015, and to rise by 6.1 % pa to Le 1,601.1bn (3.9 % of GDP) in 2025. In 2014 
Travel & Tourism directly supported 21,500 jobs (1.7 % of total employment). This is expected to 
rise by 3.0 % pa to 31,000 jobs (1.9 % of total employment) in 2025. In 2014, the total 
                                                
14 Travel & Tourism Economic Impact 2015 Sierra Leone.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  contribution of Travel & Tourism to employment, including jobs indirectly supported by the 
industry, was 4.0 % of total employment (49,500 jobs). This is expected to rise by 3.1 % pa to 
73,000 jobs in 2025 (4.5 % of total). Visitor ex ports generated Le 120.4bn (1.1 % of total exports) 
in 2014. This is forecast to grow by 2.7 % pa, from 2015 -2025, to Le 158.9bn in 2025 (0.9 % of 
total).15 
2.4  Manufacturing  
2.22.   Results in this sector since the 1st Trade Policy Review has been mixed. The manufacturin g 
base is still narrow with a concentration on a few commodities, namely: beverages, plastics, paints 
and cement. According to UNIDO, in 2012, Sierra Leone's manufacturing sector contributed only 
2% of the country's GDP, significantly below the average 7.7 % of GDP recorded for comparable 
African 'Least Developed Countries (LDCs)'. Moreover, Sierra Leone's manufacturing value -added 
per capita  was only one -fifth of the corresponding average for African LDCs. Only around 2 % of 
jobs in Sierra Leone are in the m anufacturing sector, which is dominated by informal small and 
medium -scale enterprises using simple, labour -intensive technologies.  
2.23.   The sector remains challenged by weak infrastructure, a small domestic market, shortage of 
skilled workforce especially wome n, inadequate and unreliable supply of raw materials (e.g. palm 
oil for soap, granite chips for cement, fruit for fruit juice), high cost of capital limiting the sector's 
capacity to expand and weak coordination, in the sector.  
2.24.   Sierra Leone therefore conti nues to work with its development partners including GIZ and 
UNIDO to remove the major infrastructural and market constraints that limit the sector's growth 
and to increase sector -wide output growth. In this regard, the World Bank in collaboration with the  
Government are now implementing phase one of the Growth Poles Program. Sierra Leone also 
refurbished the Industrial Growth Centers to promote value addition activities. Government is also 
participating in regional integration initiatives such as ECOWAS Tr ade Liberalization Scheme 
(ETLS) and Common External Tariff (CET) to enable manufacturing industries take advantage of 
the larger regional ECOWAS market.  
2.25.   Sierra Leone is developing an Export Development Scheme and is in the process of setting 
up a SME Fund  to support small and medium enterprise (SME) promotion and industrial 
development.  
Table 2.3 Selected products in th e manufacturing sector, 2009 -14 
Product  2009  2010  2011  2012  2013  2014  
Beer, stout, and malt ina ('000 cartons)  859.1  996.9  1,237.2  1,199.9  946.5  1,001.7  
Acetylene ('000 cubic feet)  168.9  166.2  199.6  191.6  235.1  296.7  
Oxygen ('000 cubic feet)  244.7  227.5  267.4  230.2  273.6  265.3  
Paint ('000 gallons)  149.9  221.2  204.0  201.1  233.1  211.0  
Confectio nery ('000 lbs)  3,054.9  2,947.9  3,469.9  3,164.5  3,516.3  3,207.4  
Cement ('000 tonnes)  236.2  301.0  317.9  335.4  313.4  303.1  
Soft drinks ('000 crates)  1,541.8  1,962.0  1,881.3  2,180.0  2,261.8  1,502.8  
Soap (tonnes)  585.7  422.0  503.2  643.2  633.6  664.6  
Flour ( '000 tonnes)  11.4 9.6 13.4 23.2 .. .. 
.. Not available.  
Source:  Statistics Sierra Leone.  
2.5  Mining  
2.26.   The sector accounts for about 90 % of export revenues annually. Diamonds, and recently, 
iron ore, are the main minerals exports. In 2010, the country was the 10th largest producer of 
diamond (by volume), and the 3rd largest producer of rutile. The oil and gas sector is also 
promising since the announcement of the discovery of oil in the deep water in 2009. Sierra  Leone 
recently had a successful third petroleum bi d round for the award of nine open offshore petroleum 
                                                
