By: Saidu Jalloh
During the ongoing budget policy hearing at Ministry of Finance (MoF), the Director of Policy, Planning and Research of the Ministry of Trade, Max Sesay, reveals that in first half of 2024 they have generated over one billion Leones in their financial performance.
This discussion is aimed at stimulating the ministry activities, reforming and strengthening other institutions under their supervision.
Max Sesay took the opportunity to explain the mission and vision of the ministry in which he explained that the ministry vision is to contribute to leading economic development through policy formulation, private sector development dialogue facilitation, industrial and public education, and he explained the vision as to envisages a private sector led economy which will ensure that the socio-economic needs of the citizens were met through private sector development, job and wealth creation.
Fast forward, Max Sesay highlighted the significant contribution they have made over the years as ministry, emphasizing that in 2024 financial performance, they had generated revenue for government over one billion Leones (Le 1.036, 000, 000, 000). Max Sesay also stated how they generate the revenue in which he stated that Integrated Trade Service generated, 33.484 million Leones, Produce Monitoring Board (PMB) generated 17.887 million Leones, Petroleum Regulatory Agency (PRA);generated 980.560 million Leones, Sierra Leone Standard Bureau generated 2.143 million Leones and Sierra Leone Marketing Company (SLPMC) 1.859 million Leones. .
Max Sesay also updated the panel on their deliverables for FY2023 and stressing that they had facilitated the development of 3 policies, 2 strategies and 2 assessment studies, coordinated implementation of the National Micro Finance Scheme (MUNAFA Fund), coordinated business support activities and strategic facilitation engagements including establishment of NTFC secretariat, operationalized the national notification authority and implemented recommendations of MTI change management retreat including capacity building.
He underscored that they had delivered in major activities including improving infrastructure and the business regulatory environment, establish special economic zones (SEZ) and export processing zones (EPZ), implement targeted intervention to increase the productivity of the national sector, establish MTI’s visibility Nationally and Internationally and rolled out of the consumer protection commission.
Max Sesay also revealed the challenges the faced in delivery of the first half of 2024 in which he said were insufficient disbursement, technical division were constrained in receiving GoSL fund, lack of requisite technical training, inadequate office space, insufficient number of vehicles from Headquarter to conduct normal activities, inadequate office equipment, insufficient personnel for the office of the MTI, DMTI, SPS, CDH&PH.
In his remarks, he expressed that they planned for 2025 is to improve trade infrastructure and business regulatory environment, formalization of the informal sector, reposition Sierra Leone for the Africa Continental Free Trade Agreement, enhance the production of strong and light manufacturing industries, private sector development, support to agri-business SMEs, improving National Quality Infrastructure and construction of three markets and two regional offices.
In closing, Max Sesay summarized the requested budget of the ministry needed for 2025, emphasizing that for their work to go smoothly, they had requested for 140.796 million Leones, and he also demonstrated that their theme for this year’s budget is ‘Boosting Economic Growth, Promote Private Sector Development and Job Creation’.
