Trade Minister Facilitates Le5B Credit to Importers

0
159

Minister of Trade and Industry, Dr. Hinga Sandy, has informed journalists over the weekend that his ministry has embarked on various institutional reforms for effective service delivery.

He said the new structures will speak to the needs of the country as the ministry positions itself to harness opportunities across the globe in order to grow the country’s economy.

According to Dr. Sandy, one of the biggest projects his 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 his ministry in collaboration with the Ministry of Finance and the Bank of Sierra Leone, has been able to secure essential consumer commodities to meet the needs of the people of Sierra Leone, by providing five hundred billion Leones credit facility to importers.

According to Dr. Sandy, as a result of this credit facility, and despite the country going through difficult time due to the Coronavirus pandemic, prices of essential consumer items remain stable.

Rice, he said is available in the country for up to the end of this year, and that more is expected to be imported for 2021.

The minister added that there are enough petroleum products in the country, and that the government has opened up the market by introducing a new player in the petroleum sector who will also be bringing in petroleum products.

He reported that Sierra Leone has joined two large market 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 added that his ministry has registered thirty-one companies that are producing goods in Sierra Leone for export to other countries.

Several industry promotion policies are currently under review, Dr. Sandy said, noting that the ongoing reforms will attract more investments into the country.