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Agricultural Finance in Sierra Leone

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Agricultural Finance in Sierra Leone Agricultural Finance in Sierra Leone Product Innovation and Financial Access – Agricultural Value Chains – Cassava, Rice, Poultry and Cocoa Published by: 2 CONTENT Content 1. Objectives and Context 1 2. Executive Summary 4 2.1 Macroeconomic Overview 4 2.2 Enabling Environment for Inclusive Financial Services 6 2.3 Rural and Agricultural Finance Opportunities 7 3. Overview of the Agricultural Sector 9 3.1 Government Policies, Donor & Development Partner Interventions 9 3.2 Microeconomic Perspective on the Agricultural Sector 10 3.3 Review of Important Agricultural Value Chains 20 3.3.1 Cassava 20 3.3.2 Rice 22 3.3.3 Poultry Rearing 27 3.3.4 Cocoa 30 3.4 Foreign Investment in Rural Areas 35 4 Analysis of Rural and Agricultural Finance 37 4.1 Financial Sector Overview - Macro Level 37 4.1.1 Macroeconomic Context 37 4.1.2 Financial Sector Regulation and Supervision 39 4.2 Financial Sector Overview 40 4.2.1 Financial Infrastructure 40 4.2.2 Institutional Perspective 43 4.3 Structural Bottlenecks in Rural and Agricultural Finance 48 5. Making Finance Work: Promising Instruments and Interventions 54 5.1 A Holistic Private Sector Perspective 54 5.2 Informal Financial Services 55 5.3 In Search of Products and Interventions that will Work for Sierra Leone 56 5.4 Agricultural Asset Finance/Micro Agri-Leasing 58 5.5 (Micro)-Finance for Rural Enterprise & Service Clusters 60 5.6 Supply Chain Finance 61 5.7 Building Carbon Credits into Agricultural Finance Products 61 5.8 Inventory Credit and Warehouse Receipts 62 5.9 Trade Finance Facilities at Commercial Banks in Sierra Leone 64 5.10 Private Equity for Medium-Size Agribusiness 65 5.11 Creation of a new National Agricultural Finance Institution 66 5.12 Agricultural Finance Enablers & Meso Level Interventions 67 6. Conclusion and Outlook 70 Appendix 1: Transition to Sedentary Agriculture 71 Appendix 2: References 72 ABBREVIATIONS 1 Abbreviations AfDB African Development Bank IFAD International Fund for Agricultural ATV All Terrain Vehicle Development IFC International Finance Corporation BMZ German Ministry of Economic Cooperation IITA International Institute for Tropical and Development Agriculture BSL Bank of Sierra Leone (central bank) ILO International Labor Organization IMF International Monetary Fund CAADP Comprehensive African Agriculture Development Programme KfW Kreditanstalt für Wiederaufbau, German CDC Commonwealth Development Cooperation Development Bank CEO Chief Executive Officer CFLCO Consumer Finance & Leasing Co. MAFFS Ministry of Agriculture, Forestry and Food CILSS Comité permanent Inter-Etats de Lutte Security contre la Sécheresse dans le Sahel MFW4A Making Finance Work for Africa Process CORAF West and Central Africa Council for MITAF Microfinance Investment and Technical Agriculture Research and Development Assistance Facility CPI Consumer Price Index MSME Micro, Small and Medium Enterprise DEG Deutsche Entwicklungsgesellschaft NACSA National Commission for Social Action (German Private Sector Investments) NASSIT National Social Security and Insurance Trust NGO Non-Government Organization EFP European Financing Partners NSADP National Sustainable Agriculture (EU Development Finance Institution) Development Plan EU European Union EUR Euro ODA Official Development Assistance ÖEB Austrian Development Bank FAO Food and Agriculture Organization (United Nations) RTGS Real Time Gross Settlement System FARA Forum for Agricultural Research in Africa SCP Smallholder Commercialization Program FMO Dutch Development Bank SLARI Sierra Leone Agricultural Research Institute FSA Financial Services Association SLL SL Leone FSAP Financial Stability Assessment Program SMS Short Messaging Service FSDP Financial Sector Development Plan UNCDF United Nations Capital Development Fund GDC German Development Cooperation UNDP United Nations Development Programme GDP Gross Domestic Product USD US Dollar GIZ Deutsche Gesellschaft für Internationale Zusammenarbeit (formerly GTZ) VSL Village Savings & Loans GoSL Government of Sierra Leone GPS Global Positioning System WFP United Nations World Food Program WHO World Health Organization ha Hectare OBJECTIVES AND CONTEXT 1 1. Objectives and Context Context Objectives The initial version of this study has been commissioned The report pursues three main objectives: (1) an overview by the Bank of Sierra Leone and the German Ministry of of the agricultural sector in Sierra Leone, (2) a critical Economic Cooperation and Development (BMZ) in the analysis of the current state of agricultural finance and context of the German support for financial sector devel- (3) a set of recommendations on instruments and inter- opment in Sierra Leone. ventions that could enhance access to rural and