In This Issue:HE DR ERNEST BAI KOROMA, THE PRESIDENT OF THE REPUBLIC OF SIERRA LEONE

HERBERT SMITH FREEHILLS LLP & SEVEN YEARS OF PARTNERSHIP WITH GOSL

IFC LOOKS AT THE CRITICAL ROLE OF GOOD GOVERNANCE

plusAre sierra leone’s business e-ready? Our survey says no!

Living for live – freetown’s f irst music festival

Turning neglect into opportunity

For Sierra Leone’s entrepreneurs, business

people, policy makers and investors

April/May 2016Le 55,000

www.ftinsight.net

HIS EXCELLENCY, DR ERNEST BAI KOROMA, THE PRESIDENT OF THE REPUBLIC OF SIERRA LEONE

Our business community has always been a critical partner for achieving Sierra Leone’seconomic objectives.

“ ”

FT Insight

Welcome to the April/May edition of Freetown Insight – our third. This edition is tremendously significant to

us for three reasons. Firstly, it is the first time we have been honoured to be able to publish a piece by His

Excellency, Dr Ernest Bai Koroma, the President of Sierra Leone. The President’s piece focuses on private sector

investment into the country and ties in with our forthcoming London-based investment forum – Invest Sierra

Leone 2016. In it he reinforces the importance of the private sector to our recovering economy, and writes:

“Great opportunities and challenges beckon as we embark upon the journey towards forging a win-win

partnership for our country’s enormous investment and trade potential. In a global economy, all our futures are

intertwined and I look forward to building productive relationships with the private sectors of nations across the

world.”

This issue of the magazine also coincides with Sierra Leone’s Independence Day. After more than 150 years of

British colonial rule, Sierra Leone was finally able to celebrate its independence on the 27th April 1961. Real

economic independence has been slow to follow, but there is a growing impetus that solutions for African

problems must be developed within Africa and tailored to our particular circumstances. This is not a call for

insularity; it is a suggestion that we appreciate and learn about independence from the achievements of our

private sector and their approach to sustainability.

We count amongst our business leaders, individuals who have steered their companies to success through

great political, economic and social upheaval. In our four months of existence, Freetown Insight magazine has

spoken to a number of Sierra Leone’s most successful business men and women. They repeatedly reference

the significance of hard work, persistence, resilience, team work, and continuous professional and personal

development. They make sacrifices that are often personal as well as professional; and without exception

they have had to struggle to secure the finance they need to set up their business ventures. They have taken

responsibility for their own destiny and show that success necessitates self-belief, self-denial, self-development

and self-reliance. Our entrepreneurs are a wonderful microcosm of the independence that Sierra Leone could

and should achieve.

Invest Sierra Leone 2016, a collaboration with Herbert Smith Freehills, the leading international law firm, is

scheduled for the 5th May and is the only annual forum dedicated to investment in Sierra Leone. The event puts

our country’s investment potential and investment pioneers centre stage. In the pages that follow, it becomes

clear from the experience of existing investors, that Sierra Leone offers substantial opportunities for the far-

sighted in a range of areas that haven’t traditionally caught the eye of the international investment community

- agriculture, fisheries, tourism, hotels and hospitality, energy and infrastructure to name a few.

Neglected areas with great potential but as Paddy Docherty of Phoenix Africa says in his piece for Freetown

Insight: “To an entrepreneur, neglect naturally means opportunity.”

Editor’s Insight

3

Freetown Insight +44 771 722 1023 info@ftinsight.net

Editor: Memuna Forna

Art Director: Erika Perez-Leon

Contributors: HE Dr Ernest Bai Koroma, President of the Republic of Sierra LeoneChinyere Almona, Africa Corporate Governance ProgrammeIshmael Beah, Sierra WiFiPaddy Docherty, Phoenix Africa

Advertising Enquiries:info@ftinsight.net+44 771 722 1023 / +232 7879 9999

TABLE OF CONTENTS

Land of great potential & untapped opportunities. By H.E. Dr Ernest Bai Koroma . . . . . . . . . . . . . . . . . 8

High taxes or high investment? FT Insight poll results . . . . . . . . . . . . . . . . . . . . . 14

To an entrepreneur, neglect naturally means opportunity By Paddy Docherty . . . . . . . . . . . . . . . . . . . . . . 16

Seizing the corporate governance opportunityBy Chinyere Almona . . . . . . . . . . . . . . . . . . . . .18

Digital content for socio-economic growthBy Ishmael Bull . . . . . . . . . . . . . . . . . . . . . . . . 21

E-ready for e-commerce? Sierra Leone’s businesses have some way to go . . . . . . . . . . . . . 22

Are small solar systems, the way to light up Sierra Leone? . . . . . . . . . . . . . . . . . . . . . . . 26

www.ftinsight.net

Insightful

Remittances - the money migrants send to their countries of origin from their host countries, are increasingly signif cant for West Africa. In 2014, the amount sent home totaled US $26 billion (of which US $20.9 billion was sent to Nigeria) and amounted to 3.2% of the region’s GDP. The magnitude of these transfers, which make West Africa the second recipient subregion on the continent, ref lects the size of the West African diaspora, estimated at 9.1 million people in 2011, or 2.6% of the population of the region.

A remittance is a transfer of money by a foreign worker to an individual in his or her home country. Money sent home by migrants competes with international aid as one of the largest f inancial inf lows to developing countries. Workers’ remittances are a signif icant part of international capital f lows, especially with regard to labour-exporting countries.

in Sierra Leone remittances increased by over 50% between 2013 and 2014 with the Ebola virus disease outbreak.

Remittance f lows to and within Africa approach US$40 billion.

Countries in Northern Africa (for example, Morocco, Algeria and Egypt) are the major receivers in the continent. Eastern African countries depend heavily on these flows, with Somalia standing out as particularly remittance dependent.

The $600bn global remittance market is becoming more fragmented, as regulators scramble to keep up with a surge in digital-only platforms and increased demand for money transfers from a growing number of international migrants. (Financial Times 29 December 2015)

For the entire region, annual average remittances per migrant reach almost US$1,200 and on a country-by-country average represent 5 per cent of GDP and 27 per cent of exports.

African and European leaders in November pledged to cut money transfer costs below 3 per cent by 2030 in an attempt to ease the burden on migrants who emigrate for work and send money home to their families. (Financial Times 29 December 2015)

South-South migration is larger than South-North migration. Over 38 percent of the international migrants in 2013 migrated from developing countries to other developing countries, compared to 34 percent that moved from developing countries to advanced countries.

