Former British Prime Minister Tony Blair has urged African leaders to do it within rather than depend on foreign Aid. If post conflict Sierra Leone wants to move away from aid dependence, he said it must be able to raise revenue internally and engage in business, adding that the private sector holds the key. But the constrained private sector in post conflict Sierra Leone he noted should have the capacity to lead the drive out of poverty.
Tony Blair a friend of Sierra Leone and Nigerian business tycoon Tony Elumelu a “new” friend of Sierra Leone yesterday launched the Blair-Elumelu Fellowship at the prestigious Taia Resort. The core object of the fellowship is to enhance government capacity to create the right environment for business.
Addressing invitees, Trade and Industry Minister Richard Konteh reiterated government’s commitment to business saying his presence, and yesterday’s event “underscores the importance” government places on “industry, trade and the private sector as a whole”. Mr. Blair he continued “is supporting” the process.
Mr. Blair who entered the resort hall in very relaxed and happy mood, smiling as usual said he is “delighted” to be back in Sierra Leone to “support” efforts aimed at building the capacity of Sierra Leone’s private sector. He said the ambition of African leaders should be “to do it within” rather than “depend on aid”.
The private sector “holds” the key to economic development in any country, but how “prepared” is the private sector in Sierra Leone to face the challenge asked Tony Elumelu. “Let’s begin to think in our own little way what this private sector can do to face the challenges” he urged.
Sierra Leone is rich in mineral resources and has minus the capacity what to sell. The government of Sierra Leone as clearly stated by the political head of trade has put in place the long awaited local content policy. This he revealed requires the endorsement of cabinet and perhaps the house of representative.
The local content which is best described as “not a divine right to work but an opportunity to work” will for now address major concerns raised by Sierra Leoneans in the areas of Sierra Leonean representation on the management structure of investments in Sierra Leone and the right of citizens to acquire stake as shareholders or (owners) of big businesses operating in the country.
All major big businesses operating in Sierra Leone from telecommunications, Agriculture and mining are either listed or dual listed on stock exchanges out of Sierra Leone. It is hoped that with the local content in place the Sierra Leone stock exchange with only one company listed will facilitate some degree of local ownership.
By Solomon Raye Wilson
ADVERTISEMENT