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Viewing cable 07FREETOWN58, SIERRA LEONE: 2007 INVESTMENT CLIMATE REPORT
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| Reference ID | Created | Released | Classification | Origin |
|---|---|---|---|---|
| 07FREETOWN58 | 2007-01-24 17:46 | 2011-08-25 00:00 | UNCLASSIFIED | Embassy Freetown |
VZCZCXRO7317
RR RUEHMA RUEHPA
DE RUEHFN #0058/01 0241746
ZNR UUUUU ZZH
R 241746Z JAN 07
FM AMEMBASSY FREETOWN
TO RUEHC/SECSTATE WASHDC 0710
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RUCPCIM/CIMS NTDB WASHDC
INFO RUEHZK/ECOWAS COLLECTIVE
UNCLAS SECTION 01 OF 07 FREETOWN 000058
SIPDIS
SIPDIS
DEPT FOR EB/IFD/OIA - JNHATCHER, AF/EPS AND AF/W
STATE PLS PASS USTR, OPIC, USDOC AND MCC
TREASURY FOR ASEVERENS
E.O. 12958: N/A
TAGS: EINV KTBD OPIC EFIN USTR ETRD SL
SUBJECT: SIERRA LEONE: 2007 INVESTMENT CLIMATE REPORT
Openness to Foreign Investment
------------------------------
¶1. The Government of Sierra Leone (GoSL) Ministry of Trade and
Industry is actively working to increase trade and investment.
¶2. Investment Laws: A new Investment Code went into effect in 2005.
It is designed to put Sierra Leone at par with western countries
concerning the protection of companies. The Ministries of Trade and
Industry, the Finance Ministry, and others are working on an annex
to the code, which will detail the specific investment incentives to
be offered in specific sectors.
¶3. The GoSL is working to develop the industrial base in order to
help develop the country and create jobs. Sierra Leone is starting
from a low level. Officials point especially to the need for
foreign investment and value added activity in a number of sectors,
but they highlight agricultural production and processing and
fisheries production and processing.
¶4. The sanctity of contracts is upheld in law. In practice, the
judicial system is slow and inefficient and is widely reported to be
corrupt. The UK Government is undertaking a multi-million dollar
judicial reform program.
¶5. There are no laws or regulations restricting remittances or
repatriation of profits. Outflows are largely for physical capital
expenditures and to make payments abroad for things like school
fees. Outflows of wealth from Sierra Leone are dominated by the
export of diamonds and other minerals, not financial flows.
¶6. There is no industrial policy that discriminates against
foreigners nor are there sectors where there are limits or
prohibitions on foreign investment or the denial of national
treatment. Sierra Leonean authorities do not screen investments.
¶7. Late in 2005, the parliament passed an Anti-Money Laundering Law
aimed at regularizing and controlling capital inflows so as to help
protect against efforts to destabilize the country or to meddle in
politics or political party affairs. In putting the law into
effect, the GoSL underscored its desire for "the right kinds of
investment." The law allows the importation of $10,000 in cash.
Amounts beyond that must be transferred through the banking system
to insure transparency and to make sure that there is a paper trail.
Several foreigners have been stopped at the Freetown airport with
large amounts of cash, in one case $500,000. The police temporarily
confiscated the amount beyond $10,000 and asked the carrier to
arrange for its placement in normal banking channels.
¶8. Acquiring Land: There are two types of land tenure inherited
from colonial times. Colonial Land is a freehold system existing in
Freetown and the Western Area. Customary Land is a leasehold
system, which prevails throughout the rest of the country. There is
no land titling system to validate property rights. Because it can
be difficult to verify ownership, land is often sold or leased
illegally, thus restricting and complicating investment.
Furthermore, foreigners cannot own land under either system but can
lease land up to 99 years.
¶9. Sierra Leonean citizens can acquire private land (in Freetown and
the Western Area only) in a fairly straightforward fashion. State
lands can be obtained from the State Lands Committee and the
Ministry of Lands via a bureaucratic process that typically takes
65-70 business days. Under the Customary Land system, an investor
can lease land by entering into a "joint venture" for economic
purposes with the local paramount chief who controls the land in his
district. This system is designed to protect the livelihood of
indigenous traditional users of the land - householders, subsistence
farmers, herders, and small producers.