Remittances are private flows of resources mostly intended for direct consumption and household support.

i

FT Insight

www.ftinsight.net

5

The top destination countries for Sierra Leonean emigrants are Guinea, the United States, the United Kingdom, Liberia, Senegal, Germany, the Netherlands, Australia, Nigeria, Canada.

Currently, no uniform and authoritative historical data on informal f lows exist. Given the widespread use of informal remittance channels, the data should be regarded as underestimates of total f lows.

The United States was the largest remittance source country, with an estimated $56 billion in outward flows in 2014, followed by Saudi Arabia ($37 billion), and Russia ($33 billion). India was the largest remittance receiving country, with an estimated $72 billion in 2015, followed by China ($64 billion), and the Philippines ($30 billion).

The African Institute for Remittances was launched on 28th November, 2014 to build the capacity of the Member States of the African Union, remittance senders and recipients and other stakeholders to develop and implement concrete strategies and operational instrumentsto use remittances as development tools for poverty reduction.

South Africa remains the most costly G20 country to send remittances from, and this is despite a decline of about 5 percentage points in the last two years, when the cost of sending from South Africa was in excess of 20 percent. The cost of sending from the second most expensive G20 sending country – Japan – was recorded at 11.95 percent, falling below 12 percent for the first time in the history of RPW. Russia remains the least expensive G20 sending country, followed by Saudi Arabia (5.05 percent). Korea (5.54 percent) and the USA (5.93 percent).

Location, Location, Location! Remittance costs vary widely between different service providers. Commercial banks, at 13 percent, remain the most expensive option for sending money unless they have dedicated remittance services. At 7 percent, specialised money transfer operators are the cheapest option.

Globally, sending remittances costs an average of 7.37

percent of the amount sent. This figure is used to monitor

the progress of the global effort for reduction of remittance

prices.

If the cost of sending remittances could be reduced by 5 percentage points, remittance recipients could receive over $16 billion more each year.

Remittances to sub-Saharan Africa cost the most. Sub-Saharan Africa also has the least eff icient retail payment systems and regulation that creates high barriers to entry.

international migrants will send $601 billion to their families in their home countries this year, with developing countries receiving $441 billion, says the Migration and Remittances.Factbook 2016

the only annual forum dedicated toinvestment in Sierra Leone

http://www.ftinsight.net/invest-sierra-leone-2016.html

5 May 2016

Invest Sierra Leone 2016 Special

the only annual forum dedicated toinvestment in Sierra Leone

http://www.ftinsight.net/invest-sierra-leone-2016.html

5 May 2016

Sierra Leone’s only annual investment forum returns on 5 May 2016Invest Sierra Leone, the only annual forum dedicated to encouraging investment into Sierra Leone, returns to London on 5 May 2016. Endorsed by the Sierra Leone Investment and Export Promotion Agency (SLIEPA), Invest Sierra Leone is a not-for-prof it collaboration between leading global law f irm - Herbert Smith Freehills LLP and Freetown Insight magazine, Sierra Leone’s only business journal. It follows on from last year’s successful inaugural event - Post Ebola economic renaissance in Sierra Leone and the role of the private sector - which was held in the House of Commons.

The forum follows a panel debate format intended to identify innovative approaches to investment in Sierra

Leone and gives interested investors the opportunity for in-depth discussion with government ministers, CEOs,

financiers and the country’s most successful business and investment pioneers.

It is chaired once again by the Rt Hon David Lammy MP. Confirmed panellists include Dr Samura Kamara, Sierra

Leone’s Minister of Foreign Affairs and International Cooperation; Dr Kaifala Marah, Governor Designate of the

Bank of Sierra Leone; Guy Warrington, High Commissioner Sierra Leone Designate; Amara Kuyateh, Deputy

Director General of Sierra Leone’s National Social Security and Investment Trust; Paddy Docherty, Chief Executive

of Phoenix Africa Development Company; and Tom Cairnes, founder of ManoCap – the Africa focused private

investment firm.

The context for this year’s event is provided by Sierra Leone: An Investor Guide. Produced by Herbert Smith

Freehills, Standard Chartered and Prudential plc and launched by H.E. Dr. Ernest Bai Koroma, President of the

Republic of Sierra Leone, the guide outlines the opportunities the country offers, and resources that potential

investors can draw on.

Invest Sierra Leone 2016 will be followed by an exclusive screening of the trailer for ‘Sierra Leone’, a major

feature documentary from an Oscar, Emmy and Grammy award winning team. Due to be released in 2017, the

film tells the story of Charlie Haffner, Sierra Leone’s most beloved theatre director, and his mission to create

a play to galvanise his people and unite them around a better vision of the future. The film’s award winning

producer, Sorious Samura, will be on hand to give a short talk about the project.

Herbert Smith Freehills is now in the seventh year of its ground-breaking partnership with the Government

of Sierra Leone (GoSL), providing GoSL with legal assistance on a pro bono basis to help build its capacity to

manage inward investment into Sierra Leone.

Freetown Insight is Sierra Leone’s only magazine dedicated to business and investment in the country. It was

launched in December 2015 and is published six times a year.

The Sierra Leone Investment and Export Promotion Agency is responsible for the promotion and facilitation

of private sector investments into Sierra Leone. It works with the Government of Sierra Leone and the private

sector to develop a globally competitive business environment, and acts as the first point of contact for foreign

investors, providing information and support on setting up a business. http://www.investsierraleone.biz

The O

rgan

iser

s

FT Insight

7

Sierra Leone – land of great potential and untapped opportunities

In February last year, our battle against the Ebola epidemic was beginning to

yield dividends, when I was asked to write the programme foreword for the

inaugural ‘Invest Sierra Leone’ forum which was held in the House of Commons.

Several months later, as we approached victory against the virus, I contributed the

foreword for Herbert Smith Freehills’ ‘Sierra Leone: An Investor’s Guide’. While the

primary tragedy of the outbreak was the terrible devastation and human suffering

it caused; these two initiatives, aimed at increasing investment into the country,

were both reflective of the urgent need to address the catastrophic economic

consequences of the epidemic and the private sector’s continuing commitment to

the economic development of Sierra Leone.

Our business community has always been a critical partner for achieving Sierra Leone’s economic objectives.

From my first term’s ‘Agenda for Change’, to the ‘Agenda for Prosperity’, Sierra Leone has pursued the vision of

an inclusive economy, with reduced poverty and greater opportunities for all people; and before we were struck

by Ebola, ours was one of the world’s fastest growing economies. Political stability and sound macroeconomic

fundamentals had led to increased FDI (net) inflows totaling US$2bn over 2010-14, up steeply from US$402mn

on the previous five-year period.

