Introduction Key Economic Facts Risk Assessment (Provided by Coface) Sierra Leone is a country in Western Africa with a coast on Income Level (by per capita Low Income Country rating: D - A high-risk political and economic the Atlantic Ocean. Neighboring countries include GNI): situation and an often very difficult business environment and . The geography includes swamps, beaches, Level of Development: Developing can have a very significant impact on corporate payment wooded hills, and mountains in the GDP, PPP (current international $14.02 billion (2019) interior. The government type is a $): behavior. Corporate default probability is very high. presidential republic; the chief of state and GDP growth (annual %): 5.51% (2019) Business Climate rating: D - The business environment is head of government is the president. GDP per capita, PPP (current $1,794.31 (2019) very difficult. Corporate financial information is rarely Sierra Leone has a largely traditional international $): available and when available usually unreliable. The legal economy in which the majority of the population engages in External debt stocks, total $1,808,128,766.70 (2019) system makes debt collection very unpredictable. The subsistence agriculture, and direct government involvement (DOD, current US$): in economic activity limits private sector development. Sierra Manufacturing, value added (% 1.83% (2019) institutional framework has very serious weaknesses. Leone is a member of the of GDP): Intercompany transactions can thus be very difficult to Economic Community of West Current account balance (BoP, -$0.65 billion (2018) manage in the highly risky environments rated D. current US$): African States (ECOWAS). Strengths Inflation, consumer prices 14.80% (2019) (annual %): • Significant mining resources (iron, diamonds, rutile, Labor force, total: 2,751,178 (2020) gold) Unemployment, total (% of 4.44% (2020) • Coffee, rice and cocoa production total labor force) (modeled ILO estimate): • Financial support of the IMF Location: Western Africa Imports of goods and services $1.55 billion (2019) • Tourism potential Capital City: (GMT) (current US$): • Significant port activity that is set to expand Chief of State: President Julius Maada Bio Exports of goods and services $0.66 billion (2019) Weaknesses (current US$): Head of Govt.: President Julius Maada Bio • Vulnerable to weather conditions Currency: Sierra Leonean Leone (SLL) GDP Composition % Agriculture Services Industry Manufacturing • Highly dependent on commodity prices Major Languages:

English (official, regular use limited to literate minority), Mende • Corruption, inadequate protection of property rights (principal vernacular in the south), 54 • Hard for small and medium-sized enterprises to Temne (principal vernacular in the 31 north), Krio (English-based Creole, 5 2 access credit spoken by the descendants of freed • Inadequate infrastructure, failing health system Jamaican slaves who were settled in *Although Manufacturing is included in the Industry figures, it is also separately reported because it plays a critical role in economy. • Risk of renewed outbreak the Freetown area, a lingua franca Rankings and a first language for 10% of the • Extreme poverty and high unemployment population but understood by Index Rank 95%)

Corruption Perceptions Index 119 / 180 U.S. Embassy Primary Religions:

Muslim 78.6%, Christian 20.8%, other 0.3%, unspecified 0.2%

Global Enabling Trade Index 128 / 136 U.S. Embassy Freetown Southridge - Hill Station Calling Code: 232 Index of Economic Freedom 166 / 179 Freetown, Sierra Leone Voltage: 230 International Logistics Performance Index (LPI) 156 / 160 Inward FDI Potential Index 112 / 139 Phone: +232 99 105 000 Key Websites KOF Index of Globalization 141 / 185 https://sl.usembassy.gov Open Budget Index 73 / 115 Main Government Page: statehouse.gov.sl Export Promotion Agency: sliepa.org Investment Promotion sliepa.org Agency:

Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV