By Alieu Amara Suwu
During the ongoing budget policy hearing at the Ministry of Finance (MoF), the Director of Policy, Planning, and Research of the Ministry of Trade, Max Sesay, reveals that in the first half of 2024 they have generated over one billion Leones in their financial performance.
This discussion is aimed at stimulating the ministry activities and reforming and strengthening other institutions under their supervision.
Max Sesay took the opportunity to explain the mission and vision of the ministry, in which he explained that the ministry’s vision is to contribute to leading economic development through policy formulation, private sector development dialogue facilitation, and industrial and public education, and he explained the vision as envisioning a private sector-led economy that will ensure that the socio-economic needs of the citizens are met through private sector development, job creation, and wealth creation.
Fast forward: Max Sesay highlighted the significant contribution they have made over the years as ministry, emphasizing that in 2024 financial performance, they had generated revenue for government over one billion Leones (Le 1.036, 000, 000, 000). Max Sesay also stated how they generate the revenue, in which he stated that Integrated Trade Service generated 33.484 million Leones, Produce Monitoring Board (PMB) generated 17.887 million Leones, Petroleum Regulatory Agency (PRA) generated 980.560 million Leones, Sierra Leone Standard Bureau generated 2.143 million Leones, and Sierra Leone Marketing Company (SLPMC) generated 1.859 million Leones. .
Max Sesay also updated the panel on their deliverables for FY2023, stressing that they had facilitated the development of 3 policies, 2 strategies, and 2 assessment studies, coordinated implementation of the National Micro Finance Scheme (MUNAFA Fund), coordinated business support activities and strategic facilitation engagements, including the establishment of the NTFC secretariat, operationalized the national notification authority, and implemented recommendations of the MTI change management retreat, including capacity building.
He underscored that they had delivered in major activities, including improving infrastructure and the business regulatory environment, establishing special economic zones (SEZ) and export processing zones (EPZ), implementing targeted interventions to increase the productivity of the national sector, establishing MTI’s visibility nationally and internationally, and rolling out of the consumer protection commission.
Max Sesay also revealed the challenges faced in the delivery of the first half of 2024, which he said were insufficient disbursement, technical divisions were constrained in receiving GoSL funds, lack of requisite technical training, inadequate office space, insufficient number of vehicles from headquarters to conduct normal activities, inadequate office equipment, and insufficient personnel for the offices of the MTI, DMTI, SPS, CDH&PH.
In his remarks, he expressed that what they planned for 2025 is to improve trade infrastructure and the business regulatory environment, formalize the informal sector, reposition Sierra Leone for the Africa Continental Free Trade Agreement, enhance the production of strong and light manufacturing industries, develop the develop the private sector, provide support to agribusiness SMEs, improve national quality infrastructure, and construct three markets and two regional offices.
In closing, Max Sesay summarized the requested budget of the ministry needed for 2025, emphasizing that for their work to go smoothly, they had requested 140.796 million Leones, and he also demonstrated that their theme for this year’s budget is ‘Boosting Economic Growth, Promoting Private Sector Development, and Job Creation’.
