By Chernor Alimamy Kamara
Cocoa has been ranked as the third highest export revenue earner for Sierra Leone. This development was acknowledged by the Government of Sierra Leone and the private sector, the International Finance Corporation (IFC), together with the International Trade Centre (ITC) and the European Union, in a technical roundtable on the 18th of January 2024.
The event was to get public and private sector stakeholders to facilitate practical discussions for the sustainable development of Sierra Leone’s cocoa sector. The engagement was also to raise awareness of new market requirements and its potential impact on the sector’s performance.
The engagement was held under the theme, ‘Making Sierra Leone’s Cocoa Sector Investible and Sustainable,’ saying this collaborative effort aims to foster policy changes and create sufficient room for government collaboration, marking a significant step towards realizing the full potential of the country’s cocoa industry.
After the round table discussion, IFC released a media advisory which stated that in 2018, the cocoa sector generated over US$22 million, constituting 11% of the nation’s total exports. It noted that despite this positive trajectory, a substantial gap exists between Sierra Leone’s current cocoa exports and its export potential, revealing a potential untapped opportunity of around US$30 million.
At the World Economic Forum’s 54th Annual Meeting held on the 15th January, 2024, IFC sought to provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.
The meeting attracted over one hundred representatives of governments, major international organizations, civil society, youth groups, entrepreneurial businesses, and news outlets.
Copyright © 2024 (Politico (22/01/24)
