With a population of approximately 5.6MM and a landmass of 27,925 mi2, Sierra Leone is a beautiful land of mountains, beaches, and high savanna situated to the southwest of Guinea and to the northwest of Liberia in West Africa. Officially founded by British abolitionists in 1787 as a ‘crown colony’ and home for freed former slaves, the country has enjoyed self-rule since gaining independence in 1961. Following a period of destabilization at the tail end of the last century, Sierra Leone has responded with determination and ingenuity to move from a period of post-conflict stabilization to a period of sustained economic growth and development. The country is now ready to receive foreign direct investment and enlarge its presence in the global economy.
Selected country info
Sierra Leone has positioned itself for economic expansion. Real GDP has more than doubled between 2000 and 2008, growing from $634MM to approximately$2,000MM, an eight year Capitalized Annual Growth Rate (“CAGR”) of 12.6%.
Following a period of volatility in the first half of the most recent decade, inflation rates have normalized. This has resulted in a stable currency and a predictable investment climate for both domestic and foreign investors.
Sectors of Note
The composition and natural resources of the country make Sierra Leone a logical source of a wide range of product s for export to the international community.
Sierra Leone is blessed with lush fertile soil and one of the highest levels of rainfall in the world. In combination, these two factors have produced ideal agricultural conditions. The following agricultural goods are of key importance in the country:
- Palm Oil
- Tropical Fruits
- Forestry/Tropical Hardwoods
- Apparel Manufacturing
Sierra Leone has a rich apparel history. A large population of skilled and semi-skilled tailors and seamstresses produce, in many cases, custom made outfits for the country’s population.
Sierra Leone has been blessed with a wide array of valuable mineral resources. These include:
- Iron Ore
The waters off the coast of the country are teeming with marine life including: shrimp, cuttlefish, snapper, grouper, lobster, herring, tuna, and barracuda, among others
Low labor costs and easy access to international markets uniquely position Sierra Leone to service the needs of value-adding export processors.
Sierra Leone is blessed with lush fertile soil and one of the highest levels of rainfall in the world.