Both citizenry and the media focus on the past conflict, poverty and the behaviour of politicians and the governmental machinery in the handling ? of debt, aid, poverty and service of infrastructural assets influenced the way Sierra Leone is discussed externally, reinforcing perceptions of a country of numerous problems affecting investor’s confidence doing business in the country.
Sierra Leone was and still appears to be seen as a risky country with little understanding of its diversity and internal dynamics to do business. The Income Electric (energy provider from Nigeria) saga with the government has buttressed this view in many minds which must not be taken lightly or brushed under the political carpet. Image
If you are branded a thief or corrupt will be a stigma making it very difficult to find genuine partners anywhere both local and international to work with period. But despite the presence of these obvious problems, the country deserves to be seen as a country of opportunities. Business leaders, and mostly investors in and out of Africa, feel this growing sense of confidence in the future of Sierra Leone, but playing the wait and see strategy in the unfolding scenarios pertaining to the new government’s ability and capacity to handle situations both seen and unforeseen is the main issue at present. As the saying goes, all hands on deck! Yes but what part of the deck?
Business has a crucial educator role within every community and society as well as more broadly to challenge misconceptions about business investment in Africa through stories that convey the diversity and opportunities of the continent. Trade and business has the potential to be a powerful engine for Sierra Leone’s development. So a failure to be more dynamic in approach, develop a home grown business and trade blueprint using vibrant, experienced and rhetoric individuals with proven capacity would be foolish, unacceptable and suicidal to the success of any government generally. Businessmen investing across the continent recognise the importance of a successful and ambitious outcome to local trade economy, for Africa and its people, and for business.
Government as an urgent priority has to reinvigorate its efforts to achieve a positive solution to its economic blueprint by empowering local indigenous businessmen and businesses where ever they maybe and not relying on outside players or investments. According to the World Bank in 2006 2/3 of African countries made at least one reform, and Tanzania and Ghana rank among the top 10 reformers. While Africa in the last two years was the slowest reforming region in the world, this year it is the third fastest, after Eastern Europe and the OECD high-income countries.? South Africa and Mauritius are among the world’s top 30 places in terms of ease Joe Sakic jersey black of doing business.? In C?te d’Ivoire registering property took 397 days in 2005. Reforms eliminated a requirement to obtain the urban minister’s consent to transfer property. Now it takes 32 days. Burkina Faso cut the procedures for starting a business from 12 to 8 and the time from 45 days to 34.
Madagascar reduced the minimum capital for start-ups from 10 million francs to 2 million. Tanzania introduced electronic data interchange and risk-based inspections at customs. The time to clear imports fell by 12 days. Gambia, Nigeria and Tanzania reduced delays in the courts. Growth figures have also been encouraging.
According to the Africa Economic Outlook 2007/8, Africa grew by 5.5 per cent in 2006 ? well above the long-term trend and for the fourth consecutive year.? In 2007 the report estimates that average real GDP growth rate for the continent will be 5.9 per cent. ECOWAS and the MRU must support through special funding and technical support to build regional capacity to trade including support for trade facilitation and customs reform which will improve greatly both GDP and GNP. The reduction of tariff and non-tariff barriers to trade between ECOWAS countries ? as part of the much needed effort by African governments to stimulate intra-African trade is much overdue.
This must include to improved regional infrastructure and enhanced customs administration facilitating ICT digital technology platforms to replace old methodology with new strategy to enhance productivity and services including security. Government must continue its effort as on going to improve the business climate and to tackle the barriers to, and reduce the costs and consequence of doing business in Sierra Leone.? As highlighted by the World Bank’s Doing Business Reports, the Commission for Africa and others, all successful economies are those that have made progress in reforming their investment climates: overcoming onerous bureaucratic requirements; making financial markets work effectively to enable access to capital; tackling sometimes counter-productive regulation; strengthening insecure property rights; and ensuring effective contract enforcement as part of an effective legal system.? Such reforms are particularly important for helping smaller businesses to move into the formal sector and grow. President Ernest B Koroma must look at setting up a special fast track business court to deal with all business cases especially internationally owned enterprises that may need fast track approach and solutions to their problems. This will greatly help improve the image of the country globally which will help attract more positive investors and not fly by night businessmen.?
I am optimistic about the prospects for Sierra Leone.? Recent economic trend and growth has at least in part reflected improved governance and investment climates.? Burkina Faso, Mali and Niger are competing for the top rank in West Africa.? Mauritius has set a goal of reaching the top 10 on the ease of doing business by 2009. African nations still impose the most regulatory obstacles on entrepreneurs.? In Sao Tomé and Principe it takes an estimated 192 days to start a business, in the DRC, 155.? In Zimbabwe the cost of starting a business is equivalent to 1,443 per cent of income per capita, in Sierra Leone it is 835 per cent.? According to the UN trade and development body, Africa’s share of FDI remains low (under 2 per cent of global FDI inflows) and has been on a downward trend for three decades.? One study shows that around 45 per cent of African private wealth is held outside Africa. On infrastructure, efforts must continue to tackle infrastructure weaknesses, enhance donor co-ordination, promote infrastructure in national policy planning, mobilize additional funds and tackle issues such as project preparation capacity.
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