Tuesday
June 28
2022

Report: Leveraging SME Financing as Engine of Economic Growth and Job Creation in Sierra Leone

The new economic update for Sierra Leone says the economy grew by 3.1 % in 2021, after shrinking by 2.0 % in 2020. Agriculture contributed nearly half of the total growth during 2021; The analysis offers several recommendations including the need to develop a coordinated national approach to expanding access to finance for SMEs; The report also provides several reform priorities for government consideration, including prudent fiscal management to strike a balance between the emerging expenditure needs and limited fiscal space.

Small and medium enterprises (SMEs) are critical to achieving goals of economic diversification, including expanding of Sierra Leone’s agriculture-based economy into sectors such as tourism and fisheries, according to a new World Bank economic analysis for Sierra Leone.

Photo courtesy of Steve Evans.

Source: African Business (link opens in a new window)

Categories
Finance
Tags
economic, financial inclusion, job creation, small business, SMEs