15 Travel & Tourism Economic Impact 2015 Sierra Leone.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  exploration block permits. With such continued investment, there is prospect for Sierra Leone 
becoming an oil producing country.16 
Table 2.4 Mineral product ion and export, 200 9-14 
Mineral  2009  2010  2011  2012  2013  2014  
Production (volume)        
Diamond ('000 carats)  400.4  437.6  376.5  532.9  612.4  593.6  
Bauxite ('000 tonnes)  742.8  1,089.1  1,457.5  734.5  654.1  1,178.6  
Rutile ('000 tonnes)  63.9 68.2 68.0 94.5 122.1 115.1  
Zircon ('000 tonnes)  0.0 0.0 7.1 22.5 128.3  2.4 
Ilmenite ('000 tonnes)  15.2 18.2 14.7 21.4 32.5 35.8 
Gold (ounces)  5,356  8,690  5,284  4,345  3,099  1,396 
Iron ore ('000 )  0.0 0.0 137.9  967.9  7,482.2  17,497.6  
Exports (million US$)        
Diamon d 78.3 113.5  129.8  161.7  185.7  .. 
Bauxite  18.7 31.1 39.0 17.1 13.8 .. 
Rutile  35.9 40.6 34.4 171.7  129.6  .. 
Ilmenite  0.9 2.7 4.4 3.8 2.9 .. 
Gold 4.8 9.3 7.3 5.7 3.7 .. 
Iron ore  0.0 0.0 .. 357.0  1,064.4  .. 
.. Not available.  
Source:  Ministry of Mines an d Mineral Resources 2014.  
2.27.   Over the years, the sector has been challenged by resource governance and corporate 
citizenship issues. As activities in this sector gradually transform into the production phase, The 
Sierra Leone Extractive industries transparenc y Initiative was established, Firstly to full verify and 
publish company payments and government revenue from Oil, Gas and Mining and secondly to 
create an in -country stakeholder group to steer the process of accountability and transparency in 
the manageme nt of wealth generated from the extractive sector.  
2.28.   Sierra Leone, also adopted a new Mines and Minerals Act in 2009. It also established the 
Minerals Advisory Board as the body in charge of monitoring the implementation of minerals 
related polices, advising  and making recommendation to the authorities, and formulating 
recommendations on minerals -related policies. The Board comprises representatives from the 
Ministry, local governments, the mining industry, and the civil society.  
2.29.   Sierra Leone also passed the National Minerals Agency Act in 2012 creating the institutional 
framework the National Mineral Agency through which the mineral sector will be effectively 
managed. The National Minerals Agency is expected to provide effective and efficient licensing, 
geolo gical services and regulatory agency services in a consistent, accountable and transparent 
manner.  
2.30.   Sierra Leone was recognized as Extractive Industries and Transparency Initiative (EITI) 
Compliant by the international EITI Board on 26 April 2014 joining 26  other countries that have 
met the requirements of the EITI Standard.  
2.31.   Incentives in the mining sector include full deduction of fees related to prospection and 
exploration activities from taxable income; a deduction of 40 % of production costs from the 
taxable income during the first year of activity; and a 10 % amortization of start -up costs. 
Individuals may also deduct 50 % of some investment expenditures from their personal income 
taxes, up to a limit of US$150,000. Sierra Leone has participated in the Kimb erley Process 
Certification Scheme (KPCS) since its inception, in 2003. Accordingly, Sierra Lone exports 
diamonds only to participating countries. The certification process was formally incorporated into 
Sierra Leone's legal apparatus in 2009.  
2.32.   In 2007, the Parliament enacted the Diamond Cutting and Polishing Act, subjecting diamond 
cutting and polishing activities to licensing requirements. A licence, issued by the Directorate of 
                                                
16 Agenda for Prosperity – PRSP111. Promoting Manufacturing for Value Addition, p.35.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  Precious Minerals Trading  for a period not exceeding five years, gives the hol der the right to deal 
in, export and import, as well as cut, polish, crush, or set diamonds. It can be renewed indefinitely 
for periods of five years each. Only licence holders are allowed to export cut and polished 
diamonds. Product is subject to valuatio n by the Gold and Diamond Department. The licensee 
must pay the National Revenue Authority a duty of 0.5 % of the difference between the certified 
value of the unpolished and polished diamonds. Small -scale mining lease holders pay a royalty fee 
of 5% of the  export value, and a 1 % valuation fee. Individuals exporting on an ad hoc basis, such 
as tourists or exporters interested in testing the market, may obtain a special dispensation from 
the licensing requirement (section 4.3). However, they are charged an ex tra 2% in addition to the 
3% export tax. Any equipment used in the cutting and polishing of diamonds may be imported 
duty free.  
2.33.   Since 2011, the the export tax on diamonds has been reduced to 3 % (from 6.5 %). It is 
allocated, in terms of percent age points: 0 .75 to the local community, 0.75 to the Directorate of 
Precious Minerals Trading, 0.70 to a special treasury account, 0.25 to a monitoring fund, 0.40 to 
the Independent Valuator, and 0.05 to a Rehabilitation Fund, a Public Information Unit, and the 
Preciou s Minerals Monitoring Team. The Government has also been negotiating an agreement with 
other Mano River Union member states, in order to harmonize diamond royalties and export 
taxes.17 Gold exports are subject to an export duty of 3 % of their f.o.b. value.  
 
                                                
17 The Alluvial Diamond Mining (Amendment) Rules, 2006. Viewed at: 
http://www.sierralii.org/sl/le gislation/statutory -instrument/2006/15 . 
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  3  TRADE ENVIRONMENT  
3.1.  Since 2005, Sierra Leone's trade policy environment has been part of a broader policy 
framework geared towards poverty reduction generally. In particular, deliberate interventions have 
been made to improve the regulation and legal regim e; remove trade distorting policies and 
practices; build capacity of institutions responsible for policy formulation, implementation and 
monitoring; ensure appropriate human capital and skills in the private and public sectors; and 
mobilize resources towar ds providing trade facilitating infrastructure.  
3.2.  In order to improve trade policy formulation and planning, Sierra Leone and her development 
partners supported the Statistics Sierra Leone – SSL to ensure effective data collection compilation 
and disseminati on. It also encouraged the Bank of Sierra Leone to provide trade related data 
which support trade planning. This notwithstanding, trade statistics still remains a constraint as 
there is limited coordination in data collection compilation and dissemination.  
3.3.  In 2010, Sierra Leone replaced its manual customs clearance system with the Automated 
System for Customs Data (ASYCUDA). The ASYCUDA++ platform is currently installed at the main 
customs office in Freetown, the Queen Elizabeth Port, the Lungi Internationa l Airport and at 
Gbalamoya, a common border post with Guinea. The implementation of the ASYCUDA system 
helped Sierra Leone in its revenue collection drive and the provis ion of trade statistics. 
Sierra  Leone is working on extending the system to other borde r crossing points in Baedu, and 
Jendema at the Sierra Leone – Liberia boarder in the coming years. There are challenges of 
connectivity and the reliability of electricity supply however. But by and large the ASYCUDA has 
contributed to increase the efficien cy of the customs administration. The processing and clearance 
time has been reduced considerably, to as short as four hours for consignments that do not 
require a customs examination.  
3.4.  Sierra Leone also passed the Customs Act 2011 as the main law governing  customs 
procedures in Sierra Leone. It is administered by the Customs and Excise Department (CED) of the 
National Revenue Authority (NRA).  
3.1  Current Trade Position  
3.5.  The trade balance, which had been in persistent deficit, turned to a surplus in 2013 on 
accou nt of the strong growth of mineral exports, especially iron ore, combined with the decline in 
imports. The external sector recorded a trade surplus of US$362.3 million in 2013 compared to a 
trade deficit of US$796.1 million recorded in 2012.  
3.1.1   Exports  
3.6.  Domest ic exports (f.o.b. ) increased dramatically from US$1.16 billion in 2012 to 
US$1.92  billion in 2013. Mineral exports accounted for over 90 % of total exports with iron ore 
being the most important contributor. The value of mineral exports as a whole doubled from 
US$839.7 million in 2012 to US$1.79 billion in 2013. Of these, iron ore exports increased from 
US$857 million in 2012 to US$1.06 billion in 2013, reflecting increased production volumes and 
favourable market conditions. Diamond exports increased fr om US$161.7 million to 
US$185.7  million. The combined exports of other mineral exports (rutile, ilmenite, bauxite, and 
gold) increased by 69 %. Agricultural exports contracted, as cocoa production dropped during the 
review period. The export of rice, palm oil and garri to neighbouring countries through unofficial 
channels remained unrecorded. Prospects for growth in agricultural exports in the medium -term 
are favourable as coffee and cocoa plantations are being rehabilitated as well as new private 
investments i n cash crop production including oil palm, rubber and sugar cane.18 The composition 
of exports demonstrates huge dependency on mining activities, with mineral exports accounting 
for 93.4 % of the total exports. The share of iron ore in total exports expanded  from 31.8 % to 
55.5%, on account of the expansion of production by both African Minerals Limited and London 
Mining in 2013. Following the resumption of iron ore mining in 2016, output is projected to 
increase gradually from 6.0 million metric tons in 2016 to 9.0 million in 2017, 12.0 million in 2018 
and 13.0 million in 2019. These projections are less optimistic than those provided by Shandong 
                                                
