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• GDP: US$1.3 billion (2006).
• Main exports: Diamonds, rutile, cocoa, coffee and fish.
• Main imports: Food, machinery and equipment, fuels and lubricants.
• Main trade partners: EU and USA.
• Main exports: Diamonds, rutile, cocoa, coffee and fish.
• Main imports: Food, machinery and equipment, fuels and lubricants.
• Main trade partners: EU and USA.
Economy
Following what is (it is hoped) a permanent end to the country’s debilitating civil war, Sierra Leone can now start to rebuild its shattered economy. With an annual per capita income of just US$209, it is one of the world’s poorest countries. It also recorded the second lowest figure in the 2006 UN Human Development Index: in other words, it is the second worst place in the world to live.
The agricultural and mining sectors were particularly badly hit by the fighting. Agriculture employs over two-thirds of the workforce who grow coffee, cocoa, palm kernels, nuts and ginger as cash crops along with rice, bananas and cassava as staples. The fishing industry is also important.
The principal industrial activity is mining: the country has some of the world’s most valuable diamond mines, as well as deposits of gold, bauxite and titanium ore. Diamonds have proved as much a curse as a blessing, as much of the civil war fighting was motivated by control of the mines and both the government and the rebel forces relied on the revenues to sustain their war efforts. The remainder of the industrial sector is devoted to mineral and ore processing, as well as some light manufacturing of consumer goods such as textiles and furniture.
Sierra Leone’s other major economic asset is one of the world's largest natural harbours, which the government is hoping to develop as a hub for international and transit trade for the whole of the region.
Since the end of the war, the economy has grown healthily at between 5 and 7% annually (7.2% in 2006). Inevitably, Sierra Leone still depends on large injections of foreign aid to support the economy, and the IMF and World Bank have been involved in the government’s reconstruction plans.
Sierra Leone is a member of the African Development Bank and the West African trading bloc ECOWAS.
The agricultural and mining sectors were particularly badly hit by the fighting. Agriculture employs over two-thirds of the workforce who grow coffee, cocoa, palm kernels, nuts and ginger as cash crops along with rice, bananas and cassava as staples. The fishing industry is also important.
The principal industrial activity is mining: the country has some of the world’s most valuable diamond mines, as well as deposits of gold, bauxite and titanium ore. Diamonds have proved as much a curse as a blessing, as much of the civil war fighting was motivated by control of the mines and both the government and the rebel forces relied on the revenues to sustain their war efforts. The remainder of the industrial sector is devoted to mineral and ore processing, as well as some light manufacturing of consumer goods such as textiles and furniture.
Sierra Leone’s other major economic asset is one of the world's largest natural harbours, which the government is hoping to develop as a hub for international and transit trade for the whole of the region.
Since the end of the war, the economy has grown healthily at between 5 and 7% annually (7.2% in 2006). Inevitably, Sierra Leone still depends on large injections of foreign aid to support the economy, and the IMF and World Bank have been involved in the government’s reconstruction plans.
Sierra Leone is a member of the African Development Bank and the West African trading bloc ECOWAS.
Business Etiquette
English is the most common language in business circles. Appointments and punctuality are expected. Business cards are essential. September to June are the best months for business visits.
Office hours: Mon-Fri 0800-1200 and 1400-1700.
Office hours: Mon-Fri 0800-1200 and 1400-1700.
Business Contacts
Sierra Leone Chamber of Commerce, Industry and Agriculture
Guma Building, Lamina Sankoh Street, Freetown, Sierra Leone
Tel: (22) 226 305 or 220 904.
E-mail: cocsl@sierratel.sl
Guma Building, Lamina Sankoh Street, Freetown, Sierra Leone
Tel: (22) 226 305 or 220 904.
E-mail: cocsl@sierratel.sl