FTInsight April/May 2016

For Sierra Leone’s entrepreneurs, business
people, policy makers and investors
April/May 2016
Le 55,000
www.ftinsight.net
HIS EXCELLENCY, DR ERNEST BAI
KOROMA, THE PRESIDENT OF
THE REPUBLIC OF SIERRA LEONE
Our business community has
always been a critical partner
for achieving Sierra Leone’s
economic objectives.
“
”
In This Issue:
HE DR ERNEST BAI KOROMA, THE PRESIDENT
OF THE REPUBLIC OF SIERRA LEONE
HERBERT SMITH FREEHILLS LLP & SEVEN
YEARS OF PARTNERSHIP WITH GOSL
IFC LOOKS AT THE CRITICAL ROLE OF GOOD
GOVERNANCE
plus
Are sierra leone’s business e-ready?
Our survey says no!
Living for live – freetown’s f irst music
festival
Turning neglect into opportunity

Editor’s Insight
Welcome to the April/May edition of Freetown Insight – our third. This edition is tremendously significant to
us for three reasons. Firstly, it is the first time we have been honoured to be able to publish a piece by His
Excellency, Dr Ernest Bai Koroma, the President of Sierra Leone. The President’s piece focuses on private sector
investment into the country and ties in with our forthcoming London-based investment forum – Invest Sierra
Leone 2016. In it he reinforces the importance of the private sector to our recovering economy, and writes:
“Great opportunities and challenges beckon as we embark upon the journey towards forging a win-win
partnership for our country’s enormous investment and trade potential. In a global economy, all our futures are
intertwined and I look forward to building productive relationships with the private sectors of nations across the
world.”
This issue of the magazine also coincides with Sierra Leone’s Independence Day. After more than 150 years of
British colonial rule, Sierra Leone was finally able to celebrate its independence on the 27th April 1961. Real
economic independence has been slow to follow, but there is a growing impetus that solutions for African
problems must be developed within Africa and tailored to our particular circumstances. This is not a call for
insularity; it is a suggestion that we appreciate and learn about independence from the achievements of our
private sector and their approach to sustainability.
We count amongst our business leaders, individuals who have steered their companies to success through
great political, economic and social upheaval. In our four months of existence, Freetown Insight magazine has
spoken to a number of Sierra Leone’s most successful business men and women. They repeatedly reference
the significance of hard work, persistence, resilience, team work, and continuous professional and personal
development. They make sacrifices that are often personal as well as professional; and without exception
they have had to struggle to secure the finance they need to set up their business ventures. They have taken
responsibility for their own destiny and show that success necessitates self-belief, self-denial, self-development
and self-reliance. Our entrepreneurs are a wonderful microcosm of the independence that Sierra Leone could
and should achieve.
FT
Insight
3
Invest Sierra Leone 2016, a collaboration with Herbert Smith Freehills, the leading international law firm, is
scheduled for the 5th May and is the only annual forum dedicated to investment in Sierra Leone. The event puts
our country’s investment potential and investment pioneers centre stage. In the pages that follow, it becomes
clear from the experience of existing investors, that Sierra Leone offers substantial opportunities for the farsighted
in a range of areas that haven’t traditionally caught the eye of the international investment community
- agriculture, fisheries, tourism, hotels and hospitality, energy and infrastructure to name a few.
Neglected areas with great potential but as Paddy Docherty of Phoenix Africa says in his piece for Freetown
Insight: “To an entrepreneur, neglect naturally means opportunity.”
Freetown Insight
+44 771 722 1023
info@ftinsight.net
Editor:
Memuna Forna
Art Director:
Erika Perez-Leon
Contributors:
HE Dr Ernest Bai Koroma, President
of the Republic of Sierra Leone
Chinyere Almona, Africa Corporate
Governance Programme
Ishmael Beah, Sierra WiFi
Paddy Docherty, Phoenix Africa
Advertising Enquiries:
info@ftinsight.net
+44 771 722 1023 / +232 7879 9999
TABLE OF CONTENTS
Land of great potential & untapped opportunities.
By H.E. Dr Ernest Bai Koroma . . . . . . . . . . . . . . . . . 8
High taxes or high investment?
FT Insight poll results . . . . . . . . . . . . . . . . . . . . . 14
To an entrepreneur, neglect naturally means opportunity
By Paddy Docherty . . . . . . . . . . . . . . . . . . . . . . 16
Seizing the corporate governance opportunity
By Chinyere Almona . . . . . . . . . . . . . . . . . . . . . 18
Digital content for socio-economic growth
By Ishmael Bull . . . . . . . . . . . . . . . . . . . . . . . . 21
E-ready for e-commerce? Sierra Leone’s
businesses have some way to go . . . . . . . . . . . . . 22
Are small solar systems, the way to light
up Sierra Leone? . . . . . . . . . . . . . . . . . . . . . . . 26
www.ftinsight.net

Insightful
Remittances - the money migrants send to their countries of
origin from their host countries, are increasingly significant
for West Africa. In 2014, the amount sent home totaled US
$26 billion (of which US $20.9 billion was sent to Nigeria)
and amounted to 3.2% of the region’s GDP. The magnitude of
these transfers, which make West Africa the second recipient
subregion on the continent, ref lects the size of the West African
diaspora, estimated at 9.1 million people in 2011, or 2.6% of the
population of the region.
A remittance is a transfer of money by a foreign worker to an individual
in his or her home country. Money sent home by migrants competes with
international aid as one of the largest f inancial inf lows to developing
countries. Workers’ remittances are a signif icant part of international
capital f lows, especially with regard to labour-exporting countries.
in Sierra Leone remittances increased by
over 50% between 2013 and 2014 with
the Ebola virus disease outbreak.
Remittance f lows to and
within Africa approach
US$40 billion.
Countries in Northern Africa (for example,
Morocco, Algeria and Egypt) are the
major receivers in the continent. Eastern
African countries depend heavily on
these flows, with Somalia standing out
as particularly remittance dependent.
The $600bn global remittance
market is becoming more
fragmented, as regulators
scramble to keep up with
a surge in digital-only
platforms and increased
demand for money transfers
from a growing number of
international migrants.
(Financial Times 29 December 2015)
For the entire region, annual average
remittances per migrant reach almost
US$1,200 and on a country-by-country
average represent 5 per cent of GDP and 27
per cent of exports.
African and European leaders in
November pledged to cut money
transfer costs below 3 per cent by
2030 in an attempt to ease the burden
on migrants who emigrate for
work and send money home to their
families. (Financial Times 29 December 2015)
South-South migration is larger than South-North
migration. Over 38 percent of the international
migrants in 2013 migrated from developing
countries to other developing countries, compared
to 34 percent that moved from developing
countries to advanced countries.
Remittances are private flows of
resources mostly intended for
direct consumption and household
support.

