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Formation of Technical Standing Committees

  • Formation of an independent institutional/technical structure charged with the responsibility of supervising, regulating and creating bench marks for every other institution that has the expertise to implement agricultural micro finance.

  • Maintain a broadly represented Ag. Finance Technical sub committee. This entity can sit within SLIBA.

  • Establishment of specialised sub committees to be charged with handling specific issues or sub sectors in agricultural financing.

1 Draft Poverty Reduction Strategy, 2008-2012, An Agenda for Economic and Social Empowerment, Republic of Sierra Leone (‘Sierra Leone Draft PRS’).

2 Normally only manual tools.

3 SL Draft PRS, Section 6ff.

4 Ibid.

5 Sierra Leone PRSP Progress Report, IMF Country Report No 08/250, July 2008.

6 Bank of Sierra Leone Statement of Accounts 2007.

7 See Sierra Leone: Adding Value through Trade for Poverty Reduction, DTIS, November 2006. Also at

8 Sierra Leone DTIS, p. 28.

10 An Act to Provide for the Services for Sierra Leone for the Financial Year 2009 (GoSL Budget 2009), para. 7.

11 According to the Minister of Finance, the total amount of domestic resources allocated to the agricultural sector for 2009 is 64 percent higher than the amount allocated in 2008. See GoSL Budget 2009, para. 18.

12 Sierra Leone Draft PRS, pp 54-55.

13 Synopsis, Vision and Strategy for Agriculture Sector Development in Sierra Leone, Joseph Sam Sesay, Minister of Agriculture, Presidential Retreat, Bumbuna, 11-13 January 2008.

14 The programme developed 5 growth centres in: Bo (marketing of arts & crafts, gari processing, tin smithery); Pujehun, Binkolo, Kpandebu; Rotifunk, and a production centre (AMPC) in Freetown.

15 See

16 See Developing Productive Capacities, The Least Developed Countries Report 2006, UNCTAD; and Productive Development in Open Economies, ECLAC, 2004.

17 Cases in point include Korea, Singapore, Taiwan, Malaysia and Thailand.

18 As amended by the Income Tax Amendment Acts 2004 and 2005.

19 Knowledge, Technological Learning and Innovation for Development, The Least Developed Countries Report 2007, UNCTAD

20 GoSL 2009 Budget, para. 115.

21 Finance Act 2006, s.5.

22 The excise tax is 30 percent.

23 Liberia is an official free port, while Guinea operates a free port de facto.

24 It may be interesting to explore whether this levy could be applied by the proposed Chamber of Agriculture with the funds from the levy going to support SLARI’s research on cocoa and coffee.

25 The Agricultural Act (Public Notice No. 66 of 1974) - (cap 185), 12 December 1974; and the Rural Area Act (Public Notice No. 16 of 1990) - (cap 75), 31 December 1990.

26 The Agricultural Act (Public Notice No. 66 of 1974) - (cap 185), 12 December 1974.

27 The Non-Citizens (Trade and Business) Act of 1969.

28 A guarantee that the State of Sierra Leone will not take any measure to expropriate investments it has made, subject to special cases for public purposes as laid down in the terms of the National Constitution and laws. Expropriation measures include either taking over the majority company shares or the operation of the company. Compensation will be as directed by the International Court for the Settlement of Investment Disputes (ICSID).

29 If any dispute between an investor and a non governmental party in respect of an enterprise is not settled amicably, the matter is referred to the relevant legal authority in Sierra Leone for settlement, in accordance with laws and regulations governing such transactions.

30 GOSL 2009 Budget, para 151.

31 GoSL 2009 Budget, paras. 151-154.

32 By the end of 2008, Sierra Leone had 16 commercial banks, mainly comprising of new entrants from Nigeria.

33 6% for loans and 8% for money transfers.

34 Four banks are in operation, with four more planned to be established. An IFAD supported project would see the establishment of six more Community Banks.

35 Report of the Agricultural Finance Technical Sub-Committee on Financing Private Investment in Agriculture.

36 Salone BEST – a pilot loan guarantee scheme targeted at assisting the expansion of micro and small businesses, Concept Note 12 January 2009

37 Ibid.

38 Ibid.

39 The scheme was due to start on 16 March 2009

40 Apparently, EcoBank, Pro-Credit, Rokel Commercial Bank, and Guaranty Trust Bank have already shown serious interest.

41 See Bank of Sierra Leone, Report of Experts’ Workshop on the Financial Sector Development Plan, 20th February 2009.

42 Financial Sector Development Programme, Financial Sector Strategy 2009-2013.

43 See Access to Finance and Rural Finance in Sierra Leone, Eileen Miamidian.

44 Biodiversity Status and Trends in Sierra Leone, Republic of Sierra Leone and UNDP, 2003

45 Sierra Leone Trade Policy Review Report, February 2005, Section 2.

46 Sierra Leone PRSP Progress Report, IMF Country Report No 08/250, July 2008.

47 See an Investors Guide to Sierra Leone, September 2004, SLEDIC

48 For further information on these groups, see Agriculture Sector Review and Agricultural Development Strategy Vol 1, Ministry of Agriculture, Forestry and Food Security, in collaboration with FAO, IFAD, UNDP and World Bank, TCP/RAF/2904, (‘MAFFS Agriculture Sector Review’) section 2.2ff.

