A Roundtable Discussion with H.E. Julius Maada Bio, President of Sierra Leone

On March 11, 2019, Corporate Council on Africa (CCA) hosted a roundtable discussion with the President of Sierra Leone, Julius Maada Bio. Before President Bio spoke, his adviser on Economic and Financial Policy, Joe Demby, provided an overview of the National Development Plan’s top goals. Simply put, Demby said President Bio is trying to get his country to reach the ranks of Middle Income Countries. Demby was frank in admitting that this would require at least doubling the current GDP of $3.7 billion to reach lower middle income status, and tripling to reach upper middle income status. Nonetheless, the government has come up with a plan to do that. One of the most important targets is increasing revenue from the agricultural sector, which employs 90% of the population. The government is focusing on the country’s two largest export earning crops, rice and coffee. Reducing the volume of crops lost between harvest and processing or delivery to port below the current 50% level could generate $1.2 billion in annual revenue. Expanding the area under cultivation for these two crops by 25% and upgrading growing techniques to match the average level of other West African producers could add another $1 billion per year. In addition, the country is looking to make better use of its extensive fishing resources, a potentially rich area for development and job creation in a sector that has been badly neglected for more than a decade. The government is also planning on investing in improved roads and ports, which will significantly boost the country’s competitiveness (the three most productive parts of the country are not currently served by national infrastructure networks). Demby and Deputy Finance Minister Patricia Laverly explained measures the government is implementing to improve laws and regulations to make it easier to invest and trade, while also invest in education to improve the capacity of Sierra Leonean workers.President Bio took the podium and explained to the capacity crowd that he is serious about changing Sierra Leone’s story from what the international community knows now of a country that has suffered the ravages of a prolonged civil war and Ebola, and creating a much healthier story of a country that is developing the potential of its people. He described programs his government has put in place to reduce corruption and make government more accountable, while also focusing on the practical issues needed to create jobs and get the economy moving. President Bio explained that he specifically came to Boston and Washington as part of an effort to reach out to American companies to convince them to examine Sierra Leone’s potential – particularly beyond just looking at Freetown, mining and tourism.The President and his delegation answered a number of questions from the audience, including agreeing to follow up with several companies that expressed interest in the agricultural, construction and financial sectors. The Trade and Development Agency also provided a quick overview of three projects it has recently signed in the country to support several sectors, including off grid and renewable energy generation.This event took place with the generous sponsorship of Jean Raymond Boulle and the Boulle company.