international migrants will send $601 billion to their families in their
home countries this year, with developing countries receiving $441
billion, says the Migration and Remittances.
Factbook 2016
Currently, no uniform and authoritative historical data on
informal f lows exist. Given the widespread use of informal
remittance channels, the data should be regarded as
underestimates of total f lows.
The United States was the largest remittance source country, with an estimated $56 billion in
outward flows in 2014, followed by Saudi Arabia ($37 billion), and Russia ($33 billion). India
was the largest remittance receiving country, with an estimated $72 billion in 2015, followed
by China ($64 billion), and the Philippines ($30 billion).
The top destination countries
for Sierra Leonean emigrants are
Guinea, the United States, the United
Kingdom, Liberia, Senegal, Germany,
the Netherlands, Australia, Nigeria,
Canada.
The African Institute for Remittances was
launched on 28th November, 2014 to
build the capacity of the Member States
of the African Union, remittance senders
and recipients and other stakeholders
to develop and implement concrete
strategies and operational instruments
to use remittances as development tools
for poverty reduction.
Remittances to sub-Saharan
Africa cost the most. Sub-
Saharan Africa also has the
least eff icient retail payment
systems and regulation that
creates high barriers to entry.
Globally, sending remittances costs an average of 7.37
percent of the amount sent. This figure is used to monitor
the progress of the global effort for reduction of remittance
prices.
South Africa remains the most costly G20 country
to send remittances from, and this is despite a
decline of about 5 percentage points in the last
two years, when the cost of sending from South
Africa was in excess of 20 percent. The cost of
sending from the second most expensive G20
sending country – Japan – was recorded at 11.95
percent, falling below 12 percent for the first
time in the history of RPW. Russia remains the
least expensive G20 sending country, followed by
Saudi Arabia (5.05 percent). Korea (5.54 percent)
and the USA (5.93 percent).
Location, Location, Location! Remittance
costs vary widely between different service
providers. Commercial banks, at 13 percent,
remain the most expensive option for
sending money unless they have dedicated
remittance services. At 7 percent, specialised
money transfer operators are the cheapest
option.
FT
Insight
5
If the cost of sending remittances could be reduced by 5 percentage points, remittance
recipients could receive over $16 billion more each year.
www.ftinsight.net

the only annual forum dedicated to
investment in Sierra Leone
5 May 2016
http://www.ftinsight.net/invest-sierraleone-2016.html

Invest Sierra Leone 2016
Special
Sierra Leone’s only annual
investment forum returns
on 5 May 2016
Invest Sierra Leone, the only annual forum dedicated
to encouraging investment into Sierra Leone, returns
to London on 5 May 2016. Endorsed by the Sierra Leone
Investment and Export Promotion Agency (SLIEPA), Invest
Sierra Leone is a not-for-prof it collaboration between
leading global law f irm - Herbert Smith Freehills LLP
and Freetown Insight magazine, Sierra Leone’s only
business journal. It follows on from last year’s successful
inaugural event - Post Ebola economic renaissance in
Sierra Leone and the role of the private sector - which was
held in the House of Commons.
The forum follows a panel debate format intended to identify innovative approaches to investment in Sierra
Leone and gives interested investors the opportunity for in-depth discussion with government ministers, CEOs,
financiers and the country’s most successful business and investment pioneers.
FT
Insight
7
It is chaired once again by the Rt Hon David Lammy MP. Confirmed panellists include Dr Samura Kamara, Sierra
Leone’s Minister of Foreign Affairs and International Cooperation; Dr Kaifala Marah, Governor Designate of the
Bank of Sierra Leone; Guy Warrington, High Commissioner Sierra Leone Designate; Amara Kuyateh, Deputy
Director General of Sierra Leone’s National Social Security and Investment Trust; Paddy Docherty, Chief Executive
of Phoenix Africa Development Company; and Tom Cairnes, founder of ManoCap – the Africa focused private
investment firm.
The context for this year’s event is provided by Sierra Leone: An Investor Guide. Produced by Herbert Smith
Freehills, Standard Chartered and Prudential plc and launched by H.E. Dr. Ernest Bai Koroma, President of the
Republic of Sierra Leone, the guide outlines the opportunities the country offers, and resources that potential
investors can draw on.
Invest Sierra Leone 2016 will be followed by an exclusive screening of the trailer for ‘Sierra Leone’, a major
feature documentary from an Oscar, Emmy and Grammy award winning team. Due to be released in 2017, the
film tells the story of Charlie Haffner, Sierra Leone’s most beloved theatre director, and his mission to create
a play to galvanise his people and unite them around a better vision of the future. The film’s award winning
producer, Sorious Samura, will be on hand to give a short talk about the project.
The Organisers
Herbert Smith Freehills is now in the seventh year of its ground-breaking partnership with the Government
of Sierra Leone (GoSL), providing GoSL with legal assistance on a pro bono basis to help build its capacity to
manage inward investment into Sierra Leone.
Freetown Insight is Sierra Leone’s only magazine dedicated to business and investment in the country. It was
launched in December 2015 and is published six times a year.
The Sierra Leone Investment and Export Promotion Agency is responsible for the promotion and facilitation
of private sector investments into Sierra Leone. It works with the Government of Sierra Leone and the private
sector to develop a globally competitive business environment, and acts as the first point of contact for foreign
investors, providing information and support on setting up a business. http://www.investsierraleone.biz

