Sierra Leone’s Trade Minister, Alpha Sesay, revealed that only two million of the country’s eight million citizens have bank accounts, underscoring a significant gap in financial inclusion that affects economic growth, particularly in the informal sector.

To address this, the Ministry of Trade is working on a strategy to formalize the informal sector and improve financial access for small and medium-sized enterprises (SMEs). The minister noted that only 2% of the population is covered by a pension scheme, and efforts are underway, in partnership with the International Labour Organization (ILO), to expand pension coverage and promote greater financial inclusion.

Minister Sesay highlighted that 90% of businesses in Sierra Leone remain unregistered, which limits tax revenue and restricts business growth. The Ministry has already registered over 4,000 SMEs and provided grants to approximately 500 SMEs in fields such as agriculture, creative arts, and tourism, with support from the World Bank and African Development Bank.

A revision of the 2016 Small and Medium Enterprise Development Agency (SMEDA) Act is also in progress to address financial access, and increase inclusion for youth and women. Cooperatives have made substantial progress as well, collectively saving 20 million leones and issuing 22 million leones in loans to members, with additional support from international partners.

On the international stage, Sierra Leone recently ratified the WTO Fisheries Subsidy Agreement, opening new trade opportunities for the fisheries sector. New trade agreements with nations like Turkey, South Korea, Saudi Arabia, and the UAE are expected to boost Sierra Leone’s international trade connections.

Minister Sesay reaffirmed the Ministry’s commitment to strengthening the trade sector and tackling the country’s economic challenges.