¶10. Mortgages exist but since there is only a small stock of modern
housing and other buildings, the real estate market is minimally
active and mortgages are not common. When they exist, mortgages can
carry long terms, but are more commonly of short duration and high
interest. Short-term bank loans for new construction are more
common.
¶11. Privatization: In its privatization program of 24 publicly
owned enterprises, the GoSL is looking for investors, especially
foreign investors, who will bring significant capital, but also
know-how on how to improve the productive and financial performance
of the company to be privatized. Foreign investors are invited to
participate in every stage of the privatization process. However,
the GoSL wants to avoid asset stripping, especially in the banking
sector, which has attracted the most international investor
attention. The privatization of Rokel Bank, for example, was halted
FREETOWN 00000058 002 OF 007
in early 2005 after the Government determined that potential
investors were "not serious." The Government also came under
considerable pressure from Sierra Leonean shareholders to not
privatize. Rokel is reportedly now not open to foreign investors.
The bank may end up being privatized through a buy-out (probably
partial) by the national social security system, NASSIT, which has
expanded rapidly.
¶12. Visas: US citizens must have a visa to enter Sierra Leone,
obtainable from the Sierra Leonean embassy in Washington or at other
Sierra Leonean embassies. Airport visas are available but cost $100
and are not issued quicQy. Foreign investors must have a
self-employment/work permit from the Ministry of Labor, which takes
six weeks to four months or longer to obtain and costs $85. A
foreigner also must have a residence permit that can be obtained in
a few days, but often takes longer. There is an application fee of
$100 and the permit costs $1,000 for entrepreneurs and $1,660 for
employees.
¶13. Registry and Licenses: Companies have to register but private
investors generally do not consider the business registration
process as a major impediment to investing. Registration takes 2-4
weeks and costs about $200 plus legal fees that range from
$400-$5,000, making registration among the most costly in the world,
according to recent research. There is a shortage of reliable
information on procedures and fees and there are bothersome
redundancies. The high cost of business registration combined with
lax enforcement results in a high rate of non-compliance and
contributes to flourishing informal economic activity.
¶14. There are also three types of mandatory business licenses:
general licenses for every business, special activity licenses for
executing certain activities (hotel, supermarket, restaurant,
factories, construction), and licenses for specific sectors like
tourism, telecommunications, and mining.
¶15. Mining and Fisheries: The mining sector is open to foreign
investors. The cost of mining licenses depends on the type of
activity and citizenship. Non-exclusive prospecting licenses are
$10-50 per square mile. Exclusive prospecting license $50-200 per
square mile, depending on the mineral. Exploration licenses are
$100-400 per square mile for three years. Mine leases are for a
maximum of 25 years (renewable for 15 added years) and cost
$500-5,000 per square mile, depending on the mineral.
¶16. For mining investment over $100 million the conditions, fees,
and taxes can be negotiated with the Minster of Mineral Resources on
behalf of the Government.
¶17. Some other important fees in the mining sector are as follows:
Alluvial Diamond Exporters license: $40,000/year ($25,000 half
year).
Alluvial Diamond Exporter Agent's certificate: $5,000/year ($3,000
half year).
Alluvial Diamond Dealer's license: Non-Citizen $5,000/year ($3,000
half year).
Gold Exporter's license: $3,000 per year.
Gold Exporter Agent's certificate: $ 1,000/year.
Gold Dealers license: Non-Citizens $1000/year.
Gold Mining Company Manager Certificate: Non-Citizen $167/year.
¶18. In fisheries, vessels must be registered and a fishing license
obtained. Obtaining an industrial fishing license requires an
offshore account in Sierra Leone and the operator must employ 45%
Sierra Leoneans as crew members. The licensing process is speedy
after the vessel is inspected.
¶19. The following license fees pertain. For vessels over 250 tons,
a shrimp license costs $60,000 for a year plus royalties of $18,000
per vessel. Fish trawlers over 250 tons pay $40,000 per year with
royalties of $15,000. Tuna purse seiners pay $18,000 per year; tuna
long liners pay $12,000 per year; and purse seiners for small
pelagics pay $15,000 per year. Fish processing ships pay $20,000
per year.