Change Maker
Sierra Leone – land of
great potential and
untapped opportunities
By H.E. Dr. Ernest Bai Koroma,
President of the Republic of
Sierra Leone
In February last year, our battle against the Ebola epidemic was beginning to
yield dividends, when I was asked to write the programme foreword for the
inaugural ‘Invest Sierra Leone’ forum which was held in the House of Commons.
Several months later, as we approached victory against the virus, I contributed the
foreword for Herbert Smith Freehills’ ‘Sierra Leone: An Investor’s Guide’. While the
primary tragedy of the outbreak was the terrible devastation and human suffering
it caused; these two initiatives, aimed at increasing investment into the country,
were both reflective of the urgent need to address the catastrophic economic
consequences of the epidemic and the private sector’s continuing commitment to
the economic development of Sierra Leone.
Our business community has always been a critical partner for achieving Sierra Leone’s economic objectives.
From my first term’s ‘Agenda for Change’, to the ‘Agenda for Prosperity’, Sierra Leone has pursued the vision of
an inclusive economy, with reduced poverty and greater opportunities for all people; and before we were struck
by Ebola, ours was one of the world’s fastest growing economies. Political stability and sound macroeconomic
fundamentals had led to increased FDI (net) inflows totaling US$2bn over 2010-14, up steeply from US$402mn
on the previous five-year period.
We have now defeated the Ebola outbreak and completed the
f irst phase of our recovery programme. This underpins our
determination and ability to rediscover that economic success
by strengthening entrepreneurship, by continuous economic
diversif ication and innovation; by growing our trade relations
and by upgrading our industrial sector.
Already, this March, the International Monetary Fund has confirmed that “Sierra Leone’s economy is recovering
from the twin shocks of the Ebola virus epidemic and the halt in iron-ore mining. Economic momentum is
building again, and GDP is expected to grow by 4.3 percent this year from a contraction of 21 percent in 2015.…”
We are still not at pre - Ebola levels even though we are on course to achieve our objective of full economic
recovery. But we cannot do it alone; the private sector – both national and international - has to be at the very
heart of our recovery plan.
As a business man before I become President, I have direct personal experience of the workings and challenges
of Sierra Leone’s business environment; and I am fully aware that creating trust in our systems and processes is
key to attracting international investment and improving private sector confidence. Investors, both national and
international, will want to know how we intend to improve on the favourable investment climate. Questions
about the stability of foreign investments in the country, the application of the rule of law for business and the
right policies to attract foreign investment without undermining internal revenue generation will be asked.
Frank and objective dialogue between the private sector and the Government of Sierra Leone is an important
step in the journey forward, and independent initiatives such as ‘Invest Sierra Leone’, ‘Freetown Insight’
magazine and ‘Sierra Leone: An Investor’s Guide’ make an important contribution to that process.

FT
Insight
9
There have been real lessons learned about the need for economic diversification, and our priorities align with
a diverse range of opportunities across various sectors – amongst them are infrastructure, health, education,
agriculture, construction, electrification and ICT.
For example, only about one-fifth of our 5.4 million hectares of available farmland is presently used for crop
growing. Our immediate priority is to increase production and productivity, focusing on rice and cassava and cash
crops such as cocoa and oil palm. Additionally, we should be able to add value to our wide range of crops by
processing them in country. We are also fortunate to be home to the third largest natural harbour in the world;
and our strategic location adjacent to European market shipping lanes has long made Sierra Leone a popular
trading and refueling location. The Government is devising an extended programme to develop Freetown as
a trans-shipment global trade hub by improving the management and renovation of the port. This will create
demand for port services equipment, management expertise and rehabilitation engineering. The ecotourism
potential of our diverse landscape of islands, rivers, mountains, spectacular beaches and lush vegetation is barely
tapped. Hotels, tours and other leisure gateways are exciting possibilities in a country that is only about six hours
from Europe.
These are just a few of the investment possibilities we have on offer. The collaboration between Freetown
Insight magazine and Herbert Smith Freehills that has resulted in an annual commitment to the ‘Invest Sierra
Leone’ forum will encourage potential investors to explore many more. This is a dynamic and transformational
moment for Sierra Leone. Great opportunities and challenges beckon as we embark upon the journey towards
forging a win-win partnership for our country’s enormous investment and trade potential. In a global economy,
all our futures are intertwined and I look forward to building productive relationships with the private sectors of
nations across the world.
www.ftinsight.net

38 Spur Road, Freetown | Tel: +232 77 399399 | Website: www.swissspirithotels.com/freetown
38 Spur Road, Freetown | Tel: +232 77 399399 | www.swissspirithotels.com/freetown

Invest Sierra Leone 2016
Special
Seven years of a groundbreaking
partnership - Herbert
Smith Freehills and the GoSL
Leading international law f irm, Herbert Smith Freehills (HSF) is
now in the seventh year of Fair Deal Sierra Leone - its ground
breaking partnership with the Government of Sierra Leone
(GoSL), providing legal assistance on a pro bono basis to help
build Sierra Leone’s capacity to manage inward investment.
The firm offers its services to GoSL for free, where it does not have sufficient financial, legal and human
resources to achieve the best results for the country, but where it can benefit from world class legal assistance
on supporting deal negotiation with international investors, helping bridge skills gaps to redress the balance
when negotiating with large well-advised international investors.
HSF works across a range of Government departments and bodies, including the President’s office, the Ministries
of Energy, Health, Trade and Agriculture, the Attorney General’s office, the Law Officers’ Department and the
investment promotions and PPP agencies; and coordinates with other development partners of GoSL (including
DFID, UNDP, the World Bank, and the Africa Governance Initiative).
Since its involvement with GoSL began in 2010, over 100 people
across HSF have delivered over £2m worth of support, in what is
believed to be the f irst pro bono facility focused by a law f irm on this
scale in support of one country’s development efforts.
FT
Insight
11
In one example HSF was asked by the Ministry of Health to assist with the establishment of the National
Pharmaceutical Procurement Agency, and the negotiation of its key supply contract. A team of HSF’s outsourcing
specialists worked with GoSL for over a year alongside UNICEF and other international development agencies, to
coordinate and support negotiation of the contract and creation of the requisite new legislation. On completion
of the process, Zainab Hawa Bangura, Minister of GoSL, wrote: On behalf of the Government and people of
Sierra Leone, I would like to extend my deepest thanks to Herbert Smith […] for your time, insights and hard
work in assisting the Ministry of Health… and its partners in developing a final agreement to establish the …NPPU
in Sierra Leone. […] I am deeply grateful for your invaluable help.
HSF’s M&A partner Gavin Davies spent three months on his sabbatical living in Freetown in 2010, supporting
the Government on deal negotiation and capacity building. Disputes associate Dan Hoyle was seconded to the
Attorney General in 2011-2012 for seven months. He was followed by corporate associate Richard Woods, who
spent two months of his sabbatical working with the Law Officers’ Department and the PPP unit in Freetown
during the summer of 2013, and corporate associate Rebecca Perlman who was seconded to the PPP unit during
February and March 2014.
Rebecca Perlman of HSF says of the partnership and her experience working with the PPP Unit: “Fair Deal
Sierra Leone was established by Herbert Smith Freehills to help the Government of Sierra Leone respond
more effectively to growing volumes of foreign investment as part of its programme of recovery, growth and
sustained development. We treat the Government of Sierra Leone like any other key global client, with a full
relationship team and access to all of our expertise. We believe that Fair Deal Sierra Leone is a truly innovative
project that demonstrates how lawyers can support and influence development outcomes at the highest levels,
www.ftinsight.net