18 Ministry of Finance and Economic Development – Economic bulletin 2013.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  Iron and Steel Group (SISG). Prices of the mineral are not projected to improve significantly over 
the medium term.  
3.7.  Rutile production is projected to increase from 144 thousand metric tons in 2016 to average 
175 thousand metric tons during 2017 -2019 with prices projected to improve over the medium 
term based on the assessment by Sierra Rutile Limited.  
3.8.  Diamond output by  Octea is projected to decline to 387 thousand carats in 2017 from 
513 thousand carats in 2016 as the company transition from surface to underground mining. 
However, diamond output is project to recover to an annual average of 500 thousand carats in 
2018 a nd 2019. Alluvial diamond output on the hand is projected to gradually decline over the 
medium -term in line with historical trends. The price of diamond is projected to improve over the 
medium -term.  
3.9.  The production of bauxite is expected to increase gradual ly from 1.2 million metric tons in 
2016 to 1.5 million metric tons in 2019 with the price projected to remain largely stable over the 
same period.  
3.1.2   Imports  
3.10.   The value of total imports (f.o.b.) dropped from US$1.96 billion in 2012 to US$1.57 billion 
in 2013. The 19.9 % decrease was largely due to the decline in the import of mining related 
machinery and transport equipment. The import of machinery and transport equipment decreased 
by 17.6 % to US$352.5 million in 2013 from US$427.6 million in 2012, which more th an offset the 
increase in petroleum and food import bills. The drop in the importation of machinery and 
transport equipment reflects the shift to the production phase by the iron ore mining companies 
after completing the investment phase of their business plans.  
3.11.   The value of petroleum imports increased by 29.8 % to US$330.9 million, reflecting the 
increase in volumes of the various products as mining and construction activities continues to 
expand. Food imports increased to US$314.8 million in 2013 from US$2 69.3 million in 2012. The 
unofficial export of locally produced rice to neighbouring countries partly contributed to the 
inadequate supply in the domestic market and hence the need to fill the demand gap through 
imports. The value of manufactured goods dec reased to US$153.3 million in 2013 from 
US$175.9  million in 2012.19 Imports are projected to grow in the medium term, in line with 
increase economic activities. Import growth will moderate to 0.6 % in 2016, increase by 13 % in 
2017 and average 7.5 % during 201 8-2019.  
3.2  Trade Policy  
3.12.   Sierra Leone's trade policy is guided by a number of trade related policies and strategies, 
most of which have been developed since the 2006 Diagnostic Trade Integration Study (DTIS). 
These include the National Export Strategy (2010), the Industrial policy and Action Plan, a Special 
Economic Zone / Export processing Zone – (SEZ/EPZ) Policy, Consumer Protection Policy and Bill, 
Competition Policy, and Small and Medium Enterprise (SMEs) Policy.  
3.13.   The Sierra Leone Trade Policy was developed in 2010, setting out to provide a harmonized 
and coherent reference for trade development in Sierra Leone. The implementation of the Trade 
Policy is guided by a Trade Support Program, a complementary document based largely on the 
2006 (DTIS) Action Matrix,  which helped operationalize the key recommendations and actions in 
the policy. Sierra Leone updated the DTIS and action matrix in 2013. The DTIS also provided input 
to the PRSP -III and created synergies with the new PRSP, so as to guide the Sierra Leone T rade 
Policy in enhancing implementation.  
3.14.   As the DTIS Action Matrix covers a wide range of issues, the Ministry of Trade and Industry 
in collaboration with the World Bank has deduced a Medium -Term Programme (MTP) from the 
updated DTIS, which prioritized the  action for implementation complementing existing strategic 
development initiatives of the Government. To enhance coordination and effective dialogue on 
trade issues Sierra Leone is reviving the National Coordinating Committee on Trade (NCCT) 
                                                
