By Martin Malamah-Thomas
There is no simple or definitive answer to how to improve the economy of Sierra Leone by 50% within five years, however the next government can do the following:
Increasing investment in human capital, infrastructure, technology, and innovation. This could help boost productivity, competitiveness, and diversification of the economy.
Promoting fiscal discipline and improving public financial management. This could help reduce debt, inflation, and corruption, and increase revenue and expenditure efficiency.
Enhancing trade openness and regional integration. This could help expand market access, attract foreign direct investment, and benefit from economies of scale.
Strengthening governance and institutional quality. This could help improve the business environment, protect property rights, enforce contracts, and reduce political instability and violence.
Supporting environmental sustainability and resilience. This could help mitigate the impacts of climate change, natural disasters, and pandemics, and preserve natural resources for future generations.
Specific economic sectors that MUST be targeted are as follows:
Agriculture. This sector employs about two thirds of the population and contributes about half of the gross domestic product (GDP). However, the sector faces many challenges such as low productivity, poor infrastructure, limited access to markets and finance, and vulnerability to climate shocks.
Mining. This sector is the main source of export earnings and foreign exchange for Sierra Leone. The country has rich deposits of diamonds, gold, iron ore, bauxite, and rutile. However, the sector is also affected by volatility in global commodity prices, environmental and social impacts, governance issues, and lack of linkages with other sectors.
Energy. This sector is crucial for supporting economic growth and development in Sierra Leone. However, the country faces a severe energy deficit, with low access to electricity (about 26% of the population), high costs of generation and distribution, and unreliable supply.
Fisheries. This sector is an important source of food security, income, and employment for many Sierra Leoneans. The country has a rich marine biodiversity and a large potential for aquaculture. However, the sector is also constrained by illegal fishing, overexploitation, weak regulation and enforcement, and lack of infrastructure and value addition.
These are some of the specific areas that could be improved to give a substantial boost to the economy of Sierra Leone. Of course, there may be other sectors that are also important or have potential for growth.