Invest Sierra Leone 2016
Special
CONTINUED
focusing on capacity building to achieve sustainable change. We are now taking a central part in the debate
with the international development community as to how lawyers can use their expertise to assist developing
countries in this way.
“The project also offers Herbert Smith Freehills’ team the chance to fulfil their international pro bono ambitions,
to support their personal development beyond their usual working environments, and to gain unique experience
of working on African matters. This is one of our global firm’s most significant and prestigious pro bono projects,
fully aligned with our CSR programme, with many of our clients’ focus on Africa as a key growth market, and
with our commitment to continuous innovation in our pro bono programme. Most of all, we are all enjoying this
project enormously and are excited about the many ideas we have to build it further.”
Herbert Smith Freehills:
• Recognised as one of the world’s leading law f irms
• A full service law f irm, expert in transactional,
dispute and f inance work
• Global experience across all key sectors including
agribusiness, energy, government and public sector,
infrastructure, international trade, PPP, project
f inance, mining and transport work
• A leading Africa practice
• Award winning global pro bono projects

Herbert Smith Freehills
in numbers
• 25 off ices across Asia- Pacif ic, EMEA and North America
• More than 3,000 lawyers worldwide
• 470 partners
• Eighth largest law f irm in the world by lawyers
• Ranked f irst across the legal professional directories across a full
range of practice areas
Ernest Bai Koroma, President of Sierra Leone, The Times CEO Summit Africa, March 2012:
[O]ur governments need help getting the best deal. As president, it is disheartening to get to the negotiating
table and find yourself confronted by a phalanx of lawyers and accountants on one side of the table
outnumbering your own side ten to one. In Sierra Leone, we have benefited immensely from generous pro-bono
support from the London law firm, Herbert Smith.
Rt Hon Dominic Grieve QC MP, UK Attorney General in a speech at Chatham House, July 2013:
…there is clearly a lot of good work going on among British law firms. In terms of international pro bono work,
Herbert Smith Freehills have been identified among the market leaders in London, in offering more than £1
million of billable time to the government of Sierra Leone, in what must be one of the most laudable examples of
international pro bono work in the City today.
FT
Insight
13
Tony Blair, Founder of the Africa Governance Initiative, August 2012:
I was delighted that Herbert Smith established this programme with GoSL. I know that their support is proving
to be a powerful tool in helping GoSL deliver the kind of sustainable, broad-based economic growth that will lift
people out of poverty.
Invest Sierra Leone, Sierra Leone’s only annual investment forum, is a collaboration between Herbert Smith Freehills, Freetown Insight and the
Sierra Leone Investment and Export Promotion Agency (SLIEPA).
www.ftinsight.net

Freetown Insight
online Poll
We asked:
High taxes or high investment?
Which would do more to reduce the gap
between rich and poor in Sierra Leone?
3
2
1
1 High taxes on the wealthy and
corporations to fund programmes
that help the poor
2 Low taxes on the wealthy and
corporations to encourage investment
and economic growth
3 Other
RESPONDENTS TO THE ONLINE POLL SAID:
“Taxes are already very high in Sierra Leone and we need to encourage more investment especially among
indigenous Sierra Leoneans, to expand employment opportunities for Sierra Leoneans.”
“High taxes on the wealthy and corporations to fund programmes that help the poor? This is the logical thing to
do, the reason that the wealthy and corporations have the money is due to them taking advantage of the poor,
basically that is how they made their money, so they should be the ones to finance programmes for the poor. The
more money one has, the more taxes the wealthy/corporations should pay.”
“If taxes are increased this increase will then be passed down to the consumer which will not bridge the gap
between the rich and poor, it will only make the situation worse. Tax incentives need to be developed to
encourage investment in Sierra Leone from foreign business. Additional investment will encourage new business
and employment opportunities for all of Sierra Leone, thus improving the GDP and the quality of life.”
“The Government of Sierra Leone needs to improve the foreign investment incentives for the mining sector. Mining
creates significant training and employment opportunities and often the contribution to the SL fiscus from PAYE
payments is overlooked as are the indirect employment opportunities which result. The process for obtaining
Mine Development Agreements is unclear. Much could be done in this regard but in the absence of internationally
competitive fiscal terms, investors will pursue opportunities elsewhere. The lack of grid power is a major negative
versus other countries as generating power at mine site is very costly, reducing the attraction for investors. These
are serious issues which SL needs to address.”
“The authorities seem to think that taxing imports at punitive rates is raising money, but it actually encourages
businesses to bribe customs officials into under-valuing imports. Those that pay the high prices correspondingly
charge more for their goods which affects everyone.”
“Collect taxes!”
“Get Companies to commit to Community Development Action Plans, and see that they honour their
commitments. Already over the past 12 months nearly all Government of Sierra Leone Departments have
doubled their charges, be it for Visas etc. Mining related application fees etc. Enforcing the collection of GST would
also go a long way towards having money to spend on the poor. But unless corruption is rooted out/reduced, the
gap between rich and poor will only widen. Don’t waste money on showcase projects like a new airport, rather
put that money into a new hydroelectric scheme. There are many examples out there of how to grow a middle
class, it just needs a willingness to do so and the commitment.”

Mano River Union
The Mano River Union is an Intergovernmental Institution made up of Sierra Leone, Liberia,
Guinea and Cote d’Ivoire. It aims to strengthen the capacity of Member States to integrate
their economies and coordinate development programmes.
Republic of Sierra Leone
Capital: Freetown
Population: 7,075,641 (49.1% men and 50.9% women)
Area: 71,740 sq km (27,699 sq miles)
Languages: English, Krio, Temne, Mende and a range of other indigenous languages
Life expectancy: 48 years (men), 49 years (women)
Currency: Leone
Republic of Liberia
Capital: Monrovia
Population: 4.2 million
Area: 99,067 sq km (38,250 sq miles)
Languages: English, 29 African languages belonging to the Mande, Kwa
or Mel linguistic groups
Life expectancy: 56 years (men), 59 years (women)
Currency: Liberian dollar
FT
Insight
15
The Republic of Guinea
Capital: Conakry
Population: 10.5 million
Area: 245,857 sq km (94,926 sq miles)
Languages: French, Susu, Fulani, Mandingo
Life expectancy: 53 years (men), 56 years (women)
Currency: Guinean franc
The Republic of Ivory Coast
Capital: Yamoussoukro
Population: 20.6 million
Area: 322,462 sq km (124,503 sq miles)
Major languages: French, indigenous languages
Life expectancy: 55 years (men), 58 years (women)
Currency: CFA (Communaute Financiere Africaine) franc
www.ftinsight.net