Already, this March, the International Monetary Fund has confirmed that “Sierra Leone’s economy is recovering from the twin shocks of the Ebola virus epidemic and the halt in iron-ore mining. Economic momentum is building again, and GDP is expected to grow by 4.3 percent this year from a contraction of 21 percent in 2015.…”

We are still not at pre - Ebola levels even though we are on course to achieve our objective of full economic

recovery. But we cannot do it alone; the private sector – both national and international - has to be at the very

heart of our recovery plan.

As a business man before I become President, I have direct personal experience of the workings and challenges

of Sierra Leone’s business environment; and I am fully aware that creating trust in our systems and processes is

key to attracting international investment and improving private sector confidence. Investors, both national and

international, will want to know how we intend to improve on the favourable investment climate. Questions

about the stability of foreign investments in the country, the application of the rule of law for business and the

right policies to attract foreign investment without undermining internal revenue generation will be asked.

Frank and objective dialogue between the private sector and the Government of Sierra Leone is an important

step in the journey forward, and independent initiatives such as ‘Invest Sierra Leone’, ‘Freetown Insight’

magazine and ‘Sierra Leone: An Investor’s Guide’ make an important contribution to that process.

Change Maker

We have now defeated the Ebola outbreak and completed the f irst phase of our recovery programme. This underpins our determination and ability to rediscover that economic success by strengthening entrepreneurship, by continuous economic diversif ication and innovation; by growing our trade relations and by upgrading our industrial sector.

By H.E. Dr. Ernest Bai Koroma, President of the Republic of Sierra Leone

www.ftinsight.net

FT Insight

9

There have been real lessons learned about the need for economic diversification, and our priorities align with

a diverse range of opportunities across various sectors – amongst them are infrastructure, health, education,

agriculture, construction, electrification and ICT.

For example, only about one-fifth of our 5.4 million hectares of available farmland is presently used for crop

growing. Our immediate priority is to increase production and productivity, focusing on rice and cassava and cash

crops such as cocoa and oil palm. Additionally, we should be able to add value to our wide range of crops by

processing them in country. We are also fortunate to be home to the third largest natural harbour in the world;

and our strategic location adjacent to European market shipping lanes has long made Sierra Leone a popular

trading and refueling location. The Government is devising an extended programme to develop Freetown as

a trans-shipment global trade hub by improving the management and renovation of the port. This will create

demand for port services equipment, management expertise and rehabilitation engineering. The ecotourism

potential of our diverse landscape of islands, rivers, mountains, spectacular beaches and lush vegetation is barely

tapped. Hotels, tours and other leisure gateways are exciting possibilities in a country that is only about six hours

from Europe.

These are just a few of the investment possibilities we have on offer. The collaboration between Freetown

Insight magazine and Herbert Smith Freehills that has resulted in an annual commitment to the ‘Invest Sierra

Leone’ forum will encourage potential investors to explore many more. This is a dynamic and transformational

moment for Sierra Leone. Great opportunities and challenges beckon as we embark upon the journey towards

forging a win-win partnership for our country’s enormous investment and trade potential. In a global economy,

all our futures are intertwined and I look forward to building productive relationships with the private sectors of

nations across the world.

38 Spur Road, Freetown | Tel: +232 77 399399 | www.swissspirithotels.com/freetown

38 Spur Road, Freetown | Tel: +232 77 399399 | Website: www.swissspirithotels.com/freetown

FT Insight

www.ftinsight.net

11

The firm offers its services to GoSL for free, where it does not have sufficient financial, legal and human

resources to achieve the best results for the country, but where it can benefit from world class legal assistance

on supporting deal negotiation with international investors, helping bridge skills gaps to redress the balance

when negotiating with large well-advised international investors.

HSF works across a range of Government departments and bodies, including the President’s office, the Ministries

of Energy, Health, Trade and Agriculture, the Attorney General’s office, the Law Officers’ Department and the

investment promotions and PPP agencies; and coordinates with other development partners of GoSL (including

DFID, UNDP, the World Bank, and the Africa Governance Initiative).

In one example HSF was asked by the Ministry of Health to assist with the establishment of the National

Pharmaceutical Procurement Agency, and the negotiation of its key supply contract. A team of HSF’s outsourcing

specialists worked with GoSL for over a year alongside UNICEF and other international development agencies, to

coordinate and support negotiation of the contract and creation of the requisite new legislation. On completion

of the process, Zainab Hawa Bangura, Minister of GoSL, wrote: On behalf of the Government and people of Sierra Leone, I would like to extend my deepest thanks to Herbert Smith […] for your time, insights and hard work in assisting the Ministry of Health… and its partners in developing a final agreement to establish the …NPPU in Sierra Leone. […] I am deeply grateful for your invaluable help.

HSF’s M&A partner Gavin Davies spent three months on his sabbatical living in Freetown in 2010, supporting

the Government on deal negotiation and capacity building. Disputes associate Dan Hoyle was seconded to the

Attorney General in 2011-2012 for seven months. He was followed by corporate associate Richard Woods, who

spent two months of his sabbatical working with the Law Officers’ Department and the PPP unit in Freetown

during the summer of 2013, and corporate associate Rebecca Perlman who was seconded to the PPP unit during

February and March 2014.

Rebecca Perlman of HSF says of the partnership and her experience working with the PPP Unit: “Fair Deal Sierra Leone was established by Herbert Smith Freehills to help the Government of Sierra Leone respond

more effectively to growing volumes of foreign investment as part of its programme of recovery, growth and

sustained development. We treat the Government of Sierra Leone like any other key global client, with a full

relationship team and access to all of our expertise. We believe that Fair Deal Sierra Leone is a truly innovative

project that demonstrates how lawyers can support and influence development outcomes at the highest levels,

Invest Sierra Leone 2016 Special

Seven years of a ground-breaking partnership - Herbert Smith Freehills and the GoSLLeading international law f irm, Herbert Smith Freehills (HSF) is now in the seventh year of Fair Deal Sierra Leone - its ground breaking partnership with the Government of Sierra Leone (GoSL), providing legal assistance on a pro bono basis to help build Sierra Leone’s capacity to manage inward investment.

Since its involvement with GoSL began in 2010, over 100 people across HSF have delivered over £2m worth of support, in what is believed to be the f irst pro bono facility focused by a law f irm on this scale in support of one country’s development efforts.

Invest Sierra Leone 2016 Special

focusing on capacity building to achieve sustainable change. We are now taking a central part in the debate

with the international development community as to how lawyers can use their expertise to assist developing

countries in this way.

“The project also offers Herbert Smith Freehills’ team the chance to fulfil their international pro bono ambitions,

to support their personal development beyond their usual working environments, and to gain unique experience

of working on African matters. This is one of our global firm’s most significant and prestigious pro bono projects,

fully aligned with our CSR programme, with many of our clients’ focus on Africa as a key growth market, and

with our commitment to continuous innovation in our pro bono programme. Most of all, we are all enjoying this

project enormously and are excited about the many ideas we have to build it further.”

Herbert Smith Freehills:• Recognised as one of the world’s leading law f irms• A full service law f irm, expert in transactional,

dispute and f inance work• Global experience across all key sectors including

agribusiness, energy, government and public sector, infrastructure, international trade, PPP, project f inance, mining and transport work

• A leading Africa practice• Award winning global pro bono projects

CONTINUED

FT Insight

www.ftinsight.net

13

Herbert Smith Freehills in numbers

• 25 off ices across Asia- Pacif ic, EMEA and North America• More than 3,000 lawyers worldwide• 470 partners• Eighth largest law f irm in the world by lawyers• Ranked f irst across the legal professional directories across a full

range of practice areas

Ernest Bai Koroma, President of Sierra Leone, The Times CEO Summit Africa, March 2012:[O]ur governments need help getting the best deal. As president, it is disheartening to get to the negotiating table and find yourself confronted by a phalanx of lawyers and accountants on one side of the table outnumbering your own side ten to one. In Sierra Leone, we have benefited immensely from generous pro-bono support from the London law firm, Herbert Smith.

Rt Hon Dominic Grieve QC MP, UK Attorney General in a speech at Chatham House, July 2013: …there is clearly a lot of good work going on among British law firms. In terms of international pro bono work, Herbert Smith Freehills have been identified among the market leaders in London, in offering more than £1 million of billable time to the government of Sierra Leone, in what must be one of the most laudable examples of international pro bono work in the City today.

Tony Blair, Founder of the Africa Governance Initiative, August 2012: I was delighted that Herbert Smith established this programme with GoSL. I know that their support is proving to be a powerful tool in helping GoSL deliver the kind of sustainable, broad-based economic growth that will lift people out of poverty.

Invest Sierra Leone, Sierra Leone’s only annual investment forum, is a collaboration between Herbert Smith Freehills, Freetown Insight and the Sierra Leone Investment and Export Promotion Agency (SLIEPA).

We asked: High taxes or high investment? Which would do more to reduce the gap between rich and poor in Sierra Leone?

1 High taxes on the wealthy and corporations to fund programmes that help the poor

2 Low taxes on the wealthy and corporations to encourage investment and economic growth

3 Other

3

1

2

RESPONDENTS TO THE ONLINE POLL SAID:

“Taxes are already very high in Sierra Leone and we need to encourage more investment especially among

indigenous Sierra Leoneans, to expand employment opportunities for Sierra Leoneans.”

“High taxes on the wealthy and corporations to fund programmes that help the poor? This is the logical thing to

do, the reason that the wealthy and corporations have the money is due to them taking advantage of the poor,

basically that is how they made their money, so they should be the ones to finance programmes for the poor. The

more money one has, the more taxes the wealthy/corporations should pay.”

“If taxes are increased this increase will then be passed down to the consumer which will not bridge the gap

between the rich and poor, it will only make the situation worse. Tax incentives need to be developed to

encourage investment in Sierra Leone from foreign business. Additional investment will encourage new business

and employment opportunities for all of Sierra Leone, thus improving the GDP and the quality of life.”

“The Government of Sierra Leone needs to improve the foreign investment incentives for the mining sector. Mining

creates significant training and employment opportunities and often the contribution to the SL fiscus from PAYE

payments is overlooked as are the indirect employment opportunities which result. The process for obtaining

Mine Development Agreements is unclear. Much could be done in this regard but in the absence of internationally

competitive fiscal terms, investors will pursue opportunities elsewhere. The lack of grid power is a major negative

versus other countries as generating power at mine site is very costly, reducing the attraction for investors. These

are serious issues which SL needs to address.”

“The authorities seem to think that taxing imports at punitive rates is raising money, but it actually encourages

businesses to bribe customs officials into under-valuing imports. Those that pay the high prices correspondingly

charge more for their goods which affects everyone.”

“Collect taxes!”

“Get Companies to commit to Community Development Action Plans, and see that they honour their

commitments. Already over the past 12 months nearly all Government of Sierra Leone Departments have

doubled their charges, be it for Visas etc. Mining related application fees etc. Enforcing the collection of GST would

also go a long way towards having money to spend on the poor. But unless corruption is rooted out/reduced, the

gap between rich and poor will only widen. Don’t waste money on showcase projects like a new airport, rather

put that money into a new hydroelectric scheme. There are many examples out there of how to grow a middle

class, it just needs a willingness to do so and the commitment.”

Freetown Insight online Poll

FT Insight

www.ftinsight.net

15

The Mano River Union is an Intergovernmental Institution made up of Sierra Leone, Liberia,

Guinea and Cote d’Ivoire. It aims to strengthen the capacity of Member States to integrate

their economies and coordinate development programmes.

Republic of Sierra LeoneCapital: Freetown

Population: 7,075,641 (49.1% men and 50.9% women)Area: 71,740 sq km (27,699 sq miles)Languages: English, Krio, Temne, Mende and a range of other indigenous languagesLife expectancy: 48 years (men), 49 years (women)Currency: Leone

Republic of LiberiaCapital: Monrovia

Population: 4.2 millionArea: 99,067 sq km (38,250 sq miles)Languages: English, 29 African languages belonging to the Mande, Kwa or Mel linguistic groupsLife expectancy: 56 years (men), 59 years (women)Currency: Liberian dollar

The Republic of GuineaCapital: Conakry

Population: 10.5 millionArea: 245,857 sq km (94,926 sq miles)Languages: French, Susu, Fulani, MandingoLife expectancy: 53 years (men), 56 years (women)Currency: Guinean franc

The Republic of Ivory CoastCapital: Yamoussoukro

Population: 20.6 millionArea: 322,462 sq km (124,503 sq miles)Major languages: French, indigenous languagesLife expectancy: 55 years (men), 58 years (women)Currency: CFA (Communaute Financiere Africaine) franc

Mano River Union

In the early days of the company, I travelled to many countries on the continent, all at various stages of

emerging from conflict, to research where we might go and precisely what we might do. We spent some time

on a plan to establish a microfinance bank in South Sudan, before rightly deciding that the politics in the country

were too unstable. From a list of other potential investment destinations, Sierra Leone stood out as the clear

choice for our first project, and a very attractive place to begin work. It is the perfect fit for the Phoenix Africa

model, being both highly neglected by international investors (thus offering plentiful opportunity) and at the

same time being politically very stable and wonderfully peaceful and quiet.

This is how Lion Mountains Agrico Ltd came into being. From my research trip around the country, the agriculture

sector evidently offered much scope for development, especially when considering the enormous amounts that

Sierra Leone spends on importing rice, the staple diet. We therefore began planning Lion Mountains with the aim

of growing rice for domestic sale: a commercial undertaking that would simultaneously deliver a profound social

impact to the local community and go some way to redressing the food security problem that Sierra Leone

faces.

From my perspective, the single biggest challenge in establishing the company was not to be found in Sierra

Leone itself. The most difficult obstacle to overcome is the perception problem – the negative assumptions

that many people make about the country, based on dim recollections of news reports from the worst days

of the rebel war. Risk analysts sitting in London (who have typically never visited Sierra Leone, of course) are

fond of declaring it a high-risk country, and this general perception has retarded investment. It is a tough task

to raise money for a Sierra Leonean project. Happily, however, we managed to raise enough money to launch

pilot phase operations in October 2014 – during the worst of the Ebola crisis – and are now firmly established

as one of the key players in food production and processing, with our headquarters in Bo. We closed our Series

A finance in August 2015, and are now working on finalising Series B, an investment that will provide for

expansion to large-scale commercial farming.

While it is the goal of Lion Mountains to farm rice at scale, the focus of the operation in the first 18 months has

been the milling of rice that we buy in from a network of approximately 2,000 outgrowers around Bo District.

Invest Sierra Leone 2016 Special Opinion

To an entrepreneur, neglect naturally means opportunityI founded Phoenix Africa several years ago to build a series of social-impact businesses in post-con f lict countries in Africa. The business model is based on the realisation that countries recovering from civil war or armed insurgency are very often nothing like as dangerous and risky as one would imagine from a casual glance at the newspapers or TV; at the same time, because of the generally negative press (and an unhealthy dose of assumption), these countries are very badly neglected by most investors around the world, and suffer from a lack of inward capital f lows. To an entrepreneur, neglect naturally means opportunity, and my hunch was that post-conf lict Africa – as almost certainly the most forgotten group of countries on the planet – would offer plentiful business opportunities.

By Paddy Docherty, Phoenix Africa

FT Insight

www.ftinsight.net

17

By going into the countryside and providing market linkage to many small farmers who have no other route to

market, we have been able to both build a business and deliver a valuable social impact: most of our outgrowers

are subsistence farmers with no other cash income. Even as we move to large-scale commercial farming over

the next year, our Outgrower Programme will expand, and this year we expect to buy husked rice from about

3,000 local smallholders. Besides the milling operation, we have been growing rice, soy beans and black-eyed

beans at a small pilot farm in Lugbu Chiefdom, which in the last harvest delivered fully 2.73t of rice per hectare,

a very healthy yield for the first full year of operation.

While there are of course challenges to operating in Sierra Leone, we are very excited about the enormous

potential. Few countries around the world offer the opportunity to go from a standing start to being the

dominant player in a sector, but that is what we have under way with Lion Mountains. A key factor in this is our

people. Managing Director Mike Gericke – surely one of the most highly experienced farmers working in Africa –

has performed miracles on a regular basis to establish operations and make them successful. We are very lucky

to have not only Paramount Chief Komrabai, Peter Penfold but also Dr Joe Demby on our board of directors,

which has offered us great protection from corruption and helped us to get things done in good time.

Lion Mountains has also benefitted from the strong support of the Ministry of Agriculture, including the direct

backing of the Hon Minister Professor Monty Jones and Deputy Minister Marie Jalloh. Though the day-to-day

challenges remain (power cuts, lack of readily available inputs, poor roads), such support helps us overcome

them, and we look forward to collaborating further with the Ministry in the pursuit of our joint goal of food

security for Sierra Leone.

In the view of Phoenix Africa, Sierra Leone is a highly attractive place to do business. The perception problem

and its negative effect on investors has provided us with an exceptional opportunity to become a key player

in the agricultural sector. This is available to other entrants too. For those companies that can overcome the

financing obstacles and assemble a team that can handle the daily challenges, the country offers plentiful

opportunities in several other sectors. With Lion Mountains a key part of our portfolio, Phoenix Africa is

committed to Sierra Leone for the long term. We would like to see many other investors seize this chance as

well, and work with us to drive the development of this most excellent country.

Paddy Doherty has two degrees in history from Oxford University, where he also won a Blue for boxing. He was in the oil & gas corporate finance team at PricewaterhouseCoopers in London, before joining the boutique investment bank Global Union (based in Bahrain) as a Director. After leaving the Middle East, he returned to PricewaterhouseCoopers to take up a role as Manager of the regional CEE & CIS energy corporate finance team, based in Prague; before leaving to establish Phoenix Africa. He was on the UK board of Millennium Promise 2010-2015 and a member of the World Economic Forum Global Agenda Council on Fragile States 2012-14. He is currently Chairman of Lion Mountains in Sierra Leone, the first Phoenix Africa business, and a Member of the Private Sector Delegation to the Committee on World Food Security at the UN FAO.

Clearly, Sierra Leone’s government and its private sector recognise the importance of corporate governance,

especially as a driver of overall economic health and growth. But what practical steps are being taken to

improve standards on the ground? To be clear about what’s involved, corporate governance is defined as

the structures and processes by which companies are directed and controlled. Good corporate governance

helps companies operate more efficiently, improve access to capital, mitigate risk and safeguard against

mismanagement. It makes companies more accountable and transparent to investors and gives them the tools

to respond to stakeholder concerns. Corporate governance also contributes to development by helping facilitate

new investment, access to capital, and long-term sustainability for firms, leading to economic growth and

increased employment opportunities across markets.

With support from the International Finance Corporation (IFC), a member of the World Bank Group, Sierra

Leone is strengthening its financial sector, making it safer, sounder, and better positioned to attract the foreign

investment it needs to grow.

The IFC and Sierra Leone’s government are collaborating on providing training on governance related issues

for the board directors and senior executives of the country’s leading banks and institutions. The training

programme is targeting at least 100 organisations in Sierra Leone. It explains the roles of directors and

committees, and introduces global best practices of corporate governance, including how to meet the

expectations of markets and investors.

