By Chernor Alimamy Kamara
In a bid to achieve their deliverables for Fiscal Year 2024 and to open trade in the sub-region, the Ministry of Trade and Industry (MTI) is determined to resuscitate the Koindu International Market.
The Ministry officials spoke about the issue while presenting their 2024 budget allocation at the Ministry of Finance on the 17th of October 2023.
In his presentation, the Deputy Director of Policy, Planning and Research at MTI, Kossy Max Sesay noted that the ministry plans to improve infrastructure and business regulatory environment and establish at least two Special Economic and Export Processing Zones. He stated that they would enhance the promotion of manufacturing and industries and undertake reforms in the essential commodities market to reduce the landed cost of products.
He also stated that the ministry will conduct an international business round table and provide support to Agri-business and Small and Medium-sized Enterprises (SMEs).
The Deputy Director of Policy, Planning, and Research explained the ministry’s strategy for revenue mobilization for 2024 to support Government fiscal space in collaboration with other Agencies to increase export promotion drive to new emerging markets. He further said that they will improve trade financing facilities and increase and improve monitoring of trade space and routes. He added that the ministry will effectively coordinate with domestic tax institutions at the National Revenue Authority (NRA).
For FY 2023 deliverables, he pointed out that MTI has launched a Special Economic Zone Policy, National Industrial Policy, Cooperative Policy, Agribusiness Policy, and National Trade Strategy which all have been approved by Parliament. He said that they have rolled out the National microfinance ‘Munanfa’ fund where 10, 032 (ten thousand and thirty-two) beneficiaries have received the loan. He said they have recruited 12 financial service providers.
He went on to say that MTI has trained 4,000 (four thousand) women-owned SMEs in business development services and has selected a second crop of 60 SMEs in Agro-processing along various value chains nationwide.
Director Sesay boasted that in 2023, MTI generated NLE 1,225,915 (one million, two hundred and twenty-five thousand, nine hundred and fifteen thousand New Leones) in the first half of the year from Integrated Trade Services, Sierra Leone Standards Bureau, Produce Monitoring Board, Petroleum Regulatory Agency and Sierra Leone Produce Marketing Company.
The presentation ended with the submission of a budget estimate of NLE 11,884 (eleven million, eight hundred and eighty-four thousand New Leones) for implementation of key deliverables for FY 2024.
The Ministry of Trade and Industry is mandated to develop policies and programmes to stimulate local and export trade as well as enhance private sector and industrial development, and economic growth.
Copyright © 2023 Politico (18/10/23)
