Business in Sierra Leone, Freetown

The objectives of the subject “Foreign Trade and Business in the Republic of Sierra Leone” are the following:

1. To analyse the Sierra Leonean Economy and Foreign Trade (Import, Export, FDI)
2. To know the business opportunities in the Republic of Sierra Leone
3. To explore the Sierra Leonean trade relations with the country of the student
4. To know the Sierra Leonean Trade Agreements
5. To develop a business plan for the Sierra Leonean Market

Sierra Leonean Preferential Access and Free Trade Agreements

1. Sierra Leone and the West African Economic Area
2. Economic Community of West African States (ECOWAS)
   1. ECOWAS Regional Road Transport and Transit Facilitation Programme
3. West African Monetary Zone (WAMZ)
4. Community of Sahel-Saharan States (CEN-SAD)
5. African Continental Free-Trade Area (AfCFTA)
6. Mano River Union (MRU)
7. European Union-Sierra Leone:
   1. Generalised System of Preferences (GSP)
   2. Africa-European Union Strategic Partnership/Everything But Arms (EBA)
8. African Growth and Opportunity Act (US) - AGOA
9. Islamic Trade Preferential System (TPS-OIC)

Trade Facilitation Programs

1. World Trade Organisation (WTO)
   1. WTO Agreement on Sanitary and Phytosanitary Measures (SPS)
   2. WTO General Agreement on Trade in Services (GATS)
   3. WTO Agreement on Technical Barriers to Trade (TBT)
   4. WTO Agreement on Preshipment Inspection (PSI)
   5. WTO Agreement on Safeguards (SG)
   6. WTO Trade Facilitation Agreement (TFA)
2. World Customs Organisation (WCO)
   1. Revised Kyoto Convention (RKC)
3. Convention on the Carriage of Goods by Sea (Hamburg Rules, UN)
4. International Bureau of Containers and Intermodal Transport (BIC)
5. International Civil Aviation Organisation (ICAO, Chicago Convention)
6. International Maritime Organisation (IMO)
   1. Convention Relating to Temporary Admission (Istanbul Convention) - not a member
7. Customs Convention on Containers (CCC, UN) - not a member

African Trade and Economic Organisations

1. Economic Commission for Africa (ECA)
2. African Union (AU)
   1. African Union Convention on Preventing and Combating Corruption
   2. African Union Development Agency (AUDA-NEPAD)
   3. Comprehensive Africa Agriculture Development Programme (CAADP)
3. African Development Bank (AfDB)
4. Africa-Japan Cooperation (TICAD)
5. Africa-South America Summit (ASA)
6. Forum on China-Africa Cooperation
7. Africa-Asia Strategic Partnership (NAASP)
8. Africa-Korea Partnership
9. Africa-India Framework for Cooperation
10. Africa-BRICS (Brazil, Russia, India, China, South Africa)
11. Africa-Turkey Partnership

Islamic Organisations

1. Afro-Arab Cooperation
2. Arab Bank for Economic Development in Africa (BADEA)
3. Organisation of Islamic Cooperation (OIC)
   1. Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC)
   2. Islamic Chamber of Commerce and Industry (ICCI)
   3. Islamic Centre for Development of Trade (ICDT)

Global Economic Organisations

1. World Bank (WB)
2. World Trade Organisation (WTO)
3. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD)
   2. International Trade Centre (INTRACEN)
4. International Monetary Fund (IMF)

The Republic of Sierra Leone

1. Borders of Sierra Leone: Guinea-Conakry and Liberia
2. Sierra Leonean Area: 72,000 square kilometres (one of the smallest African nations)
3. Sierra Leonean population: 7 million people
   1. Mandinka
4. Capital of Sierra Leone: Freetown (1.2 million)
5. Other cities of Sierra Leone: Bo, Kenema, Koidu Town, and Makeni
6. Official language of Sierra Leone: English
7. Local languages: Temne, Mende, and Krio
8. Government of Sierra Leone: Constitutional Democracy
9. Sierra Leonean Legal System: English common law
10. Sierra Leone was created in 1787
11. Independence of Sierra Leone: 1961 (United Kingdom)

More information about Sierra Leone (EENI African Portal).

The main religions in Sierra Leone are:

1. Islam (78%)
2. Christianity (27%)
3. African Traditional Religions

Sierra Leone belongs to the West African Economic Area (African Civilisation).

Economy of Sierra Leone:

1. Sierra Leonean GDP: 1.99 billion dollars
2. GDP growth rate: 13.8%
3. Average GDP growth rate: 5.1% (2000-2011)
4. Sierra Leonean dynamic sectors: agriculture, construction, manufacturing, services, and iron-ore mining
5. Sierra Leonean Agriculture sector: 51% of the GDP/17% of exports/61% of workforce.
6. Top agricultural products of Sierra Leone: coffee, cocoa, and oil palm
7. Main resources of Sierra Leone: mineral, tourism, agriculture, marine, petrol and gas, energy, and fishery
8. Top Sierra Leonean export products: diamonds, rutile, and bauxite iron ore
9. The main economic activities in Sierra Leone are gold and diamond mining
10. Sierra Leone has the largest natural African port
11. The largest Sierra Leonean trading partners are China, India, the United Kingdom, the U.S., South Africa, and Belgium
12. Common External Tariff (CET) of the Economic Community of West African States (ECOWAS)
13. Foreign Direct Investment (FDI) stock in Sierra Leone: 740 million dollars