Invest Sierra Leone 2016
Special
Opinion
To an entrepreneur,
neglect naturally
means opportunity
By Paddy Docherty,
Phoenix Africa
I founded Phoenix Africa several years ago to build
a series of social-impact businesses in post-con f lict
countries in Africa. The business model is based on
the realisation that countries recovering from civil
war or armed insurgency are very often nothing like
as dangerous and risky as one would imagine from
a casual glance at the newspapers or TV; at the same
time, because of the generally negative press (and an
unhealthy dose of assumption), these countries are very
badly neglected by most investors around the world,
and suffer from a lack of inward capital f lows. To an
entrepreneur, neglect naturally means opportunity,
and my hunch was that post-conf lict Africa – as almost
certainly the most forgotten group of countries on the
planet – would offer plentiful business opportunities.
In the early days of the company, I travelled to many countries on the continent, all at various stages of
emerging from conflict, to research where we might go and precisely what we might do. We spent some time
on a plan to establish a microfinance bank in South Sudan, before rightly deciding that the politics in the country
were too unstable. From a list of other potential investment destinations, Sierra Leone stood out as the clear
choice for our first project, and a very attractive place to begin work. It is the perfect fit for the Phoenix Africa
model, being both highly neglected by international investors (thus offering plentiful opportunity) and at the
same time being politically very stable and wonderfully peaceful and quiet.
This is how Lion Mountains Agrico Ltd came into being. From my research trip around the country, the agriculture
sector evidently offered much scope for development, especially when considering the enormous amounts that
Sierra Leone spends on importing rice, the staple diet. We therefore began planning Lion Mountains with the aim
of growing rice for domestic sale: a commercial undertaking that would simultaneously deliver a profound social
impact to the local community and go some way to redressing the food security problem that Sierra Leone
faces.
From my perspective, the single biggest challenge in establishing the company was not to be found in Sierra
Leone itself. The most difficult obstacle to overcome is the perception problem – the negative assumptions
that many people make about the country, based on dim recollections of news reports from the worst days
of the rebel war. Risk analysts sitting in London (who have typically never visited Sierra Leone, of course) are
fond of declaring it a high-risk country, and this general perception has retarded investment. It is a tough task
to raise money for a Sierra Leonean project. Happily, however, we managed to raise enough money to launch
pilot phase operations in October 2014 – during the worst of the Ebola crisis – and are now firmly established
as one of the key players in food production and processing, with our headquarters in Bo. We closed our Series
A finance in August 2015, and are now working on finalising Series B, an investment that will provide for
expansion to large-scale commercial farming.
While it is the goal of Lion Mountains to farm rice at scale, the focus of the operation in the first 18 months has
been the milling of rice that we buy in from a network of approximately 2,000 outgrowers around Bo District.

By going into the countryside and providing market linkage to many small farmers who have no other route to
market, we have been able to both build a business and deliver a valuable social impact: most of our outgrowers
are subsistence farmers with no other cash income. Even as we move to large-scale commercial farming over
the next year, our Outgrower Programme will expand, and this year we expect to buy husked rice from about
3,000 local smallholders. Besides the milling operation, we have been growing rice, soy beans and black-eyed
beans at a small pilot farm in Lugbu Chiefdom, which in the last harvest delivered fully 2.73t of rice per hectare,
a very healthy yield for the first full year of operation.
While there are of course challenges to operating in Sierra Leone, we are very excited about the enormous
potential. Few countries around the world offer the opportunity to go from a standing start to being the
dominant player in a sector, but that is what we have under way with Lion Mountains. A key factor in this is our
people. Managing Director Mike Gericke – surely one of the most highly experienced farmers working in Africa –
has performed miracles on a regular basis to establish operations and make them successful. We are very lucky
to have not only Paramount Chief Komrabai, Peter Penfold but also Dr Joe Demby on our board of directors,
which has offered us great protection from corruption and helped us to get things done in good time.
Lion Mountains has also benefitted from the strong support of the Ministry of Agriculture, including the direct
backing of the Hon Minister Professor Monty Jones and Deputy Minister Marie Jalloh. Though the day-to-day
challenges remain (power cuts, lack of readily available inputs, poor roads), such support helps us overcome
them, and we look forward to collaborating further with the Ministry in the pursuit of our joint goal of food
security for Sierra Leone.
In the view of Phoenix Africa, Sierra Leone is a highly attractive place to do business. The perception problem
and its negative effect on investors has provided us with an exceptional opportunity to become a key player
in the agricultural sector. This is available to other entrants too. For those companies that can overcome the
financing obstacles and assemble a team that can handle the daily challenges, the country offers plentiful
opportunities in several other sectors. With Lion Mountains a key part of our portfolio, Phoenix Africa is
committed to Sierra Leone for the long term. We would like to see many other investors seize this chance as
well, and work with us to drive the development of this most excellent country.
FT
Insight
17
Paddy Doherty has two degrees in history from Oxford University, where he also won a Blue for boxing. He was in the oil & gas corporate finance
team at PricewaterhouseCoopers in London, before joining the boutique investment bank Global Union (based in Bahrain) as a Director. After
leaving the Middle East, he returned to PricewaterhouseCoopers to take up a role as Manager of the regional CEE & CIS energy corporate finance
team, based in Prague; before leaving to establish Phoenix Africa. He was on the UK board of Millennium Promise 2010-2015 and a member of
the World Economic Forum Global Agenda Council on Fragile States 2012-14. He is currently Chairman of Lion Mountains in Sierra Leone, the first
Phoenix Africa business, and a Member of the Private Sector Delegation to the Committee on World Food Security at the UN FAO.
www.ftinsight.net

Invest Sierra Leone 2016
Special
Seizing the
corporate
governance
opportunity is
essential if Sierra
Leone is to secure
investor conf idence
By Chinyere Almona,
Regional Program
Manager, Africa
Corporate
Governance
Program
In its Agenda for Prosperity (2013-18), Sierra Leone laid
out the ambitious goals of becoming an inclusive,
green, middle income country by 2035, with specif ic
targets of only 5% unemployment, and lifting 80% of
its citizens above the poverty line. Governance and
public sector reform is one of the eight agenda pillars
intended to help the country achieve its goals. As one
of the seven key areas, Governance is also a critical
component of the President’s Recovery Priorities.
Clearly, Sierra Leone’s government and its private sector recognise the importance of corporate governance,
especially as a driver of overall economic health and growth. But what practical steps are being taken to
improve standards on the ground? To be clear about what’s involved, corporate governance is defined as
the structures and processes by which companies are directed and controlled. Good corporate governance
helps companies operate more efficiently, improve access to capital, mitigate risk and safeguard against
mismanagement. It makes companies more accountable and transparent to investors and gives them the tools
to respond to stakeholder concerns. Corporate governance also contributes to development by helping facilitate
new investment, access to capital, and long-term sustainability for firms, leading to economic growth and
increased employment opportunities across markets.
With support from the International Finance Corporation (IFC), a member of the World Bank Group, Sierra
Leone is strengthening its financial sector, making it safer, sounder, and better positioned to attract the foreign
investment it needs to grow.
The IFC and Sierra Leone’s government are collaborating on providing training on governance related issues
for the board directors and senior executives of the country’s leading banks and institutions. The training
programme is targeting at least 100 organisations in Sierra Leone. It explains the roles of directors and
committees, and introduces global best practices of corporate governance, including how to meet the
expectations of markets and investors.
IFC is also working directly with Sierra Leone’s Central Bank and its Corporate Affairs Commission to make
information on corporate governance more widely available to those in the banking sector and beyond, and
to develop a code of conduct for private sector businesses across Sierra Leone. These efforts are helping Sierra
Leone’s private sector better understand the importance of corporate governance, and how to incorporate its
guiding principles into its structures.