IFC is also working directly with Sierra Leone’s Central Bank and its Corporate Affairs Commission to make

information on corporate governance more widely available to those in the banking sector and beyond, and

to develop a code of conduct for private sector businesses across Sierra Leone. These efforts are helping Sierra

Leone’s private sector better understand the importance of corporate governance, and how to incorporate its

guiding principles into its structures.

Invest Sierra Leone 2016 Special

Seizing the corporate governance opportunity is essential if Sierra Leone is to secure investor conf idenceIn its Agenda for Prosperity (2013-18), Sierra Leone laid out the ambitious goals of becoming an inclusive, green, middle income country by 2035, with specif ic targets of only 5% unemployment, and lifting 80% of its citizens above the poverty line. Governance and public sector reform is one of the eight agenda pillars intended to help the country achieve its goals. As one of the seven key areas, Governance is also a critical component of the President’s Recovery Priorities.

By Chinyere Almona,Regional Program Manager, Africa Corporate Governance Program

FT Insight

19

In the aftermath of the 2008 global financial crisis, the pitfalls of failing to promote sound corporate governance

became shockingly clear. Increasingly, companies must be able to respond to fast-changing conditions, and to

meet the needs of investors and partners in a timely and transparent manner.

Businesses and banks in Sierra Leone are no exception. The country cannot fully develop by counting entirely on

its natural resources, stunning scenery, and young and growing population of entrepreneurs, as valuable as these

assets are.

Perhaps most importantly, corporate governance is about delivering long-term sustainability. One of the

most salient relationships in economic life is the positive link between investment and economic growth.

In this regard, any economic strategy that looks 20, 10, or even five years into the future must consider the

fundamental role that corporate governance will play in creating an enabling environment for that relationship

to flourish.

For IFC, which is the largest global development institution focused exclusively on the private sector in

developing countries, corporate governance is part of broader strategy to support growth in Sierra Leone. IFC

also invests directly in Sierra Leone, and has supported business reform efforts, gender initiatives, and a wide

ranging World Bank Group response to the Ebola crisis.

Going forward, IFC will remain a strong partner with Sierra Leone, helping the country realise its ‘Agenda for

Prosperity’. We’re confident that the public and private sector institutions will adapt good corporate governance

practices that have the potential to make them highly attractive to investors and make Sierra Leone the next

investment destination in Africa.

Good corporate governance – good governance in general – is an essential ingredient that every bank or business needs in order to secure trust, conf idence, and investment from its partners. Conversely, a weak corporate governance framework will severely impede all stages of the investment process and hence the economy’s overall prospects to build a strong private sector basis for economic growth. Poor corporate governance will damage the capacity to mobilise savings, it will hinder eff icient allocation of f inancial resources, and it will prevent proper monitoring of corporate assets.

www.ftinsight.net

Visitors to FT Insight’swebsite www.ftinsight.net

Sier

ra Le

one

UKUSA

Russia

Nigeria

Swit

zerl

and

Nor

way

Costa RicaFrance Netherlands

China

Kenya

Guinea

Gha

na

Braz

ilCa

nada

Spai

nBe

lgiu

mG

erm

any

FT Insight

Utilising and managing digital content for socio-economic growth

Sierra Leone, like many developing countries, continues to struggle with its economic development. Underlying

problems with education, health and poverty still compound the nation’s growth. Numerous studies have

identified inexpensive and fast internet as a factor that can boost economic growth and Sierra Leone’s

connection to the African Coast to Europe (ACE) submarine communications cable offers the country the very

high bandwidth necessary to catch up with the new global information age, and take advantage of its associated

benefits.

In his keynote delivered early 2013 on the commissioning of the ACE Fibre Optic, His Excellency the President

Dr. Ernest Bai Koroma stated: “The essence of this project is to develop applications for the use of this huge

bandwidth. Examples of these applications are e-education, e-health, e-tourism, e-commerce, e-banking, and

e-government to name but a few.”

Still in its early stages, the great socio-economic potential of this information superhighway is not readily

accessible to the average Sierra Leonean. And while mobile penetration is on the increase with 70% penetration,

expensive costs keep internet penetration in the country below 10%.

This limited internet penetration can definitely be problematic. For example, during the recent Ebola crisis, I was

part of a team that developed a customised ‘Open Data Kit’ – a mapping tool that could provide timely feedback

on district response activities. Using skip logic on android phones, field workers collected and uploaded key data

from their districts to an open source platform whenever internet connectivity was available, to be fed into a

mapping tool displaying activities by region or district. However, a major constraint to the usefulness of the

‘Open Data Kit’ was the lack of internet connectivity in rural areas and thus heavy funding was critically needed

to set up (satellite) systems.

Improved connectivity therefore, is undoubtedly important. Yet with 60% of the nation under the poverty line

and a 41 % adult literacy rate, how do we ensure we make the internet productive and useful in the context

of our developing economy, as well as accessible? The answer lies in following His Excellency the President’s

advice and focusing on how we can utilise and manage digital content for socio-economic growth by developing

applications that will help enhance sectors including health, agriculture and education.

As a private sector Internet Service Provider, we at Sierra WiFi see it as a paramount responsibility to help

develop sectors within the economy rather than simply providing internet services to end users. Our primary

corporate mandate is to provide schools with e-learning facilities. To deliver this, a tripartite partnership was

formed between Sierra WiFi, the Ministry of Education and Ministry of Information & Communication to launch

the Government Intranet Virtual Education (GiVE) Portal which gives schools free computers and provides

students and teachers with access to digitised educational tools and resources. To date we have installed GiVE

in 90 schools and aim to do 75 schools yearly. Communities can use the same platform to supply information to

farmers thus aiding agricultural development; and health centres can supply health information and education.

Subsidising the provision of internet access for its own sake has limited value and is mainly of interest to an

educated elite. Similar to how bus companies carry passengers to different locations for reasons of education,

employment, research, relationships; the internet’s end use has to be considered up front, otherwise it becomes

as meaningless as a fleet of empty buses driving back and forth.

Tech Talk

By Ishmael Bull, Sierra WiFi

21

www.ftinsight.net

Tech Talk

Survey results show the Internet is not an essential part of the economic infrastructure in Sierra Leone

The internet is a fact of international business life and Sierra Leonean businesses could benefit enormously

from an e-presence. Yet a recent FT Insight survey on the e-readiness of Sierra Leone’s business sector, showed

that the internet is not yet an essential part of the economic infrastructure in Sierra Leone, with almost 45% of

business respondents admitting that they do not have a website.

