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Sierra Leone SIERRA LEONE Economic Freedom Score 50 25 75 Least Most free 0 100 free World Rank: 148 Regional Rank: 34 50.5 ierra Leone’s economic freedom score is 50.5, making its Seconomy the 148th freest in the 2014 Index. Its score is 2.2 Freedom Trend points higher than last year, with substantial increases in half 52 of the 10 economic freedoms including the control of govern- ment spending, property rights, business freedom, and labor 51 freedom. Sierra Leone is ranked 34th out of 46 countries in the Sub-Saharan Africa region, and its overall score is below 50 the world average. 49 Over the 20-year history of the Index, Sierra Leone’s economic freedom score has improved by 0.7 point. Improvements in 48 half of the 10 economic freedoms include double digit growth in trade freedom, fiscal freedom, and freedom from corrup- 47 tion. Grading of Sierra Leone was suspended from 2001 to 2002 due to internal conflicts. 46 2010 2011 2012 2013 2014 Achieving its highest economic freedom score ever in the 2014 Index, Sierra Leone has advanced from economically “repressed” for the second time. Reforms have been target- Country Comparisons ed at improving regulatory efficiency and strengthening the enforcement of contracts. However, weak protection of prop- Country 50.5 erty rights and pervasive corruption still jeopardize the emer- World gence of a sustainable private sector. Average 60.3 BACKGROUND: Opposition candidate Ernest Bai Koroma Regional was elected president in 2007 in Sierra Leone’s first peace- Average 54.6 ful transition of power since independence in 1961. He was Free re-elected in 2012. Recovery since the end of the 10-year civil Economies 84.1 war in 2002 has been fragile, and the military is increasing- ly involved in state affairs in the name of stability. The U.N. 0 20 40 60 80 100 still maintains a peace-building office in the country. Infra- structure remains poor, and corruption is pervasive. Mining is the primary industry and accounts for almost one-quarter Quick Facts of GDP. Mineral exports are the principal foreign exchange Population: 6.2 million earner, with gem-quality diamonds accounting for nearly half GDP (PPP): $8.3 billion of exports. Several offshore oil discoveries were announced 19.8% growth in 2012 in 2009 and 2010, and initial development of these reserves 5-year compound annual growth 7.8% spurred 20 percent GDP growth in 2012. $1,344 per capita Unemployment: n /a Inflation (CPI): 13.8% FDI Inflow: $740.1 million Public Debt: 44.5% of GDP How Do We Measure Economic Freedom? See page 471 for an explanation of the methodology 2012 data unless otherwise noted. or visit the Index Web site at heritage.org/index. Data compiled as of September 2013. 385 SIERRA LEONE (continued) THE TEN ECONOMIC FREEDOMS 1–Year Score Country World Average Rank Change RULE OF Property Rights 159th ­ LAW Freedom from Corruption 132nd – 0 20 40 60 80 100 Corruption remains a serious problem, and President Koroma has encouraged and supported the work of the Anti-Corruption Commission. The rule of law is fragile and uneven across the country. In the absence of an effectively functioning legal framework, property rights and con- tracts are not secure. There is no land titling system, and judicial corruption is significant. Traditional tribal justice systems are still used in rural areas. GOVERNMENT Fiscal Freedom 75th SIZE Government Spending 31st ­ 0 20 40 60 80 100 The top individual income and corporate tax rates are 30 percent. Other taxes include a goods and services tax (GST) and an interest tax. Total tax revenue makes up about 11.5 percent of the domestic economy. Government spending equals 22 percent of gross domestic income. Public debt has fallen below 45 percent of GDP. Revenues are projected to get a boost as the economy moves toward resource extraction. REGULATORY Business Freedom 137th ­ EFFICIENCY Labor Freedom 180th ­ Monetary Freedom 139th ­ 0 20 40 60 80 100 Launching a company takes fewer than 10 procedures, but licensing requirements continue to be time-consuming and costly. Making additional hiring burdensome, an increase in the minimum wage has exceeded labor productivity growth in the formal sector. A plan for gradual reduction of fuel subsidies was suspended in 2012 in advance of elections but was due to be reinstated in 2013. OPEN Trade Freedom 127th MARKETS Investment Freedom 96th Financial Freedom 163rd 0 20 40 60 80 100 Sierra Leone’s average tariff rate is 9.9 percent. Tariffs account for over 20 percent of govern- ment revenue. The country’s “Agenda for Prosperity” recognizes the benefits of foreign invest- ment in reducing poverty, but Sierra Leone remains a challenging environment for investors. The state controls the majority of bank assets, and much of the population operates outside of the formal banking sector. Long-Term Score Change (since 1995) GOVERNMENT REGULATORY RULE OF LAW SIZE EFFICIENCY OPEN MARKETS Property Rights – Fiscal Freedom Business Freedom – Trade Freedom Freedom from Government – Labor Freedom – Investment Freedom Corruption Spending Monetary Freedom Financial Freedom – 386 2014 Index of Economic Freedom.
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