In the aftermath of the 2008 global financial crisis, the pitfalls of failing to promote sound corporate governance
became shockingly clear. Increasingly, companies must be able to respond to fast-changing conditions, and to
meet the needs of investors and partners in a timely and transparent manner.
Businesses and banks in Sierra Leone are no exception. The country cannot fully develop by counting entirely on
its natural resources, stunning scenery, and young and growing population of entrepreneurs, as valuable as these
assets are.
Good corporate governance – good governance in general –
is an essential ingredient that every bank or business needs
in order to secure trust, conf idence, and investment from its
partners. Conversely, a weak corporate governance framework
will severely impede all stages of the investment process and
hence the economy’s overall prospects to build a strong private
sector basis for economic growth. Poor corporate governance
will damage the capacity to mobilise savings, it will hinder
eff icient allocation of f inancial resources, and it will prevent
proper monitoring of corporate assets.
Perhaps most importantly, corporate governance is about delivering long-term sustainability. One of the
most salient relationships in economic life is the positive link between investment and economic growth.
In this regard, any economic strategy that looks 20, 10, or even five years into the future must consider the
fundamental role that corporate governance will play in creating an enabling environment for that relationship
to flourish.
FT
Insight
19
For IFC, which is the largest global development institution focused exclusively on the private sector in
developing countries, corporate governance is part of broader strategy to support growth in Sierra Leone. IFC
also invests directly in Sierra Leone, and has supported business reform efforts, gender initiatives, and a wide
ranging World Bank Group response to the Ebola crisis.
Going forward, IFC will remain a strong partner with Sierra Leone, helping the country realise its ‘Agenda for
Prosperity’. We’re confident that the public and private sector institutions will adapt good corporate governance
practices that have the potential to make them highly attractive to investors and make Sierra Leone the next
investment destination in Africa.
www.ftinsight.net

Visitors to FT Insight’s
website www.ftinsight.net
Sierra
Ghana
Leone
Guinea
Kenya
Costa Rica
France
Netherlands
UKRussia
USA
Norway
Brazil
Canada
Switzerland
Nigeria
China
Belgium
Germany
Spain

Tech Talk
Utilising and managing
digital content for
socio-economic growth
By Ishmael Bull,
Sierra WiFi
Sierra Leone, like many developing countries, continues to struggle with its economic development. Underlying
problems with education, health and poverty still compound the nation’s growth. Numerous studies have
identified inexpensive and fast internet as a factor that can boost economic growth and Sierra Leone’s
connection to the African Coast to Europe (ACE) submarine communications cable offers the country the very
high bandwidth necessary to catch up with the new global information age, and take advantage of its associated
benefits.
In his keynote delivered early 2013 on the commissioning of the ACE Fibre Optic, His Excellency the President
Dr. Ernest Bai Koroma stated: “The essence of this project is to develop applications for the use of this huge
bandwidth. Examples of these applications are e-education, e-health, e-tourism, e-commerce, e-banking, and
e-government to name but a few.”
Still in its early stages, the great socio-economic potential of this information superhighway is not readily
accessible to the average Sierra Leonean. And while mobile penetration is on the increase with 70% penetration,
expensive costs keep internet penetration in the country below 10%.
This limited internet penetration can definitely be problematic. For example, during the recent Ebola crisis, I was
part of a team that developed a customised ‘Open Data Kit’ – a mapping tool that could provide timely feedback
on district response activities. Using skip logic on android phones, field workers collected and uploaded key data
from their districts to an open source platform whenever internet connectivity was available, to be fed into a
mapping tool displaying activities by region or district. However, a major constraint to the usefulness of the
‘Open Data Kit’ was the lack of internet connectivity in rural areas and thus heavy funding was critically needed
to set up (satellite) systems.
FT
Insight
21
Improved connectivity therefore, is undoubtedly important. Yet with 60% of the nation under the poverty line
and a 41 % adult literacy rate, how do we ensure we make the internet productive and useful in the context
of our developing economy, as well as accessible? The answer lies in following His Excellency the President’s
advice and focusing on how we can utilise and manage digital content for socio-economic growth by developing
applications that will help enhance sectors including health, agriculture and education.
As a private sector Internet Service Provider, we at Sierra WiFi see it as a paramount responsibility to help
develop sectors within the economy rather than simply providing internet services to end users. Our primary
corporate mandate is to provide schools with e-learning facilities. To deliver this, a tripartite partnership was
formed between Sierra WiFi, the Ministry of Education and Ministry of Information & Communication to launch
the Government Intranet Virtual Education (GiVE) Portal which gives schools free computers and provides
students and teachers with access to digitised educational tools and resources. To date we have installed GiVE
in 90 schools and aim to do 75 schools yearly. Communities can use the same platform to supply information to
farmers thus aiding agricultural development; and health centres can supply health information and education.
Subsidising the provision of internet access for its own sake has limited value and is mainly of interest to an
educated elite. Similar to how bus companies carry passengers to different locations for reasons of education,
employment, research, relationships; the internet’s end use has to be considered up front, otherwise it becomes
as meaningless as a fleet of empty buses driving back and forth.
www.ftinsight.net

