Sierra Leone’s government is stepping up efforts to deepen cooperation with the private sector as the economy shows signs of gradual recovery, Trade and Industry Minister Alpha Ibrahim Sesay said on Tuesday.
Speaking at a networking event organised by the Sierra Leone Chamber of Commerce, Industry and Agriculture, the minister said renewed collaboration between the state and businesses would be central to sustaining economic momentum and accelerating structural transformation.
He described the public–private partnership as “significant for the economic transformation agenda,” adding that stronger coordination would help drive investment, industrialisation, job creation and entrepreneurship.
The minister acknowledged recent institutional weaknesses within the Chamber but said government intervention — including mediation and consultations — had helped restore stability and improve its functioning.
A key focus of the government’s strategy, he said, is rebuilding investor confidence and ensuring that business associations can effectively represent the private sector in policy discussions.
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Sesay framed the current period as one of “gentle recovery,” citing improvements in key macroeconomic indicators, including rising growth, narrowing fiscal deficits and easing inflation pressures.
He also highlighted a major statistical rebasing of the economy from a 2006 to 2018 base year, supported by the International Monetary Fund (International Monetary Fund) and the African Development Bank (African Development Bank). The revision significantly increased the estimated size of the economy by better capturing informal services, mining activity and digital sectors.
The minister said the updated figures placed gross domestic product at about $7.8 billion in 2024 and more than $8.6 billion in 2025, reflecting what he called a more accurate picture of economic activity.
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Manufacturing remains central to the government’s industrialisation agenda, contributing roughly 22 percent of GDP, according to the minister. He said policy reforms are being considered, including a review of the Local Content Act to strengthen domestic production and reduce reliance on imports.
Sesay pointed to early gains in agro-processing, construction materials and food production, arguing that local firms are increasingly replacing imported goods in some sectors.
However, he warned that high energy and fuel costs continue to weigh heavily on businesses and competitiveness. The government has therefore maintained fuel subsidies to cushion consumers and firms while broader macroeconomic stabilisation continues.
He said the services sector — including telecoms, banking, transport and tourism — now accounts for nearly half of GDP, underscoring a gradual shift toward a more diversified economy.
The minister also highlighted efforts to support small and medium-sized enterprises, saying more than 2,700 businesses have received training in entrepreneurship, export readiness and formalisation programmes.
A key pillar of the government’s trade strategy is the African Continental Free Trade Area (African Continental Free Trade Area), which Sesay described as a major opportunity for exporters and manufacturers if firms are adequately prepared to compete across regional markets.
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He added that the government is developing new policy frameworks, including an export strategy, industrial policy and special economic zones, aimed at attracting investment and improving productivity.
Sesay also cited tax relief measures worth US$82.6 million granted between 2023 and 2025 to support businesses, arguing that such incentives are necessary to sustain private-sector growth during a period of adjustment.
Despite the positive signals, he acknowledged ongoing challenges, including global energy price pressures, border inefficiencies and the difficulty of formalising the informal sector, which still dominates large parts of the economy.
He urged closer coordination between government and business leaders to ensure that reforms translate into tangible investment and job creation.
“Let us work hard. Let us start to build a resilient economy,” he said, adding that sustained partnership would be key to long-term economic stability.
