Sierra Leone has a thriving but untapped economy: Malador Sowe

CEO of PEC (SL) Limited, Malador Sowe, said on Tuesday that Sierra Leone has a thriving but untapped economy which has the potential to be a paradise for the entrepreneur willing to invest a bit of time, energy and resources to achieving desired goals.

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By Ahmed SAhid Nasralla


CEO of PEC (SL) Limited, Malador Sowe, said on Tuesday that Sierra Leone has a thriving but untapped economy which has the potential to be a paradise for the entrepreneur willing to invest a bit of time, energy and resources to achieving desired goals.

Sowe was talking on the Topic: Doing Business in Sierra Leone: Benefits and Challenges, while addressing students at a seminar organized by Students reading International Business as a module at IPAM at the Bank Complex on the theme: ‘Celebrating Sierra Leone at 56: The role of International Business on the Economy’.

He said the growth of any nation, without stating the obvious, depends largely on the private sector under which we have the business community.

IMG-20170425-WA0461“Of course, the benefits and challenges of doing business in the country vary from business to business, but let me just share a few general points that I am sure cut across the vast majority of businesses in the country,” he said, adding the country boasts a population of around 7 million people based on the latest national Census, with a literacy level of about 48.1%.

“Because it is an emerging economy, one of the things one has to consider is whether a business idea is innovative and sustainable. In deciding on the types of product or service to provide it is worth considering that certain things which are a necessity in developed countries might be classed as a luxury here. There is also a tendency for people to copy business ideas thereby increasing supply whilst demand remains stagnant,” he said.

The 2017 Word Bank Doing Business assessment ranks Sierra Leone 148 in the world, three places down from last year. When it comes to ease of starting a business, it is ranked an impressive 87th. It is ranked 22 in Africa, ahead of both of its neighbours, Guinea and Liberia who are ranked 32 and 39, respectively.

He said Sierra Leone is full with business opportunities and in the last previous years the business environment has been improving steadily.

Sowe, however, noted that the big challenge in doing business in Sierra Leone is the cost of production and raw materials.

“Most of the materials have to be outsourced from far-away places like China and India because we have limited capacity to produce certain commodities,” he said.

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Categories: Business, Sierra Leone

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