| Economy - Relations with EU - Currency |
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Establishment of the Sierra Leone Investment and Export Promotion Agency, 10th May 2007.
The Sierra Leone Investment and Export Promotion Agency has been established to promote investments and exports and for other related matters.
It was enacted by the President and Members of Parliament on the 4th May 2007. A copy of the Act can be found here: ACT, Sierra Leone Gazette Vo. CXXXVIII, N° 22, 10th May, 2007.
Economy
Economic development in Sierra Leone is largely dependent on mineral exploitation. However, agriculture of commodity products, industrial development and sustainable investments receive increasing support from the government.
Government policies aim at diminishing the importance of an "exploitative economy", based on the extraction of unsustainable resources or non-reusable assets. The government is trying to increase food and cash crop production and upgrade small farmer skills. Also, the government works with several foreign donors to operate integrated rural development and agricultural projects.
Mineral exports remain Sierra Leone's principal foreign exchange earner. Sierra Leone is a major producer of gem-quality diamonds. Annual production estimates range between $70-$250 million. Recent efforts on the part of the country to improve the management of the export trade have met with some success.
Sierra Leone has one of the world's largest deposits of rutile, a titanium ore used as paint pigment and welding rod coatings.
The new Core Mineral Policy (CMP) of the Government of Sierra Leone has been designed to create an
internationally competitive and investor-friendly business environment in the mining sector. The policy is
expected to assist the mining industry in attracting foreign and local private sector funds and to provide
benefits and protection for the people and the environment of Sierra Leone.
Since independence, the Government of Sierra Leone has encouraged foreign investment, although the business climate suffers from uncertainty and a shortage of foreign exchange because of civil conflicts. Investors are protected by an agreement that allows for arbitration under the 1965 World Bank Convention. Legislation provides for transfer of interest, dividends, and capital.
Sierra Leone is a member of the Economic Community of West African States (ECOWAS). With Liberia and Guinea, it formed the Mano River Union (MRU) customs union, primarily designed to implement development projects and promote regional economic integration.
| Sierra Leone's global merchandise trade relationships |
| Sierra Leone's principal export destinations, 2005: |
Sierra Leone's principal import sources, 2005: |
| 1 Belgium 65.6% |
1 Germany 19.1% |
| 2 Germany 13.4% |
2 Côte d'Ivoire 11.3% |
| 3 United States 4.6% |
3 United Kingdom 8.6% |
The Sierra Leone Government is committed to an economic and institutional reform programme, supported by the Bretton Woods Institutions and other donors including the European Commission.
Relations with the EU
Sierra Leone has enjoyed along standing association and trade relations with the European Communities under the framework of the successive Lome Conventions and the Cotonou Agreement.
The UK is represented by a High Commissioner in Freetown, playing a major role both diplomatically and in terms of financial and military assistance in support of the peace agreement. The UK are assisting the Government, amongst other programmes, with the training and restructuring of the police and armed forces. Other EU Member States, including Denmark, France, Germany, the Netherlands and Sweden, are supporting the country by relief and development programmes but do currently not have Embassies in Sierra Leone.
Under the consecutive Lomé Conventions (4th to 8th European Development Fund, EDF), some 400 M€ have been allocated to Sierra Leone.
The focal sectors of the National Indicative Programme (NIP) under the 8th EDF are: (i) public sector reform, good governance, democratisation and human rights; (ii) rehabilitation and development of social sectors and (iii) infrastructure.
See details on Sierra Leone - European Community Cooperation for the period 2008 - 2013.
The Delegation of the European Commission is located:
EC Delegation's Office
25 Main Road Regent, Freetown.
Currency
Sierra Leone’s currency is the Leone. The central bank of the country is the Bank of Sierra Leone which is located in the capital, Freetown.
To convert Sierra Leonean Leone (SLL) into EURO, go to : coinmill.com/EUR_SLL.
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