19 Ministry of Finance and Economic Development – Economic bulletin 2013, p. 23.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  (defunct sinc e 2009) drawing from various stakeholders. ECOWAS supported a capacity building 
training for NCCT members in May 2014.  
3.15.   The Sierra Leone Produce Monitoring Board  is to promote the production, processing and 
marketing of high quality produce within establish ed national and international standards ensuring 
the provision of well -regulated markets to enhance import and export earnings for all stakeholders 
along the value chain.  
3.16.   Sierra Leone Investment and Export Promotion Agency  is to provide personalized and hi gh 
value -added services and information to the investors and experts aimed at diversifying and 
increasing export and value addition as well as to further develop proven investment opportunities 
while maximizing their impact in the local economy.  
3.3  Legislativ e Reforms  
3.17.   Sierra Leone has carried out a series of legislative reforms since the 1st Trade Policy Review 
to enhance a conducive business environment that will attract Foreign Direct Investment. These 
include: the Business Registration Act, 2007, the Invest ment and Export Promotion Agency Act 
2007, which established the Sierra Leone Investment and Export Promotion Agency (SLIEPA), and 
the Anti -Corruption Act, 2008 to fight graft. The Bankruptcy Act, 2009, was also passed. The 
Companies Act, 2009 and the comp anies (Amendment) 2014 Law provides, for the registration of 
companies. The Goods and Services Tax Act, 2009, also provides for the imp osition of a 
broad -based tax on the consumption of goods and services in Sierra Leone and to provide for 
other related ma tters. Parliament also passed the Payment Systems Act, 2009. The Finance Act, 
2010, that provides for the imposition and alteration of taxation for the year 2010 and the Debt 
Management Act, 2011 which provides for the management of the public debt of Sier ra Leone and 
the Finance Act, 2013, to provide the imposition and alteration of taxes in Sierra Leone was 
passed.  
3.18.   Sierra Leone also strengthened the legal, regulatory and institutional frameworks that 
underpin private -sector -led growth with the establishme nt of the fast -track commercial court, the 
Credit Reference Bureau, the Corporate Affairs Commission and the revised legislation of company 
activities. In addition, the financial sector was diversified and grown, bringing access to finance. 
Sierra Leone al so developed the Local Content Policy which has become Local Content Agency 
under an Act of Parliament 2016.  Thus Sierra Leone increased its "Doing Business" score markedly 
from 2005 -10. 
3.19.   Produce Monitoring Board Sierra Leone is a regulatory institution who se main focus and 
consideration is the quality control function involving assurance of produce standardization, export 
of high -quality produce and enforcement of regulations in the produce sector under the enabling 
Parliamentary Act, 2013.  
3.20.   The Petroleum Regulatory Agency  was formed by an act of Parliament in 2014 to regulate, 
monitor and oversee Petroleum and Petroleum Products in the downstream industry in 
Sierra  Leone, for growth, efficiency and stake holder satisfaction.  
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  4  PRIVATE SECTOR DEVEL OPMENT  
4.1.  Sierra Leone  considers  the private sector as the engine for economic growth, employment 
and poverty reduction. In this regard therefore, it has set out clearly its vision for the promotion of 
private sector development in subsequent PRSP's and other longer ter m policy frameworks 
including the Vision 2025 and the Sierra Leone Development and Transformation report.  
4.2.  In 2009, Sierra Leone with the support of DFID developed the Private Sector Development 
Strategy (PSDS) as a means to Sustaining Rapid, Broad Based Gr owth and Providing Productive, 
Well Paid Jobs and Increasing Incomes for the Self ‐Employed. In a bid to implement the PSDS, the 
Sierra Leone Government through the Ministry of Trade and Industry with support from the Soros 
Economic Development Fund and the  UK Department for International Development (DFID) 
established the Business Bomba National Business Plan Competition (BBC). The initiative aims to 
identify talented entrepreneurs with innovative business ideas and encouraging them to expand or 
establish n ew businesses designed to create employment and alleviate poverty.  
4.3.  The Government of Sierra Leone established the Sierra Leone Investment and Export 
Promotion Agency (SLIEPA) in 2008. SLIEPA, since then has been engaged in targeted capacity 
building progra mmes including training program mes for SMEs in Export value chains, export 
procedures and documentation, market needs assessment, packaging and labelling and Trade Fair 
participation across the country and the sub region.  
4.4.  Sierra Leone continues to support the Sierra Leone Standards Bureau to be able to carry out 
its role based on international standards. Services offered by the Bureau presently include: - 
Metrology (calibration and verification of weighing instruments), - Standards Development and 
Implement ation of Standards in Commerce, Trade and Industry, - Testing, and Conformity 
Assessments. The Enhanced Integrated Framework is assisting the SLSB in designing a National 
Quality Infrastructure project, for funding under the EIF TEIR window. The project ai ms to 
strengthen Sierra Leone's Quality Infrastructure not only to produce relevant National Standards 
based on International Standards, but to assist industry and commerce in the implementation of 
these Standards so that national products can obtain great er acceptability on regional and 
international markets. In so doing Sierra Leone's compliance with multi -lateral trade agreements 
such as the WTO -SPS and -TBT Agreements will be assured.  
4.5.  Sierra Leone developed a Special Economic Zone (SEZ) policy in 2013 a nd also established 
an Export Processing Zone (EPZ). Sierra Leone views the development of Special Economic Zones 
(SEZs) as a critical element of a program to facilitate private sector investment and transform the 
manufacturing sector to enhance competitiv eness and industriali zation for job creation. 
Sierra  Leone also established the Sierra Leone Business Forum to enhance public private dialogue.  
4.6.  Considering the imperatives of globalization and the crucial intermediation role which 
industry plays in the dev elopment process, Sierra Leone developed an Industrial Policy that is 
aligned with the West African Common Industrial Policy (WACIP) which was adopted by ECOWAS 
in July 2010. The general objective of this Policy is to accelerate industrialization through t he 
promotion of endogenous industrial transformation of local raw materials, the development and 
diversification of industrial productive capacity, strengthening of regional cooperation and the 
export of manufactured goods.  
4.7.  Sierra Leone with support from t he African Development Bank also developed an SME Policy 
and Action plan to support the establishment of a positive business environment where all 
businesses, particularly small ones, can grow and prosper.  
4.8.  In 2016, the authorities established the Small and  Medium Enterprises Development Agency, 
with a view to promoting a conducive business environment for small and medium  enterprises 
(SMEs).20 The activities of the agency include: designing and implementing development support 
programmes for SMEs; facilitati ng market access and business linkages; facilitating access to 
industrial space, finance and other productive resources; and implementing a registration scheme 
for SMEs. Sierra Leone introduced a local -content policy in 2012 (Table 4.1). The stated goal of  the 
policy was "to promote growth and development of the domestic private sector by creating 
                                                