¶20. Impact of policies and economic trends on FDI: With the end of
the war in January 2002, massive infusions of outside assistance
helped Sierra Leone to recover and rebuild. GDP growth rates
immediately rose to six percent and higher as agriculture recovered,
legal diamond production and exports grew, manufacturing showed
modest gains, and construction expanded.
¶21. FDI inflows reached $32.5 million in 1990 before the outbreak
of the violent civil strife in 1991, and then declined rapidly for a
decade. FDI spiked again in 2000 at $39 million. It declined again
in subsequent years, coming back up in recent years but to only $5
FREETOWN 00000058 003 OF 007
million in 2004. The latter figure does not include, however, more
recent large investments in rutile and bauxite mining or the $6
million in new milling equipment the U.S.-owned flour mill installed
in the past year.
¶22. Important impediments to foreign investment remain. There is a
shortage of skilled workers and professionals. Many judges,
lawyers, doctors, civil servants, engineers, and other professionals
left the country and those who remain often lack the means to carry
on their duties properly. Corruption is a problem and the
independent Anti-Corruption Commission created in 2000 has yet to
have a large impact on the higher levels.
¶23. Sierra Leone's trade policies are relatively open and non-tariff
barriers have been eliminated. Tariff rates are converging with
those of its neighboring ECOWAS (Economic Community of West African
States) and WAEMU (West African Economic and Monetary Union - CFA
Franc zone) countries. Import and export licenses have been
abolished for all but a small number of products. However,
importing and exporting problems have less to do with policy than
with practice. Customs clearance is slow, cumbersome, costly, and
opaque. The average 14 days for import clearance is among the
world's worst. All goods are subject to lengthy and complicated
customs procedures, although the GoSL is reportedly considering
reducing its customs registration and documentation requirements.
Tariff schedules are not always transparent which allows arbitrary
assessments that can be challenged only with difficulty as appeals
processes are ill defined and lengthy. Sierra Leone continues to
use the Brussels Declaration of Value, as it has not yet adopted the
WTO Agreement on Customs Valuation. Sierra Leone uses minimum or
reference values for rice, flour, sugar, cement, used clothing, and
clothing accessories and not having adopted the WTO Agreement leaves
customs agents with excessive power and increases the costs of
imports.
¶24. Improved economic conditions since the civil war ended in
January 2002 along with greater political stability and a more
forward-looking government policy have led to some new foreign
investment. The telecommunications sector has seen rapid expansion
in mobile telephones. In banking, Malaysian investors have opened
the International Commercial Bank and Nigerians investors have
opened the First International Nigerian Bank and Guaranteed Trust.
Standard Bank closed during the war but has reopened. The Ecobank
Group has also opened a branch in Freetown.
¶25. Mining has expanded greatly with increased legal diamond
exports conforming to the Kimberley Process. The reinvestment in
rutile and bauxite mining in the southwestern part of the country
will put Sierra Leone again among the world's top producers. OPIC
provided a $25 million investment guarantee for Sierra Rutile and
the European Union provided $12 million in start up capital. There
are also large iron ore deposits, but it is not yet clear whether
they can be economically exploited.
¶26. With the aid of the World Bank and key international donors, the
GoSL developed its Poverty Reduction Strategic Paper (PRSP). It is
putting its PRSP plan into effect and international donors -- the
World Bank, UK, US, EU, and other donors -- are assisting.
¶27. On December 15, 2006, the IMF Executive Board found that Sierra
Leone had achieved completion under the Heavily Indebted Poor (HIPC)
initiative and will provide debt relief in line with the HIPC
framework. The PRSP's three pillars are good governance, security
and peace; pro-poor, sustainable economic growth, food security, and
job creation; and human resource development. International donors
are contributing several hundred million dollars to turn these
programs into realities. This simultaneously will clarify and
strengthen the investment climate.
Conversion and Transfer Policies
--------------------------------
¶28. There are no restrictions on converting or transferring funds
associated with an investment. Investors can withdraw and remit any
amount from a commercial bank and have it transferred into any
freely convertible currency and at legal market clearing rates.
Sierra Leonean banks are well connected with the international
banking network. There are no plans to change remittance policies.
