Representatives from the Sierra Leone business community including rice importers, the importers association, trader’s organizations, oil marketing companies and local industries told President Bio that they will continue to import large quantities despite the challenges.
Hissam Mackie, Vice President of the Lebanese community said they want to and are always ready to do business in Sierra Leone. He said they have met with a variety of Ministers and complained about the foreign exchange rate and other challenges. He said this will not deter them from doing business and they will continue to import essential and non-essential goods as well as luxury goods.
The rise and fluctuations in the foreign exchange rate is having a negative effect on the price of consumer goods, including food, electronics, cars, etc. Prices have increased dramatically over the past three months.
Kobi Walker, representing oil marketers, highlighted some of the challenges. He also complained about the rise in foreign currencies because, “we need to pay our suppliers on international markets.” He said their profit margin is deteriorating as they used to have 15 cents but this has dropped to eight cents. Also the huge debt he said owed by the power sector.
Business people complained about the issue of reliable, cost-effective electricity. They said the lack of electricity and reliable power is impacting their businesses.
Gibrilla Turay, representing the traders association, recently told SLBC they also face a lot of challenges in the area of market place, small and medium enterprise support.
The Minister of Trade and Industry, Peter Bayuku Conteh, said his government is interested in promoting trade through a conducive environment. He said their challenges and concerns would be addressed. Government he added is planning to construct factories in every district and decentralize the distribution of fuel.
Minister Conteh appealed to the business leaders to avoid importing sub-standard products.
President Julius Maada Bio highlighted that the meeting between the business community and government will be a continuous process, as they need to know what is happening in the business sector.
He promised the high rate of foreign exchange, electricity and profit margin will be looked in to, noting that the higher the profit, the more taxes they pay.
BM/19/7/18
By Betty Milton
Monday July 23, 2018.
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