20 Small and Medium Enterprises Development Agency Act, 2016.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  linkages with the large domestic and foreign firms through the utilization of local resources and 
products, and to promote the integration of the Sierra Leoneans in all economic activities".  
4.9.  In 2016, the authorities established a Local Content Agency with the task of enforcing the 
local content policy.21 Companies are required to submit local content plans to demonstrate 
compliance with the policy. Violations are su bject to fines and the loss of investment incentives.  
Table 4.1 Key policy prescriptions in the Local Content Policy  
Objectives and prescriptions  
Use of locally available goods and services  
Investment incen tives:  the granting and/or continued use of incentives is conditional on compliance with the 
LCP. In particular, a local -content plan will be required upon application for government incentives;  
Materials, products and goods:   
Manufacturing industry: at le ast 10 % of domestically produced input;  
Beer industry: up to 20 % of locally produced sorghum;  
Bakery and confectionery: up to 10 % of cassava flour produced locally from locally grown cassava;  
Sugar industry: for any product requiring sugar as an additive , up to 15 % of locally produced sugar in the 
first five years, and up to 30 % in the succeeding five years  
Soap making industry: up to 50 % of locally produced palm oil in the first five years, and up to 70 % in the 
succeeding five years;  
Flour industry: up t o 10% of wheat flour produced locally in the first five years, and up to 30 % in the 
succeeding five years;  
Locally produced fabric, wood carvings and painting: 25 %. 
Services sector:  requirement to use services providers registered and located in Sierra Leo ne. Where there is 
no local entity, the foreign entity shall operate in partnership with a nationally owned and registered company.  
Hotel, hospitality and tourist industry:  
National preference in contracts and procurements  
Contracts and concessions:  first consideration should be given to Sierra Leonean firms in sectors such as 
mining and the petroleum industry;  
Procurements: a preferential margin of 10 % for domestic firms;  
Bid evaluation:  a 5% price preference is granted, provided that the local conte nt of the selected bid is at least 
5% higher than that of its closest competitor.  
Employment of nationals  
Employment targets:  at least 50 % of nationals at the managerial level and 40 % at the intermediate level. If 
the required skills are not available l ocally, the company must demonstrate a capacity -building plan to comply 
with the requirement within 5 years;  
Use of foreign skills:  all junior -level positions shall be held by nationals. The employment of expatriates is 
subject to quotas.  
Local ownership  
Local -foreign partnerships:  first consideration to be given to companies with significant equity ownership by 
nationals, when assigning rights such as mineral concessions;  
Promote access to finance by nationals.  
Source:  Sierra Leone Local Content Policy . 
4.1  Investments  
4.10.   Despite the enormous potentials for investment in Sierra Leone, Sierra Leone has prioritized 
the following sectors for investment promotion: agribusiness, energy, tourism, fisheries, 
manufacturing, infrastructure and the extractive sector, wh ich covers mineral resources and the oil 
and gas sub -sectors. There have been significant gains made in opening up these sectors to 
investment and making them more convenient for long -term, sustainable growth.  
4.11.   To support investment and investment protectio n, Sierra Leone has taken the following 
measures: Open access to all sectors of the economy to foreign investment, r ights to 100 % 
foreign ownership of companies, f reedom to use foreign managerial, technical and  unskilled 
workers, no exchange restrictions, guarantees on capital rep atriation and loan remittance, 
guarantees against expropriation, j urisdiction of the United Nations Commission on International 
Trade Laws or any other internationally recognize d arbitration body over investment disputes.  
4.12.   Sierra Le one has also provided the following incentives to investors generally: Three year 
exemption on import duty for plant, machinery and equipment, reduced duty rate of 3 % on the 
import of raw materials, 100 % tax loss carry forward can be utilized in any year, 125% tax 
                                                