Tech Talk
Survey results show the Internet is
not an essential part of the economic
infrastructure in Sierra Leone
The internet is a fact of international business life and Sierra Leonean businesses could benefit enormously
from an e-presence. Yet a recent FT Insight survey on the e-readiness of Sierra Leone’s business sector, showed
that the internet is not yet an essential part of the economic infrastructure in Sierra Leone, with almost 45% of
business respondents admitting that they do not have a website.
Yes
No
10 20 30 40 50 60 70 80 90 100
The development of e-commerce in Sierra
Leone has admittedly been hobbled by the
limitations of our financial, legal and physical
infrastructure. But even if a firm’s goods and
services don’t lend themselves to online
purchases, a business website offers other
useful ways of connecting with customers –
online booking, promotions, newsletters and
24/7 two-way communication to name just a few. We asked Sierra Leonean businesses what was keeping them
from maximising the value of commercial connectivity?
If you are in business in Sierra Leone but do not have a business website, what are the reasons?
The two most common reasons given by respondents is that e-commerce does not fit with their business model
(37%) and that Sierra Leone’s telecoms and tech infrastructure isn’t ready for e-commerce (37%). Almost 32%
said that e-commerce did not fit with their goods and services.
Twenty-six percent said that unreliable access to the internet would prevent them from maintaining their
website. Lack of technical know-how and the high costs of building and maintaining a website are an
impediment to 21%. Almost 16% hadn’t got round to building a business website, but it was in their plans.
Business benef its of an online presence:
• The cost of running an e-business can be less than a physical one
• Easier cross-border trading in Sub Sahara Africa
• Transparency
• Information sharing
• Customer service
• Establish yourself as a thought leader
• Marketing
• Communication with clients and customers
• Showcase your goods and services

E-commerce
doesn’t fit
Answer choices
Responses
E-commerce
doesn’t fit
E-commerce
doesn’t fit
We don’t see
the advantag...
Lack of
technical...
We are
concerned ab...
The costs are
too high...
We do not have
the right...
We do not know
what equipme....
We plan to
build a...
I don’t have
reliable acc...
Sierra Leone’s
telecommunic...
E-commerce doesn’t fit with
our products/services . . . . . . . . . . . . . . . .31.58%
E-commerce doesn’t fit with
the way we do business . . . . . . . . . . . . . .36.84%
E-commerce doesn’t fit the
way our customers work . . . . . . . . . . . . . .10.53%
We don’t see the advantage
of using E-commerce . . . . . . . . . . . . . . . .10.53%
Lack of technical know-how . . . . . . . . . . . .21.05%
We are concerned about security risks . . . . . . . 5.26%
The costs are too high . . . . . . . . . . . . . . .21.05%
We do not have the right equipment . . . . . . . 5.26%
We do not know what equipment
we need . . . . . . . . . . . . . . . . . . . . . . . 5.26%
We plan to build a business website,
but just haven’t got round to it yet . . . . . . . . .15.79%
I don’t have reliable access to the internet and
would not be able to maintain my platform . . . 26.32%
Sierra Leone’s telecommunications and technical
infrastructure isn’t ready for e-commerce . . . . 36.84%
FT FT
Insight
23
10 20 30 40 50
A substantial number of businesses with an online presence found that their website wasn’t particularly helpful
for generating work, reporting that they receive less than 10% of their business through the internet. However,
an encouraging 15% receive over 50% of their business via the web.
If you do have a business website, how much business or potential business do you
get through your website?
Less
than 10%
Answer choices
Responses
From
10% - 25%
From
25% - 50%
From
50% - 75%
From
75% - 100%
Others
(please specify)
Less than 10% . . . . . . . . . . . . . . . . . . . 42.42%
From 10%-25% . . . . . . . . . . . . . . . . . . 15.15%
From 25%-50% . . . . . . . . . . . . . . . . . . . 3.03%
From 50%-75% . . . . . . . . . . . . . . . . . . . 9.09%
LFrom 75%-100% . . . . . . . . . . . . . . . . . . 6.06%
Others (please specify) . . . . . . . . . . . . . . 24.24%
10 20 30 40 50
www.ftinsight.net

FT Insight readers prefer
iPhones!
www.ftinsight.net
iPhone
iPad
Samsung GT1930II
Galaxy S III Neo+
Not Set
iPhone 6
Google Nexus 5
Samsung SM-G925F
Galaxy S6 Edge
Apple iPad 2
Apple iPhone 5s
Apple iPhone
6s Plus
The rest
5 10 15 20 25 30 35

In Digest
The British High Commission in collaboration with the Public Private
Partnership (PPP) Unit ran a two-day PPP workshop for policy makers, legal
practitioners, procurement specialists, and key actors within the private and
public sectors at the Sierra Light House Hotel in Aberdeen, Freetown.
Sierra Rutile announced that it has
extended the maturity dates on its
existing US$20 million working capital
facility and US$15 million standby loan
facility with Nedbank Limited, acting
through its London Branch, for a further
14 months until 30 May 2017.
On 25th February, Developing Markets
Associates welcomed the Government of
Sierra Leone to London, for the UK/Sierra
Leone Trade & Investment Forum. Organised
by DMA in partnership with SLIEPA, and led
by Hon Samura Kamara, Minister of Foreign
Affairs and Cooperation, the forum provided
in-depth knowledge of Sierra Leone to
potential investors.
Sierra Leone commenced work on a
6 MW PV park backed by IRENA. The PV
project in Sierra Leone has received
part funding of $9 million from the
Abu Dhabi Fund for Development
(ADFD), which has partnered with
International Renewable Energy
Agency (IRENA) to support clean
power generation in Africa.
International competitive football
returns to Sierra Leone for the
f irst time since 2014, with an AFCON
qualif ier against Gabon on 28 March,
which Sierra Leone won 1-0.
Citigate Commodities Trading Limited
announced the acquisition of a kimberlite
diamond concession in Sierra Leone. Located
adjacent to one of the country’s largest diamond
reserves, Citigate’s extraction and mineral rights
are spread over an area of 79 square kilometres
to explore diamonds.
President Koroma launched the Small
and Medium Enterprise Development
Association to provide credit facilities to
micro, small and medium enterprises.
The Sierra Leone Chamber of Commerce,
Industry and Agriculture holds its annual trade
fair at the Siaka Stevens Stadium, attracting
businesses from Nigeria, Ghana, Benin, Senegal,
Liberia and Guinea.
FT
Insight
25
Sierra Leone’s President Ernest Bai Koroma announced a major cabinet
reshuff le involving a total of 40 appointments to ministerial and
ambassadorial positions.
International power project developer Joule Africa has bought out its co-developer, Endeavor Energy,
giving it 100 per cent ownership of the Bumbuna II HPP. Bumbuna II is the 202MW expansion of the
50MW Bumbuna HPP commissioned in 2009 by H.E. Dr Ernest Bai Koroma, President of Sierra Leone. The
project has been in development since 2011.
Stellar Diamonds will be focusing on moving the Tongo project in Sierra Leone into funding
and development this year.
www.ftinsight.net

