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COMMERCE and INDUSTRY
in Sierra Leone
Seventy per cent of livelihoods in Sierra Leone are derived from agriculture
with crops including rice, cassava, bananas,
plantains, palm kernels, coffee and cocoa. Livestock farming
is becoming increasingly important with growing concentration on poultry,
cattle, sheep and goats.With its worldwide reputation of mariners, Sierra Leone has had a long association with the fishing industry. Whilst fishing for domestic consumption, a significant activity of offshore factory fishing ships for export exists with foreign industries plying the coast.
The mining sector plays a significant role in the economy of Sierra Leone with mineral resources including diamonds, gold, bauxite, iron ore and the world’s largest known reserves of highest grade natural rutile.
More recently, oil has been seen to be of increased interest, both onshore and offshore, for which much is hoped for from within this sector.
Local other industry includes refinery of petroleum and production of domestic consumer goods. Whilst domestic transport infrastructure remains limited, Sierra Leone boasts one of the most excellent port facilities of West Africa.
Currently, the cost of imports exceeds the earnings from exports - a matter the Government of Sierra Leone considers to be of prime concern and, with current events abroad of other countries addressing matters relating to the "level playing field", an improvement may be foreseen. The principal "hard currency" imports are machinery, manufactured consumer goods, foodstuffs, transportation equipment and fuels. The chief exports are diamonds and other minerals, cocoa, coffee and fish.
The leading trade partners to Sierra Leone include the European Union countries, United States, fellow ECOWAS member countries and, more recently, China and Korea.
Sierra Leone is a member of ECOWAS (Economic Community of West African States). Today, through the Bank of Sierra Leone, the nations currency - the Leone - is participant in the West African Monetary Zone (WAMZ), a mechanism pegging the currencies of The Gambia, Ghana, Guinea, Nigeria and Sierra Leone to the US Dollar. This is intended to eventually lead to a common currency for ECOWAS.
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