By: Saidu Jalloh
In a bilateral budget discussion organized by the Ministry of Finance and Economic Development, the Deputy Director of Policy, Planning and Research at the Ministry of Trade and Industry, Kossy Max Sesay, has on the 17th October 2023 presented the Ministry big five game changer budget at the Ministry of Finance Main Conference Room, George Street, Freetown.
Before the presentation started the Deputy Minister of Finance and Economic Development II, Mr. Bockarie Kalokoh chaired the Programme welcome the Ministry of Trade and raised the issue of upsurge in food items and asked the Ministry to stabilize the prizes of commodities in the country.
“Trade is very important and is the nucleus of economy, and we don’t trade with ourselves but with other people,” Chief Director Policy, Planning and Research, Emmanuel Konjoh open the discussion.
Mr. Emmanuel Konjoh expressed that CTC imports more than any other company in Sierra Leone and they are the largest importer of rice, and Sierra Leone is no longer importing vegetable oil and cassava is now used as flour in Sierra Leone. He also added that Sierra Leone will start produce iron rod and the factory is already here work will commence soon.
The Deputy Director Policy, Planning and Research, Mr. Kossy Max Seasy started the presentation with the strategic vision of the ministry in which he said that the Ministry’s Strategic Vision is to position the private sector as the engine of production and trade for economic growth. He also maintained that the mission, vision and mandate of Ministry of Trade and Industry and it’s Sub agencies is to contribute to leading economic development through policy formulation, private sector development, dialogue facilitation, industrial and public education, envisages a private sector – led economy which will ensure that the socio – economic needs of the citizens are met through private sector development, job and wealth creation, also the ministry has the mandate of developing policies and programmes to stimulate local and export trade as well as to enhance private sector development, industrial and economic growth.
Mr. Kossy Max Seasy also stated that they are playing oversight for six agencies and these agencies are Petroleum Regulatory Agency, Department of Cooperative, Sierra Leone Local Content Agency, Produce Monitoring Board, Small and Medium Enterprise Development Agency and Sierra Leone Produce Marketing Board.
Mr. Kossy Max Seasy also explained the revenue generated in the Fiscal Year 2022 in which he explained that Integrated Trade Service generated Nle 37.554 million, Sierra Leone Standards Bereau generated Nle 3.270 million, and Produce Monitoring Board generated Nle. 6.679 million, Sierra Leone Produce Marketing Company generated Nle 3.121 million Petroleum Regulatory Agency generated Nle 767.14 million. He added that the total revenue generated in 2022 is Nle 817.664 million.
He noted that the budget approved for 2022 fiscal year was not fully disbursed that was Nle 3.4 million and Nle 2.7 million was given to them.
Mr. Kossy Max Seasy also affirmed that they have generated more revenue in the half of 2023 than the full year of 2022. In the half of 2023, Integrated Trade Service generated Nle 35.483 million, Sierra Leone Standards Bureau generated Nle 1.434 million, Sierra Leone Produce Marketing Company generated Nle 1.253 million, Produce Monitoring Board generated Nle 4.985, Petroleum Regulatory Agency generated Nle 1,182.76 million and the total amount generated is Nle 1,225.915 million.
The Deputy Director Policy, Planning and Research, Mr. Kossy Max Seasy also updated the audience on the key deliverables for the Fiscal Year 2022 in which he said are: facilitated the development of 3 policies, 2 strategies and assessment studies, coordinated the implementation of the National Micro Finance Scheme ( MUNAFA Fund), coordinated business support program activities and strategic trade facilitation engagements including establishment of NTFC secretariat, operationalized the national notification authority (WTO), implemented recommendations of MTI change management retreat including capacity building.
Mr. Kossy Max Seasy expressed dismay over the challenges the ministry is faced with in which he explained are: inadequate and late disbursement of government allocations, inadequate Logistics (2 vehicles one for the Ministry of Trade and Industry and SPS) in which he said at least three 3 vehicles is required, inadequate office space, inadequate representation/ presence in the region.
The Deputy Director Policy, Planning and Research, Mr. Kossy Max Seasy climaxed the presentation with the strategy for revenue mobilization in Fiscal Year 2024. He assured the audience that they are going to provide effective and efficient revenue mobilization to support government fiscal space in collaboration with MTIs Agencies through: increase export promotion drive to new emerge markets, improve Trade Financing facilities, increase and improve monitoring of trade space and routes, effective coordination with domestic tax institution (NRA).