Sierra Leone News & Information

State House | Press Union | Lumley Beach | AllAfrica | SL-Web

  Giving Knowledge to the People
welcome to sierra leone's premier news source
Last Updated: Apr 20th, 2015 - 16:43:04 
Front Page 
 Breaking News
 Local News
 Photo News
 Video News
 Moiie's Column
 Afsatu Kabba
 Role Models
 Awareness Lady
 Common Man
 Special Messages
 Legal Matters

Published online by
Sylvia Blyden Dot Com

17 Garrison Street,
Sierra Leone.
Tel: +232-77-772001
Tel: +232-88-321000
Tel: +232-76-350077
Tel: +232-30-321001


Government of Sierra Leone Ministry of Trade & Industry
Jun 10, 2009, 17:06
Email this article
 Printer friendly page

Government of Sierra Leone Ministry of
Trade & Industry

"Bizness dey cam begin swit na Salone"

Key Business Legislation Enacted

- Government Making Strides to Improving Sierra Leone’s Business Climate -

Freetown, 4 June 2009 – The Government of Sierra Leone today completed the enactment of key business legislations: the Companies Act, the Bankruptcy Act, the Payment Systems Act, and the Goods and Services Act in a bid to boost the business climate in the country.

The new Companies Act is an update from the original Act (passed in 1960) and brings Sierra Leone in line with international company legislation standards.

The Bankruptcy Act, new to Sierra Leone, makes it easier for individuals to declare bankruptcy and close a business. (Provisions for the closure (winding up) of companies are located in the Companies Act.)

The Payment Systems Act ensures payments are done properly and electronically and in line with ECOWAS monetary policies (WAMZ). It also creates further business opportunities for telecoms operators and payment service providers as all banks will be required to connect electronically to the system.

The Goods and Services Act provides the framework for the implementation and operation of the Goods and Services Tax (GST), a value added tax on the domestic consumption of goods and/or services (not exports), paid as a percentage of their monetary value at the time they are sold. GST will replace a number of existing indirect taxes and as a result, increase the efficiency and cost effectiveness of Sierra Leone’s taxation system.

The enactment of these laws underlines government’s commitment to improving the investment climate in the country. Many areas of business reform require legislative change. As a result, a pre-legislation workshop was held with Parliamentarians earlier this month in a bid to fast-track some of the laws. The workshop was co-funded by the Government of Sierra Leone, development partners and the private sector, including the Ministry of Trade & Industry, the Bank of Sierra Leone, the Sierra Leone Bankers’ Association, NATCOM, the Sierra Leone Business Forum and the International Finance Corporation (IFC).

The effort was pioneered by the Reform Legislation Committee (RLC), a sub-committee established by the Government’s Doing Business Reform Committee (DBRC) which comprises of the heads of various MDAs: Ministry of Trade and Industry (Chair), Ministry of Justice, Ministry of Finance, Ministry of Lands, Ministry of Labour, Central Bank, National Revenue Authority, NASSIT, Office of the Administrator and Registrar General, State House (Private Sector Adviser) and the Government Printing Department.

The new laws will not only have an immediate effect on the current operational landscape of the private sector, but also increase investor confidence in the country. The enactment is also timely for Sierra Leone’s contribution to the IFC/World Bank’s annual Doing Business survey which ranks economies around the world on the ease of doing business. Last year, Sierra Leone ranked 156 out of 181 economies. The rankings are published annually in September and the government is hoping for a marked improvement this year.


For more information contact:
Lansana Bayoh Sesay
Public Relations Officer
Ministry of Trade & Industry
(+23276) 637 315

Millicent Hamilton-Hazeley
Doing Business Coordinator
(+23276) 912 823

© Copyright by Awareness Times Newspaper in Freetown, Sierra Leone.

Top of Page

Latest Headlines
Sierra Leone President's Trip to America was a Huge Success
Ban Ki Moon thanks Doctors & Nurses against Ebola
Sierra Leone News : Students turn-out impresses Hon. VP Foh
Sierra Leone: That Police Public Notice!
Ernest Koroma is Constantly Inspiring; The Ebola Audit is Latest Example
Ebola in Liberia, Guinea, Sierra Leone: Who is fooling who in Sierra Leone?
Sierra Leone News: Awareness Times Newspaper is back after Holiday Break
As NEWSTIMEAFRICA issues silly threat... Brian Gilpin & Abdulai Bayraytay named in Saga of Plane Sent by “the British” with technical problems
Sierra Leone Ebola Commentary: Alpha Kanu, Miatta Kargbo and Deaths Announced by the Three MRU Countries
Sierra Leone: Sylvia Blyden Says President’s U.S. Trip was a Huge Success as she mocks SLPP/Sam-Sumana’s ‘Fiba Baboon’ Gimmicks at World Bank
Dr. Khan’s Findings on Ebola - Virus was with us since at least 2006
Yes, We Were Warned About Ebola in Liberia - Since 1978
Exposing Unjustness of Insinuation by Oswald Ernest Hanciles
Sierra Leone News: Chernoh Bah, his Expired Goods & Junks Container!
DELMAS Sheds Better Light on Efforts of Health Ministry
As Liberia suffers Danger of Survivors’ Transmission: Ernest Bai Koroma Warns Survivors to Delay Having Sex
This Medical Doctor was Right Afterall as Lawyer Margai Says Section 41 is not only at Election Time
Women at the Forefront of the African Moment: Strategic Media & Communications Positioning
A Tribute to My Golden Lady - Cillaty Daboh on his Mum
A profile on Dr. Jill Biden … Wife of the US Vice President
Sierra Leone Investment: Hon. Turay Cajoles UNESCO Investors
Sierra Leone - 16th April Ebola STATISTICS:
Sierra Leone - 14th April Ebola STATISTICS:
Sierra Leone - 13th April Ebola STATISTICS:
Sierra Leone Health Ministry Hails International Insurance Company
Sierra Rutile in Advertorial on its activities
EBOLA Breaking ‘NEWS’ - Do you seek good for Kenema & Kailahun?
SPECIAL POEM : A Tale of 2 Women
SLPP, be Grateful to Lt. Maada Bio

Copyright © 2005 - 2010, Awareness Times Sierra Leone; All Rights Reserved.
Hosted & Designed by West Africa Dot Net