¶29. Sierra Leone has a floating exchange rate. The Leone
fluctuates, but overall has depreciated slowly over recent years,
mainly due to demand for financing current consumption, especially
of imported petroleum products, and for national reconstruction.
¶30. Estimated exports in 2005 (Economists Intelligence Unit - EIU)
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were $200 million while imports were $330 million. Diamond exports
increases from an estimated $126 million in 2003, to $158 million in
2004, and $230 million in 2005 (EIU). The current account balance
was a negative $105 million, or about eight percent of GDP.
¶31. There are no legal restrictions on obtaining foreign exchange.
The Central Bank conducts frequent foreign exchange auctions,
typically on a weekly basis, but limits a single bidder to $100,000.
The auctions are far from sufficient to meet the needs of
importers. Additional foreign exchange is available through the
banking system, but banks will provide cash only to customers who
have deposited cash. Customers who have deposited transfers can
obtain only transfers.
¶32. The new Investment Code guarantees foreign investors the right
to repatriate earnings and the proceeds of sales of assets, and also
allows expatriate employees to repatriate earnings.
Expropriation and Compensation
------------------------------
¶33. There is no history of expropriations in Sierra Leone.
Dispute Settlement
------------------
¶34. Sierra Leone adopted the UK's legal system and common law
system. The traditional and Islamic Law systems employed decide
many personal property and inheritance issues outside the capital of
Freetown. The legal system inherited from the UK protects property
and contract rights in the modern sector and there have been few
notable issues with property or contract rights affecting US
investors. Investors have access to the judicial system, but the
system is slow and is widely reported to be subject to financial and
political influence. Arbitration clauses in contracts and foreign
judgments are respected. Officials point to arbitration and
judicial findings in Europe against the Government with which it
complied.
¶35. The Law Reform Commission is considering a new Commercial Law,
but its progress has been slow on this and other matters.
¶36. Sierra Leone is a party to the Convention on Settlement of
Investment Disputes Between States and Nationals of Other States
(The Washington Convention), which it ratified and put into force in
October 1966.
¶37. An important U.S. investor has claimed repeatedly that its
competitors are routinely allowed to undervalue its imports, thus
paying less in duties and underselling the U.S. firm. The
investor's complaint has gone unresolved for several years. Other
investors complain that undervaluing goods bound for retail is
necessary to reduce what many believe are exorbitant customs
duties.
Performance Requirements and Incentives
---------------------------------------
¶38. The GoSL has established no performance requirements prescribing
mandatory percentages of exports, domestic content, required
domestic inputs, the transfer of technology or proprietary
knowledge, or limiting access to foreign exchange.
¶39. The annex to the Investment Code law will define the investment
incentives to be offered and in various sectors but has not yet been
released. Key areas for incentives include agro-processing and
value-added activity in fisheries. Both sectors represent important
potential in Sierra Leone.
¶40. No performance requirements are in place to require maintenance
or expansion of a foreign investment. There are likewise no
requirements that nationals own shares that the share of foreign
equity is reduced over time, or that technology is transferred under
certain terms. There are no "offset" requirements.
Right to Private Ownership and Establishment
--------------------------------------------
¶41. Foreign and domestic entities have the right to establish and
own business enterprises and engage in all sorts of remunerative
activities. Foreigners are free to acquire and dispose of interests
in business enterprises.
Protection of Property Rights
-----------------------------
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¶42. Mortgages exist but are not common as property rights are
difficult to secure, given the complexities of the land tenure
system. Officially there is complete and open access to the court
system if an individual or enterprises thinks its interests to be
compromised, but judicial practice is widely reported to be open to
political or financial influence.
¶43. The GoSL is taking steps to develop policy and laws that will
bring it into compliance with TRIPS. So far, these measures do not
include amendments to the copyright law, which is 40 years old. Per
WTO agreements, Sierra Leone had until 2006 to fully implement TRIPS
but extensions were recently granted to all Least Developed
Countries until July 1, 2013.
¶44. Popular music and films are illegally copied and sold on a
substantial scale. While some recorded American music and films are
affected, this practice mostly affects local and regional music and
Nigerian films.
