By: Thaimu Bai Sesay
In a major step towards enhancing the country’s economic potential, Sierra Leone’s Parliament has on Tuesday 26th November 2024, Parliament ratified a €12 million grant agreement from the European Commission.
The agreement, officially titled “Financing Agreement between the European Commission and the Republic of Sierra Leone Business Environment and Competitiveness for Salone (BEC4S),” was signed on March 20, 2024. This agreement was laid before Parliament on Monday 25th November 2024 and unanimously approved on the 26th during the 17th Plenary Sitting, recognizing its importance.
During the debate, the Chairman of Parliament’s Finance Committee, Hon. Francis Amara Kaisamba of Kenema District, praised the government for securing the grant, emphasizing its potential to transform the economy. “This is a significant achievement for the country. The funds would standardize our fisheries sector, improve product quality, and open doors to international markets,” he stated.
The Hon. further noted that the grant could stabilize the exchange rate and drive broader economic growth, provided it is managed responsibly.
Hon. Kaisamba urged the Ministry of Finance to ensure the grant is utilized for its intended purpose and called on parliamentary committees overseeing finance and trade to remain vigilant in monitoring its implementation.
Hon. Abdul Karim Kamara, the Chief-whip of the Opposition and representative of Kambia District, underscored the importance of value addition in Sierra Leone’s pursuit of global market relevance. “Twelve million Euros is no small money,” he remarked, while expressing concerns about accountability. “We must ensure the funds are effectively utilized to maximize their impact. Sierra Leone has everything the world is looking for; we need to harness it wisely,” he said.
Acting Leader of the Opposition, Hon. Daniel Koroma, echoed the sentiments, emphasizing the need for robust management structures. “The grant is meant to ensure consumer safety and facilitate exportation,” he noted.
He also highlighted the challenges posed by bureaucratic delays, urging swift and efficient implementation to meet international benchmarks.
Leader of Government Business, Hon. Mathew Sahr Nyumah, applauded Parliament for its bipartisan support in ratifying the agreement. He underscored the importance of policy consistency under President Julius Maada Bio’s administration, which he credited for progress in governance and anti-corruption efforts.
“This grant is a reflection of our achievements on the Millennium Challenge Corporation (MCC) scorecard,” he stated, adding, “Transparency will be non-negotiable in the implementation of this project.” Hon. Nyumah urged the Ministry of Finance to uphold confidentiality and maintain strict oversight to ensure the agreement’s success.
Deputy Minister of Finance II, Bokarie Kalokoh, expressed gratitude to Parliament for its constructive deliberations. He echoed the importance of the blue economy a concept that focuses on sustainable use of ocean resources for economic growth and encouraged Sierra Leoneans, particularly in the private sector, to embrace initiatives like the BEC4S project.
“This project has the potential to elevate Sierra Leone’s fisheries to meet international standards, making our products competitive on the European market,” the Minister remarked.
He assured the public that the Ministry of Finance would do everything necessary to ensure the grant achieves its objectives.
The €12 million grant is expected to provide critical support to Sierra Leone’s fishing industry, which holds untapped potential as a driver of economic growth. With the promise of increased exports and improved quality standards, the initiative could not only boost the country’s GDP but also enhance its reputation on the global stage.
As Parliament celebrates this landmark achievement, all eyes will be on the Ministry of Finance and implementing agencies to ensure that this opportunity translates into tangible benefits for the people of Sierra Leone.