Trade Minister Dr. Sandy
The Ministry of Trade and Industry is currently revitalizing the Koindu market linking Sierra Leone and neighboring Liberia and Guinea.
Trade Minister, Dr. Edward Hinga Sandy confirmed that his Ministry is poised to roll-out micro credit schemes to support small businesses in Sierra Leone. Dr. Hinga Sandy said on Thursday that his ministry will embark on various institutional reforms for effective service delivery.
Dr. Hinga Sandy said that the new structures will speak to the needs of the country as the Trade Ministry positions itself to harness opportunities across the globe in order to grow the country’s economy.
According to him, one of the biggest projects the Ministry is working on along with the Ministry of Finance is the implementation of a National Micro Credit Scheme that will provide funds for small businesses.
He said the Ministry in collaboration with the Ministry of Finance and the Bank of Sierra Leone has been able to secure essential commodities by offering a five hundred billion Leones credit facility to importers which is why despite the country going through a difficult time due to the corona pandemic prices remain stable, rice available for up to the end of the year and more importation expected to meet the needs of 2021.
He added that there are enough petroleum products in the country, saying they have opened up the market by introducing a new player in the petroleum sector who will be bringing in petroleum products thereby creating jobs and generating revenue for the country.
The Minister informed that Sierra Leone has joined two huge marketing opportunities – the ECOWAS Trade Liberalization Scheme that allows companies within West Africa to trade with businesses in the sub-region and the Continental Free Trade Agreement that has already been ratified. He disclosed that they have registered thirty-one companies that are producing in Sierra Leone and exporting to other countries.
A number of industry policies, the Minister went on, are currently under review, noting that the ongoing reforms will attract more investments in the country. In conclusion, Dr Sandy assured that the Koindu Market which links Sierra Leone, Liberia and Guinea will be revitalized soon.
This international market in Koindu has been dormant for some time now and its revitalization will benefit the Mano River Union states.