Coordinating Unit, Ndeye Koroma
As we approach the deadline for the 2018 reporting cycle on 31 May 2017 the Millennium Challenge Coordinating Unit (MCCU) under the office of the Chief of Staff in collaboration with the Ministry of Trade and Industry, yesterday, organized a one-day workshop with the private sector to discuss business reforms in Sierra Leone.
The Chief Executive Officer of the Millennium Challenge Coordinating Unit, Ndeye Koroma, said the objective of the workshop is to discuss the doing business reforms for an improved ranking on the world doing business index.
She said the workshop provided an opportunity for participants in the doing business reforms to share their achievements in their indicator areas specifically highlighting those reforms that would be reported to the World Bank.
She said the MCCU has 20 indicators and Sierra Leone has just succeeded in achieving six of the goals. She called on the Government to improve areas of corruption, transparency and accountability, freedom of speech and ease of doing business.
The Deputy Minister of Trade and Industry, Mohamed Mansaray, said the International Finance Corporation and the World Bank doing business reforms project was established as a flag ship project in 2005.
He said Sierra Leone ranked 147 out of 190 countries in the world and also regarded as one of the top 5 reformers in Sub-Saharan Africa.
However, the Deputy Minister said although there are still obstacles in our doing business in Sierra Leone, the Government is striving to improve on its reforms as some reforms will take some time to make impact.
Michaela Mackay, CEO & Registrar of the Corporate Affairs Commission, spoke about their mandate in the registration of companies and businesses. She said the doing business reform focuses on cost of doing business, procedures to establish a business and time it takes to open a new business.
She further explained that registration fee for a company is now Le250,000 and they will be issued with a certificate, NASSIT and National Revenue Authority Tax identification Number(TIN) which are issued on a single window.
She added that six months authorization is also issued on behalf of Freetown City Council in partnership with Corporate Affairs Commission, National Revenue Authority and NASSIT signed a memorandum of understanding to provide a single window for all registration process and electronic payment through mobile money and bank transfer is also acceptable.
She disclosed that previously companies used to pay Le850,000 and it took days, weeks and months to open a business in Sierra Leone and because we did not work on our reforms we dropped slightly on the doing business reform index.
Chief of Staff, Saidu Conton Sesay, said the doing business reform is significant towards the improvement of the business climate in Sierra Leone and urged stakeholders to make their input towards the reforms government is making to promote private sector development.
“Access to Credit Indicator dropped 5 places from 152 to 157 out of 190 countries globally because the Borrower and Lender Act of 2014 do not conform to Internationally accepted standards,” says Yusuf Dalhatu, Collateral Registry Unit, Bank of Sierra Leone.
Some of the participants made recommendations on the impact of doing business reforms towards private sector development in Sierra Leone.
By Saidu Bah
Twitter @mohamedsaidubah
Wednesday May 24, 2017.