Country Report: Sierra Leone - Oakland Institute

January 2011).
68 Samura Kamara, Minister of Finance and Economic Development, 12
November 2010, op cit.
69 SLIEPA, 15 March 2010, op. cit. p 32.
70 Samura Kamara, Minister of Finance and Economic Development, 12
November 2010, op. cit.
71 IMF economist, Freetown, Sierra Leone, op. cit.
72 See: Alexander Klemm and Stefan Van Parys, “Empirical evidence on
the effects of tax incentives,” IMF Working Paper 09/136, Washington,
DC: IMF, 1 July 2009, www.imf.org/external/pubs/ft/wp/2009/
wp09136.pdf (accessed 21 January 2011).
73 Minister of Trade and Industry (former) of Sierra Leone, direct communication,
7 October 2010. (At the time, the Minister was David Carew;
he was removed from this post during a cabinet reshuffle in early
December 2010.)
74 SLIEPA website, http://www.sliepa.org/ (accessed 22 January 2011).
75 The purpose of the Sierra Leone Investment Promotion Act (2004) is
to promote and attract private investment, both domestic and foreign,
for the development of production and value adding activities, to improve
exports and provide employment opportunities; and generally to
create an environment conducive to private investment and to provide
for other related matters.
76 United Nations Conference on Trade and Development (UNCTAD),
“Investment Policy Review: Sierra Leone,” New York and Geneva:
United Nations, 2010, p 29.
77 Head of Investment Promotion, SLIEPA, direct communication, 23
November 2009.
78 SLIEPA, Ibid. p 33
79 SLIEPA, http://www.sliepa.org/agriculture (accessed 22 January 2011).
80 SLIEPA, “Sierra Leone Investment Outreach Campaign: opportunities
for investors in the sugar sector,” 15 March 2010, http://www.sliepa.
org/downloads/sugar-opportunities-sierra-leone (accessed 21 January
2011).
81 SLIEPA, “Sierra Leone Investment Outreach Campaign: opportunities
for investors in the oil palm sector,” 21 April 2010, http://www.sliepa.
org/downloads/oil-palm-opportunities-sierra-leone (accessed 17 January
2011).
82 SLIEPA, “Leasing Agricultural Land in Sierra Leone, Information for
Investors,” March 2010.
83 SLIEPA, “Leasing Agricultural Land in Sierra Leone, Information for
Investors,” March 2010.
84 SLIEPA, Ibid. p 7.
85 SLIEPA, Ibid. p 9.
86 SLIEPA, newsletter, 20 August 2010, http://www.sliepa.org/sites/
default/files/documents/ SLIEPA%20NEWSLETTER.pdf (accessed 22
January 2011).
87 SLIEPA, “Status on investment promotion activity,” 27 October 2010.
This presentation says that a deal worth USD 600 million for sugarcane
to ethanol has been signed with Most Ethanol (a subsidiary of USbased
Grynberg Petroleum), and a USD 30 million deal for palm oil
has been signed with Sierra Leone Agriculture, and says that in the first
quarter of 2011 deals are to be signed with Windcliffe (USD 100 million
for palm oil), Soc Final (USD 85 million for palm oil), but it does not
mention Quifel Agribusiness (SL) Ltd, which is already working in the
country on a lease of 126,000 ha. On another slide, it refers to potential
investors such as ED&F, Tate & Lyle, Illovo, TSB and Wilmar.
88 Various SLIEPA officials, direct communication, November 2010.
89 Since 2005, PEP and its partners have put USD 171 million towards
advisory services that promote private sector development in Africa.
90 For more information on the Sierra Leone Business Forum, see
International Finance Corporation, “Sierra Leone Business Forum,”
http://www.google.com/url?sa=t&source=web&cd=2&ved=0CCMQFj
AB& url=http%3A%2F%2Fwww.publicprivatedialogue.org%2Fworksho
p%25202007%2FSLBF%2520PPD%2520Note.doc&rct=j&q=Sierra%20
Leone%20Business%20ForumeiQJoTa_7G4rTgQeC1djLCg&usg=AFQjC
NHq1DKODcCuaq4psnlSfTv0sm9uWA (accessed 21 January 2011).
91 IFC / World Bank Group, Investment Climate, “Removing administrative
barriers to investment in Sierra Leone,” https://www.wbginvestmentclimate.org/advisory-services/cross-cutting-issues/confilict-affected-countries/rabi.cfm,
(accessed 22 January 2011).
92 For more information on IFC’s support of SLIEPA, see Shephard
Daniel and Anuradha Mittal, “(Mis)Investment in Agriculture: The Role
of the International Finance Corporation in Global Land Grabs,” The
Oakland Institute, 2010, p 53
93 IFC / World Bank Group, Investment Climate, “Removing administrative
barriers to investment in Sierra Leone,” https://www.wbginvestmentclimate.org/advisory-services/cross-cutting-issues/confilict-affected-countries/rabi.cfm
(accessed 22 January 2011).
94 International Finance Corporation, “IFC puts commitments into action
in Africa,” http://www.ifc.org/ifcext/media.nsf/content/Africa_Investment_Climate_Facility
(accessed 22 January 2011).
95 The Investment Climate Facility for Africa, “ICF: Funding and Support,”
http://www.icfafrica.org/en/about-funding-support.html (accessed 22
January 2011).
96 R. Abdul, “Sierra Leone’s Post-war Recovery Continues: But Could
do Better in its ‘Ease of Doing Business’ Class,” The Sierra Leone
Telegraph, 8 November 2010, http://www.thesierraleonetelegraph.com/
articles/100486.htm (accessed 21 January 2011).
97 African Trade Insurance Agency website, http://www.ati-aca.org/ (accessed
4 March 2011).
98 DeRisk MIGA Political Risk Insurance ,“Protect your overseas investment
with MIGA investment guarantees,” flyer, 2009, http://www.
sliepa.org/downloads/derisk-miga (accessed 4 March 2011).
99 SLIEPA “Foreign direct investment potential is unrealized,” http://
www.sliepa.org/foreign-direct-investment, (accessed 25 February 2011).
100 ManoCap, “ManoCap: About Us,” http://manocap.com/about_us,
(accessed 4 March 2011).
101 Bloomberg Business Week, “Western Union Co. Executive Profile:
Dennis Stevenson,” http://investing.businessweek.com/businessweek/
research/stocks/people/person.asp?personId=602375&ticker=WU:US&
previousCapId=909408&previousTitle=WESTERN%20UNION%20CO
(accessed 4 March 2011).
102 As evidence of potential speculation, a British national representing
a company called Whitestone, attempted to acquire a 112,000 ha
landholding in the northern Koinadugu District. Reportedly, a “temporary”
lease for this land was signed in January 2010, and Whitestone
– described as a “kind of broker” – now plans to sub-lease the land
to others; IFC and World Bank press release, “Sierra Leone is among
the most improved economies in the world over five years; the easiest
place in Starting a business and in Protecting investors in West Africa,”
4 November 2010.
103 “Investment opportunities in sectors with high growth potential,”
SLIEPA, http://www.sliepa.org/investment (accessed 22 January 2011).
104 Ernest Bai Koroma, “Time for Africa to get serious about investment,”
Huffington Post, 22 March 2010, http://www.huffingtonpost.
com/ernest-bai-koroma/time-for-africa-to-get-se_b_508463.html (accessed
22 January 2011).
105 SLIEPA, “Agribusiness,” 15 December 2009, http://www.sliepa.org/
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