INVESTMENT SECURITY: THE MAIN CONCERN

The thought of investing major amounts of capital in Sierra Leone has kept many investors away, notes Mr. Jasabe, Managing Director of SLEDIC (Sierra Leone's Export development and Investment Corporation). In order to address that problem, Jasabe has been focusing on priority areas for investment and has developed a comprehensive Investment Regulation Act to provide securities for foreign corporations in Sierra Leone. By working with the World Bank, the new Act will establish the proper framework for foreign investment to arrive to the country.

"We have included provisions for the settlement of disputes and the acknowledgement of the rights of the investor, in addition to creating and enabling the laws relating to investment. We are also looking at issues like arbitration laws, patents and trade marks".

"I can assure you that the new Foreign Investment Code is going to be very investor friendly" adds Vice President Berewa.

Their focus has been especially towards the agricultural sector. "70% of the population is engaged in agriculture, and at the same time it is the least mechanised sector of the economy - so we particularly need investment in this sector". In order to offer some sort of collateral for investors, SLEDIC has been devising a land evaluation programme so that "land could become a security for future loans and investments". "The key element is stability" he adds.

An example of foreign investment success is Sierra Leone Brewery, a national company that joint-ventured with Guinness and Heineken to produce the country's alcoholic beverages. After 40 years in Sierra Leone, the company is still growing and has recently modernised its production facilities to maintain sales volumes. Although sales are focused on the national market, regional sales are a also possibility now that transport links will be expanded, says Ivan Carrol, General Manager of Sierra Leone Brewery. "Even today, we continue to invest in our plant and in our management team... In fact, we have rebuilt the plant completely after the war, which shows that, now more than ever, we believe in the future of Sierra Leone".

INVESTMENT REGULATION

A new and friendly Investment Regulation Act is soon to be adopted to welcome investors from all over the world.

One of the richest mineral grounds in Africa to be exploited under exceptionally favourable conditions. The Ministry of Mineral Resources opens its doors to all the countries and companies willing to play a role in the dawn of a new era in the mining sector in Sierra Leone.

The richest fishing grounds in the West African Coast. The Ministryof Fisheries and Marine Resources offers fishing licences for affordable fees to the international fishing experts. Sierra Leone is in need of serious companies willing to exploit its fishing grounds in an environmentally responsible long term base.

A stable and confident banking sector has played a key role in establishing investor confidence in Sierra Leone. Lead by the National Bank of Sierra Leone, the banking sector has experienced an increasingly improving image with many banks coming back to Sierra Leone from the international financial markets and reestablishing themselves in what will be soon the new financial centre of West Africa.

The construction and reconstruction activities underway in the whole country are exceptional both in size and terms of target. There has never been a bigger and deeper reconstruction process in Sierra Leone, it is intended to bring development and the achievements of the Government of His Excellency the President Alhaji Ahmad Tejan Kabbah to the population of the entire country and thus building a whole new world for the next generation.

An exceptionally fertile land with very favourable weather conditions makes the Ministry of Agriculture an important and potential partner to the investors that are willing to bring to Sierra Leone their know how, their machinery and their experience. Together we can bring back the country among the major food exporters in West Africa.

For tourists: a new, exciting and unseen world to discover. The Ministry of Tourism will bring back the richness and the image of the Tourism sector. Beautiful white sand beaches, flora and fauna to explore, unique wildlife, eco- and adventure tourism and a wide range of other folklore and cultural activities to explore in an environment that is untouched and that will turn out to be the adventure of your life.

PUTTING THE HOUSE IN ORDER

Thanks to the combination of foreign aid donations and rich natural resources, Sierra Leone's economy has been gradually recovering from the hangover of the civil war. Growth has been positive over the past three years and the agricultural and mining sectors are experiencing an important reform in order to attract foreign investment.

"We have managed to keep inflation under control" proudly states J.D. Rogers, Governor of the Bank of Sierra Leone. He points to the current inflation rate of 7.5% as a barometer for success, while Minister of Finance Joseph Dauda points to strong growth levels as another main indicator of positive governance.

Sierra Leone has experienced a 5.4% GDP growth in 2001 and 6.3% growth in 2002, reflecting a broad recovery across all sectors of the economy. "In 2003, real GDP growth is projected to reach 6.5%" adds Dauda.

The main goal is to build up the economy to reach sustainable levels of growth.

"Our concern is: how do we translate the gains of growth to the goal of addressing poverty?" asks Governor Rogers. "My task here is therefore to ensure that we maintain stable exchange rates, low inflation that is consistent with stable economic growth, and ensure that there is employment" says Rogers.

In light of this realization, foreign investment has become a central focus of the current administration in order to anticipate future declines in foreign aid.

"The government is eager to attract investment and inject new capital. What we really need now is direct foreign investments in this country" admits Governor J.D. Rogers.

In order to attract intrepid foreign investors, the government of Sierra Leone is aware that they have to set the conditions and offer an appealing package. With this in mind, the government has proposed an ambitious privatization programme which proposes to sell stakes in 24 state-owned enterprises.

"We have been in consultations with the World Bank and a comprehensive plan of the privatization process is being drawn up" confirms the Minister of Finance Joseph Dauda. "We are also encouraging the establishment of financial institutions in the country" he adds . The privatization of Rokel Bank, for example, represents a major hope to expand the country's financial sector.