What looked like a farewell address and retrospection of successes scored in the Ministry of Trade Industry and State Enterprises was demonstrated by the outgoing Minister and the newly appointed Minister of Works Alimamy Koroma at the weekly press briefing at the Ministry of Information while recounting some of his scores in ensuring the business friendly climate in Sierra Leone over the past 16 months.
He said, out of the 163rd position Sierra Leone previously occupied on doing business, last year it shifted to 156th position on doing business in Sierra Leone on the joint World Bank and International Financial Cooperation report.
This he attributed to government’s commitment in creating the enabling climate to encouraging meaningful investment and hence stimulate economic growth.
He added that there is more room for reform but with collective responsibility of all the line Ministries and Departments they would do more reforms.
He explained that the government of Sierra Leone has established the business reform committee to coordinate government efforts in the implementation of business reforms.
Members of the committee include: Ministry of Lands, Country Planning and the Environment, Minister of Justice, Minister of Labour, Ministry of Finance, National Revenue Authority, Bank of Sierra Leone and NASSIT.
He said business reforms are very crucial to the development of Sierra Leone’s private sector because after the decade-long civil war the economy has a large informal sector and an unfavorable investment climate, but with the implementation of legal and regulatory reforms, the domestic private sector would grow and create more job opportunities.
He went on to confirm that it would also create an enabling environment that supports the investment promotion of Sierra Leone by attracting, providing services for and partnering with investment at both national and international levels.
Priority reform area identified by the doing business reform committee includes: starting a business, trading across borders, registering property, getting credit, closing a business and employing workers.