Transparency of Regulatory System
---------------------------------
¶45. Red tape and excessive delays are problematic. Sierra Leone in
the bottom quintile of the World Bank "Doing Business" ranking, on
par with most of the other countries in West Africa. The World Bank
ranking cites licenses, hiring and firing workers, registering
property, and enforcing contracts as problems.
¶46. The GoSL recognizes the need for greater regulatory clarity and
efficiency. The Law Reform Commission is working in that direction,
but once updated laws are promulgated, the Government often is slow
to develop the administrative rules for their application.
¶47. One notable effort to improve clarity is the Government's
establishment of a "one stop center" where investors can obtain all
required permits and licenses. The Sierra Leone Export Development
and Investment Corporation (SLEDIC) is to incorporate the one stop
center and is in the process of reorganization to better serve its
customers.
¶48. The Government does not use taxes or labor, environmental or
other standards to inhibit foreign investment.
Efficient Capital Markets and Portfolio Investment
--------------------------------------------- -----
¶49. The commercial banking sector is sound. Citizens and foreigners
have access to credit under the same market terms, although interest
rates usually exceed 30%. Because of the Government's feeble tax
revenue generation, the Central Bank holds frequent (generally
weekly) bond auctions. The Government's bonds pay about 25 percent
thus crowding out credit flows to production or factor markets.
¶50. As a rule, banks do not invest in equity projects. The land
tenure system makes it difficult for a lender to identify the true
owner of a property and makes most property useless as loan
collateral. An inefficient judicial system and the lack of
bankruptcy laws make it very difficult for a lender to recover
collateral in the event of a default.
¶51. Credit is rarely a problem for foreign investors as they
typically bring in capital from outside the country and have
well-established banking relationships that enable them to obtain
working and trading capital.
¶52. As of November 2005, the Bank of Sierra Leone (national bank)
estimated the assets of the largest banks as follows:
Rokel Commercial Bank: $52 million.
Sierra Leone Commercial Bank: $67 million.
Standard Chartered Bank: $53 million.
Total assets of the banking sector: $173 million.
¶53. There is no evidence of cross-shareholding and stable
shareholder arrangements in Sierra Leone.
Political Violence
------------------
¶54. There have been no incidents in recent years of politically
motivated damage to projects or installations. During the
widespread violence that occurred from 1991 to 2002, mining
installations and a great deal of physical infrastructure was
destroyed. After the war ended in January 2002, a successful
demobilization, disarmament, and reintegration (DDR) program
followed and a large UN peacekeeping mission guaranteed security.
The UN peacekeepers departed in December 2005 and security
FREETOWN 00000058 006 OF 007
responsibilities are in the hands of the Sierra Leonean army and
police, which the UK government has done much to train and equip.
The UN retains a robust development mission in Sierra Leone.
Although Sierra Leone is a "fragile state," the country is calm so
insurance costs and risk premiums should not reflect the earlier
realities of the 1990s.
¶55. There are no nascent insurrections or belligerent neighbors
aiming to destabilize Sierra Leone. Political instability in Guinea
and Liberia has not had much effect on Sierra Leone. In the run up
to presidential and parliamentary elections scheduled for July 28,
2007, political parties are competing for voter attention. There is
the potential for political rallies to snarl traffic and damage
property. With extensive UK training and new equipment, the Sierra
Leone Police have increased capacity to handle such events.
Corruption
----------
¶56. International companies identify corruption as an obstacle to
investment, ranking Sierra Leone near other West Africa countries
for corruption. Bribes, kickbacks, extortion, and skimming on
contracts and payments are common forms of corruption.
¶57. Sierra Leone signed the UN Convention Against Corruption in
December 2003 and ratified it in September 2004. The GoSL
established the independent Anti-Corruption Commission (ACC) in
¶2000. It is charged with investigating cases and educating the
public to reduced corruption in its many forms. Per the
Anti-Corruption Act, giving or accepting a bribe is a criminal
offense that carries a penalty of two years imprisonment or $340 (Le
1,000,000), or both.
¶58. The ACC has investigated and brought cases against several low-
to mid-level public servants. To date, the only high-level official
convicted on corruption charges had his case overturned on appeal.
