October 27, 2021
BY MOHAMED M. SESAY
The Fifth Parliament of the Second Republic of Sierra Leone has yesterday the 26th of October 2021, controversially ratified an agreement between the Government of Sierra Leone represented by the Ministry of Trade and the Gold Brewery SL Limited for the production of locally made alcohol.
Explaining the importance of the agreement to members of Parliament, the Minister of Trade and Industry Dr. Hinga Sandi, said the agreement is for the introduction of the second brewery factory which will add to the existing industry in the country.
He added that Sierra Leone has joined the community of African continental free trade agreement which means a lot for the country. He said what they are trying to do as a government, is to see how the country will meet the requirement of those agreements by developing the country’s industry base.
Dr. Sandi further disclosed that there are two things which will be of high consideration ranging from the reduction of the country’s importation rate of so much value on the currency and how to promote export by offsetting the big lacuna in what the country imports to that of the exportation of the country.
He said if the country’s imports far outweigh the exports of the country, there will be binding constraints.
He also intimated that the agreement is among a number of steps government is implementing through the Ministry of Trade in order to have many industries in the country.
He noted that the tax concessions government gave to the company is in line with the financial Act of the country. Consistent with the motive of encouraging investors to establish factories in the provinces, the Trade Minister also revealed that they have reduced the corporation tax which will now encourage investors to establish factories in the provinces.
“I am very happy that a good number of honorable members have considered the agreement as non-controversial and being aligned with the Finance Act of Sierra Leone. This agreement will also ensure that farmers have value for their local products”, he said.
Dr. Sandi also assured that the agreement will also help to bring in competition particularly in the Brewery products. He said Sierra Leone Brewery has been in existence for a while and continues to produce Brewery products in Sierra Leone. He therefore suggested that it is high time the country had more Brewery industries in the country. He stressed the point that the agreement will help broaden the value of the country’s export. He concluded that the agreement will also help create more jobs for Sierra Leoneans.
The Deputy Leader of the Main Opposition Hon. Ibrahim Ben Kargbo noted that for a country that is determined to be developed will embrace investors. He however reminded the Minister and Members of Parliament that Alcohol is not the best form of investment for the people of Sierra Leone. He added that the easiest way a country can go backward is the introduction of alcohol in the country
The Deputy Leader of Government Business Hon. Bashiru Silikie welcomed the agreement and encouraged members to expedite the ratification of the agreement. He added that with the introduction of the new agreement especially in the Brewery industry, more competition is now assured in the industry. He subscribed that to the view to that the long held monopoly wherein one company has the patent right to produce alcohol is now over. He added that as a government, they want to bring in more investments and investors which will create more opportunity for the people of Sierra Leone.