49 The Cooperative Societies Act 1977 is in need of review and amendment in order to assist with restructuring the Cooperative societies in Sierra Leone.

50 Article 1.3, NAFFSL Constitution. These include the National Farmers Association of Sierra Leone; National Farmers Cooperative Union- Sierra Leone; Agricultural Business Units/Farmer Field Schools; District Women’s Farmers Cooperatives

51 Article 1.4, NAFFSL Constitution.

52 Agricultural Sector Review, pp

53 Assessment of CORAD Farmer Field Schools in Sierra Leone, July 2008, Enterprise Development Solutions.

54 Maurice Garber, Whose Land is it Anyway? Garber and Co, Freetown. 2007.

55 See MAFFS Agriculture Sector Review, p. 138ff.

56 Ibid.

57 See section 6.4 for a discussion about the pitfalls of the registration of conveyances.

58 But not the Krios, Kroos or Akus. See section below.

59 However, the usual practice is that the Paramount Chief plays an important role in the land transaction.

60 See MAFFS Agriculture Sector Review, p. 141ff.

61 Such antiquated laws, designed in colonial times to divide and rule, cause resentment and undermine social cohesion in the country.

62 This usually happens in the case of construction of a road or other physical infrastructure, or in the case of a mining development.

63 Legal Opinion from Maurice Garber, Garber and Co, 2008.

64 Maurice Garber, Whose Land is it Anyway. p. 4.

65 Babashola Chinsman, Uncommon Thinking, p.17.

66 Ibid, p. 23.

67 There have been some instances of registration of leases on Provincial lands, but this is not common.

68 Nowadays, this would probably be the President.

69 Leasehold interests are used in many Commonwealth countries, including the United Kingdom which has routinely used them to provide access to land absent of the freehold. Should the freehold interest be available, it is then the subject of sale through a routine property transaction.

70 MAFFS Agriculture Sector Review, p. 145.

71 See MAFFS Agriculture Sector Review, p. 140

72 To prevent speculation by land speculators. See Agriculture Sector Review, p. 142ff.

73 The Chinese agreement is basically similar to the AGOA, with a list of mostly finished goods which Sierra Leone does not currently produce.

74 AGOA authorizes the US President to provide duty-free treatment under GSP for any article, after a determination that the article is not import sensitive when imported from African countries. On December 21, 2000, dutyfree treatment under GSP was extended to AGOA eligible countries for more than 1,800 tariff line items in addition to the standard GSP list of approximately 4,600 items available to non-AGOA GSP beneficiary countries. The additional GSP line items which include such previously excluded items as footwear, luggage, handbags, watches, and flatware were implemented after an extensive process of public comment and review. Sub-Saharan African beneficiary countries are also exempted from competitive need limitations which cap the GSP benefits available to beneficiaries in other regions.

75 The EU maintains very high SPS standards on all food products (usually known as the ‘farm to fork’ policy) in which it requires the traceability of the food all along the value chain.

76 According to the Agreement on Sanitary and Phytosanitary Measures, an SPS measure should not arbitrarily or unjustifiably discriminate between countries where the same or similar conditions prevail. Neither should the measure be applied in a manner which would constitute a disguised restriction on international trade. SPS Agreement, Article 2.

77 SL DTIS, p. 114.

78 Sierra Leone Trade Policy Review Report, February 2005.

79 SL DTIS, p. 115.

80 The initial CET framework had four bands: 0%, 5%, 10% and 20%. The recent change to five bands has come about through further discussion in ECOWAS on the implications of the EPA and the identification of sensitive products. Nigeria has successfully negotiated an additional band of 35% to which it applies all sensitive products.

81 The objective of ECOWAP is to improve agricultural productivity in order to attain food sufficiency, standardise agricultural products; improve the dissemination of agricultural information; enhance health, alleviate poverty and improve the international competitiveness of farmers in the sub-region.

82 The current agreement between the EU and the ACP countries is the Cotonou Agreement.

83 Indian Companies Act 1956, as am 2003, s. 581A (v).

84 Section 581A (l).

85 Section 581A (m): ‘Producer institution’ means “a Producer company or any other institution having only producer or producers or Producer company or Producer Companies as its members whether incorporated or not having any of the objects referred to in section 581B and which agrees to make use of the Producer company or Producer companies as provided in its articles.”

86 See Indian Companies Act 1956 as amended 2003, Section 581B.

87 Section 581C (2), (3).

88 The Office of the Administrator and Registrar-General (OARG).

89 Section 581ZB.

90 "Special right" means any right relating to supply of additional produce by the active Member or any other right relating to his produce which may be conferred upon him by the Board. Section 581ZC.

91 In the case of India, the fine may extend to ten thousand rupees for every day the default or failure continues. In Sierra Leone, the fine should be suitably large enough to be a deterrent to default.

92 Section 581ZO. In India, this is in accordance with the Act which governs such procedures.

93 In the Indian legislation, this is provided for in section 581ZR.
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