21 The Sierra Leone Local Content Agency Act 2016.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  deduction on R&D and training spend, 125 % tax deduction on expenses for export promotion 
activities and three year income tax exemption for skilled expatriate staff, where bilateral treaties 
permit. SLIEPA has developed an investment guide giving more details on investment in Sierra 
Leone.  
4.13.   Since 2009, Sierra Leone has ensured simpler start -up procedures with the establishment of 
a one -stop shop for business registration, better banking payment system that ensures all 
payments are performed electron ically and in line with ECOWAS monetary policies, a Stock 
Exchange – ushering in the first official stock exchange in the country and the Mano river Union as 
a whole; clearer tax system with better training and equipment making it easier to pay taxes, 
along with a consolidated income tax act, and a new Goods and Services Tax (GST) that replaces 
other taxes, better access to credit by allowing the use of fixed and floating charges over company 
assets, smoother insolvency process including provisions to encou rage and assist ailing businesses 
to reorganize instead of going straight to liquidation, less restrictions on closing a business by 
making it easier to declare bankruptcy.  
4.14.   All investors may open and maintain bank accounts in foreign currency. They may, in  
principle, withdraw and remit any amount from a commercial bank, have it transferred into any 
freely convertible currency at any legal market clearing rate. Investors may also acquire foreign 
currencies through foreign exchange auctions conducted regularl y by the Bank of Sierra Leone. 
There is no minimum capital requirement except for investments in banking and 
telecommunications.  
4.15.   Sierra Leone's incentives programmes remained largely unchanged d uring the review period 
(Table 4.2).  They are provided under t he Income Tax Act, the Goods and Services Tax Act, various 
Finance Acts, the Business Start -up Act, the Bankruptcy Act of 2009, and various sector -specific 
laws. According to the authorities, there is no discrimination against foreign investors with respec t 
to the granting of investment incentives. Agreements containing incentives have to be approved 
by the Ministry of Finances, and ratified by Parliament (Finance Act 2013).  
Table 4.2 Main investment incentives  
Measure/Coverage  Incentive  
Corporate tax (standard rate: Zone A: 30 %; Zone B: 25 %)a: 
Agriculture  Exemption during the first 10 years:  
tree and food crops: full exemption  
agri-processing: full exemption if 60 % of input is sourced locally; 
otherwise, 20 % of exemption for Zone A and 10 % for Zone B  
Forestry  Exemption during the first 10 years:  
full exemption for cultivation  
processing: 30 % of exemption for Zone A, 20 % for Zone B  
Mining  15% for the first 5 years; afterwards 25 % for Zone A, 20 % for Zone B  
deductions: full deduction for prospection and exploration, 40 % for the 
first year of production  
10% depreciation for R&D and training spending, 10 % amortization for 
start-up cost;  
deduction of 50 % of qualifying investment from personal income taxes  
Tourism Reduced rate of 15 % for the first 5 years  
Depreciation  
Standard capital allowance  40% for plants, machinery and equipment the first year  
5-15% for most of other items (buildings, intangibles assets  …) 
Losses carry -forward  Indefinitely (provided that  it does not reduce taxable income by more than 
50%) 
Import duty  
Agriculture  Full exemption for agricultural inp uts (machinery, equipment, 
agri-chemicals, planting materials)  
Malaria and HIV drugs  Full exemption  
Raw materials, plant and 
machinery  Reduc ed rate of 3 % 
Intermediate products  Reduced rate of 10 % 
Tourism  Full exemption for new constructions, extension or renovation;  
Reduction of duty rates by 50 % for upgrading during first 12 months of 
work  
Operational vehicles  Reduced rates of 5 %, 20%, or 30% depending on the age  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  Measure/Coverage  Incentive  
Withholding tax  
General  Imports: 3 % 
Contracts and supplies: 10 % on foreign and 5 % on local contracts and 
supplies  
Rental income, prize winning: 10 % 
Agriculture  Exemption for 50 % of dividends  
Other  15% 
Payroll tax  
General  ECOWAS citizens: Le 1,000,000 (US$370) per year  
Non-ECOWAS citizens: Le 3,000,000 (US$1,110) per year  
Exemption if enterprise exports US$1 million or more during the year  
Tourism  Exemption for locally non -available skills for first two years for up to 
three employees  
Incentives for exports  
Export/excise tax  Exempt for 75 % exported output  
Duty drawback  Allowed on raw materials for goods exported  
R&D and training expenses  An initial allowance of 40 %, and then 20 % annually (for capital investment 
only) 
Local employment allowance  2.5% of business income exempted from  corporate tax for less than 
51 local employees, 5 % for 51 to 100 employees, and 7.5 % if over 
100 employees  
Other incentives  
Investment allowance  7.5% in first year of new purchases  
Sales tax Full exemption for the importation of plant, machinery and spares  
a  Western Sierra Leone; and Zone B: all other regions in Sierra Leone.  
Source:  Investment Code, 2005 and various sector -specific laws.  
4.16.   In 2011, First Step, a subsidiary of a US -based n on-profit agency, established  a Special 
Economic Zone (SEZ) w ith the goal of providing potential investors with facilities with guaranteed 
access to the logistic support and the utilities necessary to operate their business. Enterprises that 
locate in the SEZ are granted various incentives, including duty exemption on imports and exports, 
a three -year corporate tax holiday, and on -site government services in areas such as customs 
inspections, immigration, and business registration. The Government has also c ommitted to allow 
investors in the SEZ to use international arbitration forums to resolve disputes that may occur 
between them and the Government.  
4.17.   Sierra Leone has ratified six multilateral investment agreements, including the ICSID 
Convention22 and the Con vention establishing the Multilateral Investment Guarantee Agency 
(MIGA).23 Under MIGA's programme, foreign investments in Sierra L eone are covered against 
non-commercial risks such as currency transfer risks, expropriation risks, risks of war and civil 
disturbance, and repudiation risk.  
4.18.   Sierra Leone has signed bilateral investment agreements with Germany (1965), the 
United  Kingdom (1981, revised in 2000), and China (2001).24 Agreements on double taxation 
avoidance are in force with the United Kingdom, Denmar k, Norway, and India.  
4.2  Information Communication Technology Policy of Sierra Leone  
4.19.   Information and Communication Technologies (ICTs) play a vital role today in facilitating the 
attainment of development goals of any nation. Over the last few years, many Afr ican countries 
have taken advantage of the opportunities provided by ICTs and have put in place ICT -enabled 
implementation plans to support their socio -economic dev elopment efforts. These 
country -successes have been made possible due to the combined effort s of all stakeholders and 
                                                
