Sierra Leone at the West-Coast of Africa with its unique landscape,
scenery and cultural heritage is waiting now to be explored. It has a coastal
line of nearly 360 kilometers fringed with beautiful and un- spoilt white sandy
beaches along the Atlantic Ocean.
The country offers investors and visitors its historic heritage, exotic flora
and fauna, mountains and natural beauty. The tropical rain forest is home to
some of the rare and endangered species of monkeys, baboons, birds, butterflies
and a wide variety of antelope and buffalo families.
Sierra Leone was in past
an important centre of the transatlantic trade in enslaved Africans. The capital
Freetown was founded in 1787 by the Sierra Leone Company as a home for formerly
enslaved African Americans who had fought for the British in the American
Revolutionary War. In 1808, Freetown became a British Crown Colony, and in 1896,
the interior of the country became a British Protectorate. The Crown Colony and
Protectorate joined and gained independence in 1961.
FMO has been involved in
this country in the 1970s with its financial support for a number of private
sector projects. FMO has financed activities in agriculture, agricultural
processing and in this respect especially the Eastern Clinic agricultural
project of Dr. B.M. Kobba can be named. This medical doctor with 13 years of
experience in Germany established an oil palm plantation and a processing plant
in order to sustain primary health care in Sierra Leone. FMO supported this
project, which I visited over 20 times between 1982 and 1989.
During the
years 1991 to 2002 Sierra Leone was engulfed by serious political conflicts and
civil war. It is believed that alleged pervasive corruption within the
government and mismanagement of diamond resources are the main reasons why civil
war broke out in Sierra Leone. With the breakdown of state structures and the
effective suppression of civilian opposition, wide corridors were opened for
trafficking of arms, ammunition and drugs, all of which eroded national and
regional security and facilitated crime within the country and between Sierra
Leone and Liberia and even Guinea.
Returning to Freetown after 19 years was
an incredible experience. While scars of the civil strife are still visible but
receding, the industry and determination of the people are ever so present and
visible. Together with Mr. Steve Antwi Asimeng, the Managing Director of the
Ghana Fidelity Capital Partners, we were indeed overwhelmed with the positive
atmosphere and the determination of the people of Sierra Leone to rebuild the
country and boost the economy. Following the peaceful free and fair elections in
August, a new government led by Mr. Ernest Bai Koroma as President and Mr. Sam
Sumana as Vice President, was sworn into a four-year term of office in September
2007. The new president has focused on creating a young and dynamic cabinet and
a policy of “zero tolerance” in respect of corruption and
embezzlement.
Sierra Leone is now a typical Post-War country in the
construction phase. A lot has to be done to empower the people, to build
infrastructure as roads, airports, and schools, energy and water supplies.
During our visit to the President of Sierra Leone, Mr. Koroma, he was clear
and emphatic in his statement, that only by creating sustainable jobs for the
youth and the population at large that Sierra Leone can build an acceptable
future. The President especially mentioned the great need for building and
improving accessibility to finance for the mass population and the creation of
Micro Finance Institutions in rural areas of Sierra Leone. We have promised to
further study opportunities in this respect.
With its political stability
surely, the economy of Sierra Leone will grow. The IMF’s poverty reduction and
growth facility will continue to shape an economic policy under the new
government.
For FMO and its partners Fidelity and AfricInvest Financial
Sector Fund more interesting opportunities are available in Sierra Leone, like
banking, leasing, microfinance institutions, power generation and agricultural
processing like palm oil and housing.
Sierra Leone must be rebuilt and the
country wants to follow the good examples of some of its neighbors such as
Ghana. Transparency, Good Governance and Zero Tolerance can only be obtained
when Sierra Leone can closely work in strong partnership which is willing to
support the new generation of young Africans building a new society.
Once
again, Sierra Leone will be in the spotlight as an attractive country for
foreign tourism with charming colorful people! Recently the Minister of Tourism
and Cultural Affairs Mr. Hindolo Trye has emphasised that if the tourism
industry wishes to succeed and play a meaningful role in the socio economic
development of Sierra Leone, the private sector must serve as the engine of
growth and play a pivotal role in the industry’s development and promotion.
Returning to Sierra Leone has convinced me that it is now time to invest in
this country and support the private sector to grow. The President Mr. Koroma
has promised to reinforce the public sector to enhance its capacity to
facilitate foreign investments. You are invited to follow!
Sierra Leone at the West-Coast of Africa with its unique landscape,
scenery and cultural heritage is waiting now to be explored. It has a coastal
line of nearly 360 kilometers fringed with beautiful and un- spoilt white sandy
beaches along the Atlantic Ocean.