Yes

No

10 5040 80 9020 60 10030 70

The development of e-commerce in Sierra

Leone has admittedly been hobbled by the

limitations of our financial, legal and physical

infrastructure. But even if a firm’s goods and

services don’t lend themselves to online

purchases, a business website offers other

useful ways of connecting with customers –

online booking, promotions, newsletters and 24/7 two-way communication to name just a few. We asked Sierra Leonean businesses what was keeping them

from maximising the value of commercial connectivity?

If you are in business in Sierra Leone but do not have a business website, what are the reasons?

The two most common reasons given by respondents is that e-commerce does not fit with their business model

(37%) and that Sierra Leone’s telecoms and tech infrastructure isn’t ready for e-commerce (37%). Almost 32%

said that e-commerce did not fit with their goods and services.

Twenty-six percent said that unreliable access to the internet would prevent them from maintaining their

website. Lack of technical know-how and the high costs of building and maintaining a website are an

impediment to 21%. Almost 16% hadn’t got round to building a business website, but it was in their plans.

Business benef its of an online presence:• The cost of running an e-business can be less than a physical one• Easier cross-border trading in Sub Sahara Africa• Transparency• Information sharing• Customer service• Establish yourself as a thought leader• Marketing• Communication with clients and customers• Showcase your goods and services

FT Insight

www.ftinsight.net

FT Insight

23

I don’t have reliable acc...

The costs are too high...

We don’t see the advantag...

We do not know what equipme....

Lack of technical...

E-commerce doesn’t fit

We plan to build a...

We are concerned ab...

E-commerce doesn’t fit

We do not have the right...

E-commerce doesn’t fit

Sierra Leone’s telecommunic...

10 504020 30

Answer choices Responses

Answer choices Responses

E-commerce doesn’t fit with our products/services . . . . . . . . . . . . . . . .31.58%

E-commerce doesn’t fit with the way we do business . . . . . . . . . . . . . .36.84%

E-commerce doesn’t fit the way our customers work . . . . . . . . . . . . . .10.53%

We don’t see the advantageof using E-commerce . . . . . . . . . . . . . . . .10.53%

Lack of technical know-how . . . . . . . . . . . .21.05%

We are concerned about security risks . . . . . . . 5.26%

The costs are too high . . . . . . . . . . . . . . .21.05%

We do not have the right equipment . . . . . . . 5.26%

We do not know what equipment we need . . . . . . . . . . . . . . . . . . . . . . . 5.26%

We plan to build a business website, but just haven’t got round to it yet . . . . . . . . .15.79%

I don’t have reliable access to the internet andwould not be able to maintain my platform . . . .26.32%

Sierra Leone’s telecommunications and technical infrastructure isn’t ready for e-commerce . . . . .36.84%

A substantial number of businesses with an online presence found that their website wasn’t particularly helpful

for generating work, reporting that they receive less than 10% of their business through the internet. However,

an encouraging 15% receive over 50% of their business via the web.

Less than 10% . . . . . . . . . . . . . . . . . . . 42.42%

From 10%-25% . . . . . . . . . . . . . . . . . . 15.15%

From 25%-50% . . . . . . . . . . . . . . . . . . . 3.03%

From 50%-75% . . . . . . . . . . . . . . . . . . . 9.09%

LFrom 75%-100% . . . . . . . . . . . . . . . . . . 6.06%

Others (please specify) . . . . . . . . . . . . . . 24.24%From 75% - 100%

Less than 10%

From 25% - 50%

From 50% - 75%

From 10% - 25%

Others (please specify)

10 504020 30

If you do have a business website, how much business or potential business do you get through your website?

FT Insight readers prefer iPhones! www.ftinsight.net

iPhone

iPad

Not Set

iPhone 6

Google Nexus 5

Apple iPad 2

Apple iPhone 5s

Apple iPhone 6s Plus

The rest

Samsung GT1930II Galaxy S III Neo+

Samsung SM-G925F Galaxy S6 Edge

5 25 30 352010 15

FT Insight

www.ftinsight.net

25

In Digest

The British High Commission in collaboration with the Public Private Partnership (PPP) Unit ran a two-day PPP workshop for policy makers, legal practitioners, procurement specialists, and key actors within the private and public sectors at the Sierra Light House Hotel in Aberdeen, Freetown.

International competitive football returns to Sierra Leone for the f irst time since 2014, with an AFCON qualif ier against Gabon on 28 March, which Sierra Leone won 1-0.

Sierra Rutile announced that it has extended the maturity dates on its existing US$20 million working capital facility and US$15 million standby loan facility with Nedbank Limited, acting through its London Branch, for a further 14 months until 30 May 2017.

On 25th February, Developing Markets Associates welcomed the Government of Sierra Leone to London, for the UK/Sierra Leone Trade & Investment Forum. Organised by DMA in partnership with SLIEPA, and led by Hon Samura Kamara, Minister of Foreign Affairs and Cooperation, the forum provided in-depth knowledge of Sierra Leone to potential investors.

Citigate Commodities Trading Limited announced the acquisition of a kimberlite diamond concession in Sierra Leone. Located adjacent to one of the country’s largest diamond reserves, Citigate’s extraction and mineral rights are spread over an area of 79 square kilometres to explore diamonds.

Sierra Leone commenced work on a 6 MW PV park backed by IRENA. The PV project in Sierra Leone has received part funding of $9 million from the Abu Dhabi Fund for Development (ADFD), which has partnered with International Renewable Energy Agency (IRENA) to support clean power generation in Africa.

President Koroma launched the Small and Medium Enterprise Development Association to provide credit facilities to micro, small and medium enterprises.

Sierra Leone’s President Ernest Bai Koroma announced a major cabinet reshuff le involving a total of 40 appointments to ministerial and ambassadorial positions.

The Sierra Leone Chamber of Commerce, Industry and Agriculture holds its annual trade fair at the Siaka Stevens Stadium, attracting businesses from Nigeria, Ghana, Benin, Senegal, Liberia and Guinea.

International power project developer Joule Africa has bought out its co-developer, Endeavor Energy, giving it 100 per cent ownership of the Bumbuna II HPP. Bumbuna II is the 202MW expansion of the 50MW Bumbuna HPP commissioned in 2009 by H.E. Dr Ernest Bai Koroma, President of Sierra Leone. The project has been in development since 2011.

Stellar Diamonds will be focusing on moving the Tongo project in Sierra Leone into fundingand development this year.

Are small solar home systems the way to light up Sierra Leone?