Freetown Insight
Contributor
Are small solar home
systems the way to
light up Sierra Leone?
Less than 1% of Sierra Leoneans living in rural areas have access to energy. Around the country, lack of energy is
a major challenge across all sectors including: private sector, health, and education.
Energy is one of the key priorities in the “Agenda for Prosperity” and also one of the country’s key socio
economic post-Ebola recovery priorities. The UK’s Department for International Development (DFID) is supporting
the Government and people of Sierra Leone to deliver on this challenge.
Early in April, the Ministry of Energy (MoE) and DFID hosted an unprecedented meeting with all 149 Paramount
Chiefs, District Council Chairmen, and City Mayors in Sierra Leone to discuss providing power for all Sierra
Leoneans. The one-day event was intended to engage attendees in a conversation about the current energy
challenges in rural communities and the solutions and opportunities available through renewable energy, with an
emphasis on small solar home systems (SHSs). The MoE hopes to inspire leaders to champion renewable energy
in their chiefdoms.
Designed to be both an informative and interactive session, the community leaders had the chance to learn
about the opportunities the Government of Sierra Leone (GoSL), donor partners, and the private sector can offer

FT
Insight
27
in fostering renewable energy businesses in their chiefdoms. Following that, a roundtable conversation discussed
lessons learned among chiefdoms which have been early adopters of renewable energy. Local private sector
companies attended to showcase the technologies and services they can provide.
This event is the fourth and final meeting leading up the Sierra Leone Energy Revolution launch event on the
10th of May in Freetown. Three previous roundtable meetings were held over the past several weeks to engage
the private sector; Ministries, Departments, and Agencies (MDAs); and financial institutions, in discussions about
the obstacles, challenges, and opportunities in running a renewable energy business in Sierra Leone and to
identify incentives and policy shifts that would enable off-grid renewable energy sector growth.
All three roundtables were successful in identifying key challenges and the solutions needed to overcome
them. Some of the major outcomes include: the creation of the Renewable Energy Association, the adoption of
international quality standards and duty free status for qualifying imports.
“We are really happy with the outcomes of the previous
roundtables and we feel conf ident that this event will be a
success. If community leaders can embrace renewable energy in
their communities, we will be on track to provide power for Sierra
Leoneans,” said Patrick Tarawalli, Technical Advisor Ministry of
Energy.
www.ftinsight.net

Music
Living for Live - Sierra
Leone’s f irst major live
music festival targets
10,000 fans a day
Three years ago a small group of young Sierra
Leonean musicians formed a not-for-profit
organisation to encourage live music in Sierra Leone,
where it is more common for artists to mime or sing
over CDs. They called themselves Freetown Uncut
and started their campaign by organising occasional
live performances in bars and clubs around Freetown.
This year, they are planning the biggest live music
spectacular Sierra Leone has ever experienced – a
two-day event on the 23rd and 24th April, which will
attract over 10,000 people a day.
The Freetown Music Festival is being held in
association with the National Tourist Board of Sierra
Leone. It forms part of Sierra Leone’s Independence
Day festivities and is intended as a celebration of
Sierra Leone’s resilience in the aftermath of the Ebola outbreak. Tom Cairnes, one of the people behind the
event, says: “Following months of negative headlines, we will demonstrate the wealth of music and culture that
Sierra Leone has to celebrate. There are a number of other festivals in Sierra Leone. Madeng, for example, is a
great cultural festival that everyone in Sierra Leone should go to. We think the Freetown Music Festival can add
to this movement by focusing on showcasing live music.”
The idea came when Tom Cairnes visited the New Orleans Jazz Festival in 2014. He thought that Sierra Leone
should have something similar. If all goes to plan, the Freetown Music Festival will become an annual event
attracting artists and visitors from across the world; and generating considerable revenue for the country’s hotels
and hospitality sector, as well as funds to support young musicians in Sierra Leone.
Festival headliners, such as the country’s best selling artists - Block Jones and Dallas B, will play on the main
stage on Freetown’s Lumley Beach; the objective being to make the festival open to everyone in the country. In
addition, ticketed VIP events will be held at Lumley beach night spots such as Papaya, O-Bar and Chez Nous.
Led by Nigeria and South Africa, Africa’s music business is booming, with data on its contribution to economic
growth beginning to emerge. And in the UK and US festivals have come to dominate the music industry. If it
is a success the Freetown Music Festival could do a lot for Sierra Leone’s embryonic music industry. “There is a
huge amount of musical talent in Sierra Leone that people aren’t listening to,” says Tom Cairnes. “We hope this
festival will give them an opportunity to showcase their talent and tell a positive story about the country.”
Freetown Music Festival 2016
23rd & 24th April
Lumley Beach
Entry: Le 5,000
Freetown Uncut is a non-profit organisation that supports local musicians in Sierra Leone, providing scholarships to artists to support them write,
record and perform their music and working with world-class partners to promote their music in the region and internationally.

FT
Insight
29
www.ftinsight.net

“Congratulations on regularly publishing
this material. Keep it up.”
Alhaji Kandeh Kolleh Yumkella, Co Founder-African
Energy Leaders Group (AELG) & Former UN Under
Secretary- General - Special Rep & CEO - Sustainable
Energy for All
“You are always breaking new
ground on the private sector front.
FT Insight looks and feels great.”
Francis Ato Brown, former World Bank Country
Director to Sierra Leone
“Loving FT Insight. Well done!”
Memuna Janneh, Founder and Trustee of LunchBoxGift
“I am reading the February 2016 edition of
FT Insight. It is a beautiful publication full of
factually insightful analyses of Sierra Leone’s
business development and potential. Thank
you, Memuna and team at FT Insight, for
alerting the world of business investors to
a gold mine that will be a win-win situation
for both those investors that will readily
seize the opportunities that abound, and the
people of the nation state of Sierra Leone.”
Hadji Dabo, Vericon Health Resources, LLC
“A great venture.”
David Mansaray, Executive Director, Finance/Chief
Operating Off icer, Standard Chartered Bank, Sierra
Leone
“I recently came across your magazine. As a
Sierra Leonean in the diaspora looking to
return home, I f ind your publication to be a
treasure and a delight! Thank you so much!
Are there ways in which to support you? I’d
love to help.”
Melissa Faux, Assessment Specialist at Atlanta Public
Schools
“Tons of useful information and
insights. Keep up the good work!”
Ade Freeman, World Bank
“A great addition to information sources
about business in Sierra Leone. Up-to date,
well-researched and great look. Keep
up the high standards and good work.”
Ade Daramy, Co-Editor at The Journal of Sierra Leone
Studies

BEX SINGLETON
&
ERIKA PEREZ-LEON
photo
graphy
video
design
bex@bexsingleton.com
erikaperezleon@gmail.com