22 The International Convention on the Settlement of Investment Disputes (ICSID) between States and 
Nationals of other States.  
23 The other investment agreements are: the Convention setting up the Inter -Arab Investment 
Guarantee Corporation of May 1971 (since April 1974); the Agreement for the Promotion, Protection and 
Guarantee of Investment among Member States of the Organization of Islamic Conference of 1 June 1981 
(since 23 September 1986); the Unified Agr eement for the Investment of Arab Capital in the Arab States of 
1982; and the Agreement of the Islamic Corporation for the Insurance of Investment and Export Credit of 
19 February 1992 (since 1 August 1994).  
24 UNCTAD online information. Viewed at: http://investmentpolicyhub.unctad.org/IIA/CountryBits/189 .  
 WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  with support from regional and international organizations as well as bilateral partners and the 
private sector.  
4.20.   The Government considers broadband access a basic necessity for Sierra Leoneans and 
ensures broadband Internet access  at reduced and affordable cost for the end users by: enabling 
the landing of submarine fibre optic cable and emerging technologies linking Sierra Leone to the 
rest of the world.  
4.21.   One of the biggest constraints to the expansion of the telecommunications inf rastructure in 
Sierra Leone (outside of the capital and a few main cities), is the limited extent of the electricity 
grid, which has yet to reac h many of the provincial areas.  
 WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  5  SIERRA LEONE INTERNA TIONAL TRADE RELATIO NS 
5.1.  Sierra Leone recognizes  the opportu nities abound globally to enhance its trading position. 
Therefore it has cooperated with such initiatives including the regional program mes such as the 
New Partnership for Africa's Development; ECOWAS and the Mano River Union -MRU; and the 
increasingly expa nding non -reciprocal preferential trade arrangements that are made available by, 
or negotiated with, our developed trading partners.  
5.1  Relations with the WTO  
5.2.  Sierra Leone remains a UN -designated least developed country (LDC), since joining the WTO 
on 23 July  1995. It had been a GATT contracting party since 19 May 1961. Sierra Leone is 
committed to the multilateral trading system, based on clear and firm rules able to guarantee 
market access and to promote growth, development, and job creation at the global le vel; it is also 
committed to its obligations within the WTO. It extends at least MFN treatment to all its trading 
partners. Sierra Leone is neither a signatory nor an observer to any of the plurilateral agreements 
concluded under the WTO.  
5.3.  Sierra Leone esta blished a Mission to the WTO in 2011. Though Sierra Leone is currently 
designated as an "Inactive Member" due to arrears of contributi on and as a consequence, 
Sierra  Leone is, in principle, denied trainings and technical assistance other than those necessa ry 
to meet its GATT Article XIV -2 obligations, it is making a frantic effort to address this issue.  
5.4.  Sierra Leone affirms its support to the implementation of the agreement made in the 
9th Ministerial Conference in Bali in December 2013. In its statement to  the 9th Ministerial 
Conference in Bali 2013, Sierra Leone emphasized that the Doha Development Agenda (DDA) 
negotiations should take into account the special situation of LDCs; and that progress was 
important in market access for agricultural products, th rough the removal of export and domestic 
subsidies by the developed countries, and the enhancement of supply capacity in the agricultural 
and industrial sectors. In this regard Sierra Leone is ready to work with the WTO to implement the 
agreement. To addre ss the issue of Trade Facilitation, ECOWAS, ITC, UNCTAD and WB supported 
Sierra Leone to carry out a Trade facilitation needs assessment. In September 2016, cabinet 
approv ed the ratification of the WTO Trade F acilitation Agreement.  
5.2  Relations with the Afric an Union  
5.5.  Sierra Leone is a founding member of the African Union (AU) and the president chairs the AU 
Committee of 10 Heads of State on UN Security Council Reform.  
5.6.  Sierra Leone signed the African Charter on Democracy, Elections and Governance (ACDEG) 
on 17 June 2008 and ratified it on 17th February 2009 and deposi ted it to the AUC on 
8 December  2009. Sierra Leone also acceded to the African Peer Review Mechanism, allowing the 
AU to review, the country's policies and practices in the areas of democracy and po litical 
governance, economic governance and management. Sierra Leone is participating in the on -going 
CFTA negotiations taking place at the African union headquarters in Addis Ababa, Ethiopia.  
5.3  Relation with ECOWAS  
5.7.  Sierra Leone has been an active member and  represented in the various organs in ECOWAS 
including the ECOWAS Parliament. Sierra Leone has ratified ECOWAS's Trade Liberalization 
Scheme (ETLS), providing for products deemed of Community origin to be traded across borders 
duty-free and without any qua ntitative restriction. Sierra Leone has also implemented the 
ECOWAS protocols on the free movement of persons: Sierra Leone is represented in the Economic 
Partnership Agreement (EPA) negotiations by ECOWAS and there are indications that ECOWAS will 
sign th e EPA which make Sierra Leone a party to the agreement. Sierra Leone is i mplementing the 
ECOWAS Common External Tariff  (CET) 2017.  Sierra Leone is party to the on -going Trade and 
Investment Framework Agreemen t (TIFA) negotiation with the U S. WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  5.4  Mano River Uni on 
5.8.  Sierra Leone has been a member of the Mano River Union to work to eliminate barriers to 
bilateral trade, and to promote cooperation in the expansion of international trade among others 
things. The MRU resumed its activities in 2008, with its secretariat  in Freetown.  
5.9.  Presently , the African Development Bank, in close collaboration with the Mano River Union 
Secretariat, is pursuing major initiative to address the region's infrastructure gap, in transportation 
and energy in particular.  
5.10.   Sierra Leone, Guinea a nd Liberia have been working on the realization of a sub -regional 
development project, with respect to forming an economic free zone, known as the Makona River 
Free Zone Development Project. This is in line with the thriving historical cross -border 
transna tional market trading between the communities of Guekedou in Guinea, Koindu in Sierra 
Leone and Foya in Liberia.  
5.5  Preferential Trade Arrangements  
5.11.   As an LDC, Sierra Leone is eligible for non -reciprocal preferential treatment from the 
following GSP donor coun tries: Australia, Belarus, Canada, EU, Japan, New Zealand, Russian 
Federation, Switzerland, Turkey, and the United States.  
5.6  Bilateral Agreements  
5.12.   Sierra Leone benefits from a number of Bilateral Agreements including with: Morocco, 
Guinea, Côte d'Ivoire , Nige ria, Ghana, Liberia, China, South Africa, and Angola. These agreements 
are mainly cooperation agreements and cannot be legally enforced.  
5.7  Relations with the European Union  
5.13.   The EU is Sierra Leone's largest single trading partner, buying an average of 80 % of 
Sierra  Leone's exports and providing 30 % of its merchandise imports . Sierra Leone benefits from 
the "Everything But Arms Initiative of 2001" (EBA) arrangement with the EU which provides the 
country with favourable access to the EU market and does not requi re Sierra Leone to offer 
preferential market access to the EU. Sierra Leone is participating in the negotiations for an 
Economic Partnership Agreement (EPA) with the EU, through the ECOWAS group.  
5.14.   As an LDC, Sierra Leone has been eligible for a transitional  price arrangement that 
guarantees a minimum price of €300 per ton of sugar exported to the EU. The price guarantee 
mechanism expired in 2012.  
5.8  Relations with the United States  
5.15.   Sierra Leone became eligible for the African Growth and Opportunity Act (AGOA) o f the US 
in 2002 and for its apparel provisions in 2004. In 2005, Sierra Leone was grated the opportunity 
under the scheme to export to the US as it met the requirements for exports under the scheme. 
Consequently, handicrafts to the US Cane products (sugar , molasses, ethanol, etc.) and oil -palm 
products (palm oil, palm kernel oil, oilcake from palm, palmitic acid, etc.) are eligible for duty -free 
exports to the US. In 2013, four additional products (lemon grass, ginger, tobacco and bitter root) 
were added t o the list of eligible products. However, exports under the AGOA have generally 
remained weak as minerals and metals constitute the bulk of Sierra Leone's exports to the US.  
5.16.   In 2015, the U S Government re -authorized AGOA for an additional ten (10) years til l 
2025.Sierra Leone is preparing a national response strategy for AGOA.  
5.9  South – South Cooperation  
Sierra Leone now enjoys strengthened trade and economic ties with China, India, Brazil and other 
developing countries. Recently, a trade deal was concluded wi th India for the supply of tractors 
and other agricultural equipment under concessionary terms. China and Nigeria both provide 
agricultural experts through MAFFS and Njala University respectively.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  6  TRADE -RELATED TECHNICAL AS SISTANCE  
6.1.  Sierra Leone has been r eceiving  technical assistance from various institutions to build its 
trade capacity over the years. Key amongst these is D FID and WTO support to improve c ustoms 
and building the capacity of Sierra Leone to have a deeper understanding of trade issues and to  
effectively negotiate trade agreement. The significance of this technical assistance especially from 
WTO cannot be over emphasized.  
6.2.  As an LDC, Sierra Leone is benefitting from the Enhanced Integrated Framework (EIF) 
initiative which is playing a crucial r ole in capacity building to formulate trade policies and 
strategies, trade Mainstreaming and project development. Sierra Leone also benefits from various 
trade related training and other capacity building program mes in Geneva and other places. These 
have i mproved the capacity of Sierra Leoneans to contribute to promoting trade and development. 
This trainings and capacity building initiatives have tremendously increased Sierra Leoneans 
awareness and understanding of the WTO Agreements and procedures.  
6.3.  However , Sierra Leone's institutional capacity to implement trade policies and negotiate 
effectively trade agreements still remains challenged. Furthermore Sierra Leone need to continue 
reforming trade related legislations and regulations. There are challenges th at are found across all 
productive economic sectors which include human, financial, manufacturing, technological and 
infrastructural capacities. During and after the civil war, the country's human resource base 
dwindled as a result of the migration of high ly trained professionals and skilled workers to more 
lucrative markets, a situation quite glaring in the public sector. The country's infrastructure was 
badly damaged and is now being gradually rebuilt amidst serious budgetary constraints.  
6.4.  While WTO's effo rt is appreciated in this direction, it is evident that that the knowledge and 
understanding of the WTO Agreements and the acquisition of negotiating skills should be backed 
up by other support measures if Sierra Leone should overcome the supply -side const raints 
inhibiting its ability to take full advantage of the opportunities abound in the multilateral trading 
system.  
6.5.  It is against this backdrop, that the need to support Sierra Leone to become more 
competitive cannot be over emphasized. It is thus imperat ive that supply side constraints should 
be tackled through various support measures including in particular, the Aid -for-Trade Initiative. 
Sierra Leone is therefore appealing to its development partners, as well as investors to support the 
implementation o f its trade policies and strategies especially its Medium Term Program for 
trade -related activities.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  7  CONCLUSIONS  
7.1.  Sierra Leone continues to embark on reforms to support free trade and economic 
development. Its huge endowment of natural resources including its mineral wealth is beginning to 
provide support to its infrastructural development. Its quest to develop its private sector especially 
small and medium enterprises (SME's), its improvement in the doing business regime and 
environment and its political s tability show clearly that Sierra Leone is now ready and open to the 
world in terms of business.  
7.2.  Sierra Leone has offered various incentives to investors. It is therefore encouraging foreign 
as well as local investors to explore and invest in Sierra Leone especially in the areas of 
agriculture, tourism, fisheries, oil and gas, energy infrastructure, communications and transport.  WT/TPR/G/303/Rev.1 • Sierra Leone  
 
