Rédaction Africa Links 24 with Abdul Rashid Thomas
Published on 2024-03-19 21:25:59
Sierra Leone is a country rich in natural resources, with the potential for significant economic growth. However, despite these advantages, the country has struggled to attract sustainable investments that benefit its people. The current investment climate in Sierra Leone is hindered by bureaucratic processes, opaque agreements, and a lack of accountability, leading to a cycle of dependency and underdevelopment.
Investors in Sierra Leone face lengthy regulatory hurdles, with the process taking over 240 days to navigate. This discourages potential investors, resulting in the country lagging behind other African nations in attracting meaningful investments that create jobs and stimulate economic growth. Additionally, the quality of investments in Sierra Leone often falls short, with substandard projects and agreements failing to deliver on their promises.
The lack of stringent due diligence requirements for investors allows for the exploitation of the country’s resources by “mushroom” investment companies that do not contribute to its development. This flawed investment landscape has dire consequences for ordinary Sierra Leoneans, with many struggling to meet their basic needs, leading to widespread poverty and hunger.
Families, especially those with school-going children, bear the brunt of this economic stagnation, as opportunities for upward mobility are scarce. The growing wealth gap between the elite connected to foreign investors and the impoverished masses exacerbates social tensions and threatens national stability. Moreover, irresponsible investment practices pose a significant threat to Sierra Leone’s natural environment, endangering biodiversity and local communities’ livelihoods.
It is imperative for Sierra Leone to prioritize sustainable development over short-term gains and reevaluate its approach to investment. This requires a shift towards greater transparency, accountability, and inclusivity in all investment dealings. Government leaders must prioritize the country’s long-term development goals and renegotiate existing agreements to benefit its citizens and environment.
By establishing clear criteria for investment, rigorous due diligence processes, and mechanisms for community engagement and benefit-sharing, Sierra Leone can ensure that investments contribute to its development. Embracing accountability and transparency in governance and investment will pave the way for sustainable prosperity and shared growth for all its citizens.
Sierra Leone is at a crucial moment in its economic development journey, and reimagining its approach to investment is essential to unlock its full potential. By embracing principles of sustainability and transparency, the country can create a brighter future for generations to come. It is up to all stakeholders, both within Sierra Leone and beyond, to seize this opportunity for positive change and work towards a more prosperous and inclusive future.
Read the original article on Sierra Leone Telegraph