agricul- tural finance. The report is to take a broad, holistic view of economic opportunity and the supply/demand of financial services As part of the Overview of the Agricultural Sector, the in agriculture and in rural areas of Sierra Leone. It is ex- study is to: pected to provide pointers for implementation priorities within the Financial Sector Development Plan (FSDP)1 • survey current policies and strategies in rural/agricul- and specifically for various initiatives under the FSDP that tural development pursued by Government and donor will improve broad-based access to finance, such as the initiatives; Microfinance Investment and Technical Assistance Facility • provide a microeconomic perspective on the agricul- (MITAF) II.2 tural sector in terms of products, production methods, markets and trade relationships; The study was originally submitted in March 2011 based • analyze key value chains for a number of major crops. on in-country research and available data as of late 2010/ early 2011. For the inclusion in the GIZ/MFW4A publica- The Analysis of Agricultural Finance is designed to: tion series, some easily accessible public statistics have been updated through year-end 2011, but generally the • identify potential bottlenecks in the economic environ- document reflects underlying facts and market develop- ment and regulatory framework for agricultural finance, ments only through January 2011. • review the rural demand for financial services, and • analyze the supply of formal and informal financial services along agricultural value chains. The study should culminate in a number of practical recommendations concerning: • formal and informal instruments that meet the finan- cial needs of actors along agricultural supply chains, • instruments and interventions for broader access to agricultural finance that could be implemented within the Financial Sector Development Plan and its MITAF II component, • necessary interventions in the institutional and policy framework of financial services. 1 Republic of Sierra Leone, FINANCIAL SECTOR DEVELOPMENT PLAN, 31 Oct 2009, www.bsl.gov.sl/pdf/FSDP.pdf 2 Investors: UNDP/UNCDF, KfW, Cordaid. See: http://mitaf.esglobal. com/ 2 OBJECTIVES AND CONTEXT Definition of Rural and Agricultural Finance Making BOX 1 Finance Work for Africa succinctly defines Agricultural The Financial Market Finance as encompassing “the full range of financial • Microfinance: Financial services for poor and low- services – loans, savings, insurance, and payment and income people money transfer services – needed, offered, or used by the • Rural finance: Financial services used in rural areas by agricultural sector, meaning farming and farm-related people of all income levels activities including input supply, processing, wholesaling, and marketing. Agricultural finance refers to financial • Agricultural finance: Financing of agriculture-related activities, from production to marketing in rural and services ranging from short-, medium- and long-term urban areas loans, to leasing, to savings, to crop and livestock insur- ance, covering the entire agricultural value chain – input Financial Market supply, production and distribution, wholesaling, process- ing and marketing.”3 Rural Finance The term also encompasses rural finance (see IFAD definitions in box 1). For this reason we will include rural Agricultural Micro Finance finance aspects in the following analysis of the agricultural Finance and financial sector and in the recommendations to make finance work for agriculture and as well for rural areas, where the majority of the population engages in subsist- ence agriculture. Source: International Fund for Agricultural Development (2010) IFAD Decision Tools for Rural Finance, p. 12 Rural and agricultural financial services may be provided by formal financial institutions, such as banks or regulat- ed microfinance companies, as well as through informal channels. Informal financial services occur in the family or community context and are provided by savings clubs or small village banks or even by long distance truck driv- ers who may carry money transfers for a small fee. Often, we find formal or informal supplier credit among non- financial agents in the agricultural supply chain. 3 See www.mfw4a.org: Agricultural & Rural Finance. OBJECTIVES AND CoNTEXT 3 Financial Access Challenges Methodology Despite the multitude of potential products and channels, This report was compiled by Dr. Peter Schröder and actual availability of financial services in rural areas and in Dr. Joachim Bald based on comprehensive desk research agricultural supply chains is often constrained. This limits and consultations with a diversity of stakeholders in the economic integration and welfare of rural populations. Sierra Leone in December 2010 and January 2011. The lack of access is often
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