Less than 1% of Sierra Leoneans living in rural areas have access to energy. Around the country, lack of energy is

a major challenge across all sectors including: private sector, health, and education.

Energy is one of the key priorities in the “Agenda for Prosperity” and also one of the country’s key socio

economic post-Ebola recovery priorities. The UK’s Department for International Development (DFID) is supporting

the Government and people of Sierra Leone to deliver on this challenge.

Early in April, the Ministry of Energy (MoE) and DFID hosted an unprecedented meeting with all 149 Paramount

Chiefs, District Council Chairmen, and City Mayors in Sierra Leone to discuss providing power for all Sierra

Leoneans. The one-day event was intended to engage attendees in a conversation about the current energy

challenges in rural communities and the solutions and opportunities available through renewable energy, with an

emphasis on small solar home systems (SHSs). The MoE hopes to inspire leaders to champion renewable energy

in their chiefdoms.

Designed to be both an informative and interactive session, the community leaders had the chance to learn

about the opportunities the Government of Sierra Leone (GoSL), donor partners, and the private sector can offer

Freetown Insight Contributor

FT Insight

www.ftinsight.net

27

“We are really happy with the outcomes of the previous roundtables and we feel conf ident that this event will be a success. If community leaders can embrace renewable energy in their communities, we will be on track to provide power for Sierra Leoneans,” said Patrick Tarawalli, Technical Advisor Ministry of Energy.

in fostering renewable energy businesses in their chiefdoms. Following that, a roundtable conversation discussed

lessons learned among chiefdoms which have been early adopters of renewable energy. Local private sector

companies attended to showcase the technologies and services they can provide.

This event is the fourth and final meeting leading up the Sierra Leone Energy Revolution launch event on the

10th of May in Freetown. Three previous roundtable meetings were held over the past several weeks to engage

the private sector; Ministries, Departments, and Agencies (MDAs); and financial institutions, in discussions about

the obstacles, challenges, and opportunities in running a renewable energy business in Sierra Leone and to

identify incentives and policy shifts that would enable off-grid renewable energy sector growth.

All three roundtables were successful in identifying key challenges and the solutions needed to overcome

them. Some of the major outcomes include: the creation of the Renewable Energy Association, the adoption of

international quality standards and duty free status for qualifying imports.

Living for Live - Sierra Leone’s f irst major live music festival targets 10,000 fans a day

Three years ago a small group of young Sierra

Leonean musicians formed a not-for-profit

organisation to encourage live music in Sierra Leone,

where it is more common for artists to mime or sing

over CDs. They called themselves Freetown Uncut

and started their campaign by organising occasional

live performances in bars and clubs around Freetown.

This year, they are planning the biggest live music

spectacular Sierra Leone has ever experienced – a

two-day event on the 23rd and 24th April, which will

attract over 10,000 people a day.

The Freetown Music Festival is being held in

association with the National Tourist Board of Sierra

Leone. It forms part of Sierra Leone’s Independence

Day festivities and is intended as a celebration of

Sierra Leone’s resilience in the aftermath of the Ebola outbreak. Tom Cairnes, one of the people behind the

event, says: “Following months of negative headlines, we will demonstrate the wealth of music and culture that

Sierra Leone has to celebrate. There are a number of other festivals in Sierra Leone. Madeng, for example, is a

great cultural festival that everyone in Sierra Leone should go to. We think the Freetown Music Festival can add

to this movement by focusing on showcasing live music.”

The idea came when Tom Cairnes visited the New Orleans Jazz Festival in 2014. He thought that Sierra Leone

should have something similar. If all goes to plan, the Freetown Music Festival will become an annual event

attracting artists and visitors from across the world; and generating considerable revenue for the country’s hotels

and hospitality sector, as well as funds to support young musicians in Sierra Leone.

Festival headliners, such as the country’s best selling artists - Block Jones and Dallas B, will play on the main

stage on Freetown’s Lumley Beach; the objective being to make the festival open to everyone in the country. In

addition, ticketed VIP events will be held at Lumley beach night spots such as Papaya, O-Bar and Chez Nous.

Led by Nigeria and South Africa, Africa’s music business is booming, with data on its contribution to economic

growth beginning to emerge. And in the UK and US festivals have come to dominate the music industry. If it

is a success the Freetown Music Festival could do a lot for Sierra Leone’s embryonic music industry. “There is a

huge amount of musical talent in Sierra Leone that people aren’t listening to,” says Tom Cairnes. “We hope this

festival will give them an opportunity to showcase their talent and tell a positive story about the country.”

Freetown Music Festival 2016

23rd & 24th April

Lumley Beach

Entry: Le 5,000

Music

Freetown Uncut is a non-profit organisation that supports local musicians in Sierra Leone, providing scholarships to artists to support them write, record and perform their music and working with world-class partners to promote their music in the region and internationally.

FT Insight

www.ftinsight.net

29

“Congratulations on regularly publishing this material. Keep it up.” Alhaji Kandeh Kolleh Yumkella, Co Founder-African Energy Leaders Group (AELG) & Former UN Under Secretary- General - Special Rep & CEO - Sustainable Energy for All

“You are always breaking new ground on the private sector front. FT Insight looks and feels great.” Francis Ato Brown, former World Bank Country Director to Sierra Leone

“Loving FT Insight. Well done!”

Memuna Janneh, Founder and Trustee of LunchBoxGift

“I am reading the February 2016 edition of FT Insight. It is a beautiful publication full of factually insightful analyses of Sierra Leone’s business development and potential. Thank you, Memuna and team at FT Insight, for alerting the world of business investors to a gold mine that will be a win-win situation for both those investors that will readily seize the opportunities that abound, and the people of the nation state of Sierra Leone.” Hadji Dabo, Vericon Health Resources, LLC

“A great venture.” David Mansaray, Executive Director, Finance/Chief Operating Off icer, Standard Chartered Bank, Sierra Leone

“I recently came across your magazine. As a Sierra Leonean in the diaspora looking to return home, I f ind your publication to be a treasure and a delight! Thank you so much! Are there ways in which to support you? I’d love to help.” Melissa Faux, Assessment Specialist at Atlanta Public Schools

“Tons of useful information and insights. Keep up the good work!” Ade Freeman, World Bank

“A great addition to information sources about business in Sierra Leone. Up-to date, well-researched and great look. Keep up the high standards and good work.” Ade Daramy, Co-Editor at The Journal of Sierra Leone

Studies

BEX SINGLETON

& ERIKA PEREZ-LEON

bex@bexsingleton.comerikaperezleon@gmail.com

photo graphy video design