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  REFERENCES  
Agenda for Change: Poverty Reduction Strategy Paper – 11. Agenda for Prosperity – 
Poverty Reduction Strategy Paper – 111. 
 
Diagnostic Trade Integration Study Update (DTISU), December 2013.  
 
Draft Sierra Leone Government Tier 2 Proposal 2014: Strengthening the Sierra Leone 
Quality Infrastructure to Support Industrial Development and Trade, to be supported by 
the Enhanced I ntegrated Framework.  
 
Estimates and information provided by the Ministry of Fisheries and Marine Resources.  
 
Invest in Sierra Leone – Africa's Newest Destination prepared by Sierra Leone Import 
and Export. Ministry of Finance and Economic Development – Economic bulletin 2013.  
 
Ministry of Finance and Economic Development – Economic bulletin 2013, p. 23. SLIEPA 
– Sierra Leone Investment Guide, www.sliepa.org .  
 
SLIEPA – Sierra Leone Investment Guide, www.sliepa.org, www.investsierraleone.biz.  
 
WTO – 2nd Trade Policy Review of Sierra Leone, draft report.  
 
Sierra Leone Extractive Industries Transparency Initiatives, http://www.s leiti.gov.sl/. 
www.affordsl.com  
 
www.sleiti.gov.sl.  
 
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