By Stephen V. Lansana
The Deputy Minister of Trade and Industry (MTI), Mrs. FATMATA Kargbo on Monday, August 26, 2024, pleaded with the Ministry of Finance (MoF) to approve the Ministry’s budgetary request of Le 140,796 million.
Madam Kargbo made the plea during the bilateral budget hearing held with stakeholders, at the conference hall of the Ministry of Finance in Freetown.
She pleaded that the budget be approved as presented, assuring that her Ministry will work towards achieving its strategic plan for 2025 taking into consideration the concerns raised during the budget hearing.
Presenting their budget on the Theme: Boosting Economic Growth, Promote Private Sector Development and Job Creation, Deputy Secretary of the Ministry of Trade and Industry, the Deputy Director of Policy, Planning and Research of MTI, Kossy Max Sesay said that the summary of MTI 2025 budget excluding development partners’ support projects are: Le 20,796m for recurrent budget, and Le 120million, totaling Le 140,796million.
He presented that the deliverables for the 2025 Financial Year will be to improve infrastructure and business regulation’s environment, formalization of the informal sector, reposition Sierra Leone for the Africa Continental Free Trade Agreement, enhance the protection of strong and light manufacturing industries, support agri-business SMEs, and improving national quality infrastructure, among others.
He said that they plan on constructing three markets and two regional offices in Bo and Kenema, but they will also establish another office in MAKENI after the government had paid the royalty fees, noting that they would embark on Private Sector Development.
Presenting on its accomplishments in the first half of FY2024, he said that that they had launched and popularized the Special Economic Zone policy, National Industrial Policy, Cooperative’s Policy, Agribusiness Policy, and National Trade.
He added that they had resumed three new trade preferential protocols, the Rex-EU market, UK market, India LDCs market and the China LDCs market, noting that they had also obtained two cabinet conclusions on WTO Fisheries Subsidies and the Scrap Metal Regulations, 2024.
Highlighting the challenges with delivery in the FY2024, he said that the Ministry is challenged with insufficient disbursement, inadequate office space and equipment, and insufficient number of vehicles to conduct normal activities, noting that the Ministry only have three vehicles.
He explained that through the revenues generated through its Agencies and Departments, a total of Le 1,036million revenues have been generated.
Deputy Minister of Finance 1, Madam Kadiatu Allie explained the process of the budget hearing and encouraged them to be very transparent in the process and provide enough information.
She encouraged them to create a link with the Medium-term development plan and also the Big Five Game Changer.
The Deputy Minister of MTI, FATMATA Kargbo assured that everything that was resented had been well screened, and pleaded that the budget be approved as presented.