In general, the ACC has yet to be very successful in halting
corruption. In late 2005, it came under parliamentary criticism
after the Commissioner criticized certain members of the legislature
and was subsequently dismissed. His replacement has yet to move
aggressively against corruption. The judicial system, which must
try the cases the ACC develops, is inefficient and itself widely
believed to be corrupt.
¶59. The Anti-Corruption Act is not used disproportionately against
foreigners.
¶60. Transparency International's 2005 "Corruption Perception Index"
ranked Sierra Leone 124th of 159 countries (tied with Russia).
Sierra Leone is thus on par with many other countries is Africa and
Asia. In Sierra Leone, TI operates the National Accountability
Group (NAG), an important local NGO. The Campaign for Good
Governance is another local watchdog organization.
Bilateral Investment Agreements
-------------------------------
¶61. Sierra Leone does not have a bilateral investment treaty or
taxation treaty with the U.S.
OPIC and Other Investment Insurance Programs
--------------------------------------------
¶62. OPIC offered a $25 million investment guarantee to Sierra Rutile
for the restart and expansion of its mineral sands mine in
southwestern Sierra Leone. The company is also exploiting nearby
substantial bauxite deposits. The European Union provided $12
million in start up funding. Phase one will generate about 110,000
tons of rutile (titanium oxide), which is an important ingredient in
paints, paper, and plastics. Before violent civil strife destroyed
the mine's equipment in the 1990s, Sierra Leone was the world's
largest rutile producer.
¶63. Sierra Leone is a member of the Multilateral Investment
Guarantee Agency (MIGA), part of the World Bank.
Labor
-----
¶64. Sierra Leone suffers from a shortage of educated and skilled
workers and professionals. Brain drain to Europe and North America
has been a significant drag on the economy for some years.
¶65. Formal sector employment is largely governed by collective
bargaining agreements between employers and unions. Such agreements
cover various sectors: tourism, commerce, petroleum, manufacturing,
FREETOWN 00000058 007 OF 007
media, entertainment, financial services, general services, and
public utilities. The statutory minimum monthly salary is $15, but
under the collective agreements, the minimum throughout the formal
sector is $24. The minimum figure goes up with qualifications so
that a machine operator in manufacturing must be paid a minimum of
$43, rising to $55 for a senior operator.
¶66. The workweek is 40 hours with two consecutive days off
mandatory. Work beyond 40 hours is paid at 50% overtime and
required work on rest days is 100% overtime.
¶67. Companies can find an employee redundant for commercial or
financial reasons after trying and failing to find alternative
employment, in consultation with the union. The employer can
discharge workers only on the basis of seniority, with more junior
workers being dismissed first. Employers must give two months
notice and pay redundancy compensation according to a steeply rising
schedule. For example, the employer must pay a worker with 14 years
seniority more than two years salary as compensation while the
employer owes twenty-year employee more than three and a half years
salary as compensation.
¶68. Workers can be dismissed for incompetence, inefficiency,
violation of rules, or serious offenses in a reasonably
straightforward manner. After two written warnings an employee can
be dismissed without compensation. There is an appeals process via
employer-union consultations and possible intervention by the
Commissioner of Labor. The Industrial Court hears dismissal cases
and other disputes and heard 170 cases between 2000-2003.
¶69. Contributions to the national pension plan, NASSIT, are
mandatory. The employer pays 10 percent of the worker's salary and
the worker contributes five percent.)
Foreign Trade Zones/Free Trade Zones
------------------------------
¶70. Sierra Leone does not operate a duty free zone, but plans are
under way to establish an export-processing zone with duty free
status for re-exports.
¶71. The GoSL and Chinese company Henan Guoji Group are working under
a joint venture to develop an industrial and trade zone. The GoSL
is providing the land and existing buildings (the old National
Workshop facility long slated to be privatized) and preferential
conditions, while the Chinese company is supplying capital,
know-how, and some workers.
Foreign Direct Investment Statistics
------------------------------------
¶72. According to 2005 UN figures (UNCTAD World Investment Report,
2005) Sierra Leone attracted $5 million in direct foreign investment
in 2004. That figure was up from $2 million in 2002, but does not
reflect the large new investment in Sierra Rutile.
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