Martin Micheal, CEO of Mercury International, called on the Sierra Leone government to implement policies that encourage investment and drive economic growth. He said this at the Sierra Leone Diaspora Investment Conference (SLDIC) 2024 held last weekend at Gaithersburg, Maryland. 

The conference brought together distinguished leaders from business, finance, and other sectors to explore ways of enhancing Sierra Leone’s investment landscape. 

Micheal’s speech emphasized the critical role of supportive policies in creating a thriving business environment. This highlights the need for regulatory frameworks that attract local and foreign investors into Sierra Leone. 

Impact of Poorly Designed Policies on Sierra Leone’s Investment

Martin Micheal describes how poorly designed policies harm businesses, using the Finance Act of 2023 as an example. He highlighted a specific policy within the Act called the Minimum Assessment Tax (MAT). 

This policy received widespread criticism for its negative impact on businesses. There have been large turnovers but small profits for businesses in the fuel and agriculture sector.

Micheal suggested that businesses could benefit from proactively engaging with the government during the policy making process, rather than responding after policies are enacted. 

He pointed to the limited involvement from the private sector in the drafting of the 2023 Employment Act as an example of a missed opportunity for meaningful input.

Martin Micheal speaking at SLDIC 2024

Micheal Urges Government to Involve Businesses in Policy Creation

Martin Michael speaking at SLDIC 2024

Michael centered his argument on the need for policy reforms through ongoing dialogue, especially with business owners in Sierra Leone. He stressed on the importance of consultation before enacting new policies. 

“The first policy that governments should adopt is not what is written on a piece of paper, but rather dialogue. That is the first policy. It’s based on dialogue that sustainable and favorable policies can then be determined,” said Micheal.

Missed dialogue creates new problems. Using the Gender Equality and Empowerment Act of 2022 he highlighted how consultation would have helped. 

“The act requires to have more women in senior positions than we already have. It also provides for women to have more access to finance and loans”

“So if you’re going to pass regulations that regulate how these things do, why have you not consulted with businesses and financial institutions to remove the barriers that prevent women from accessing finance,” Michael said.

Martin Micheal Calls on Diasporas to Shape Policy and Invest at SLDIC 2024

Martin Michael (L) and other attendees at the SLDIC 2024

Michael urged the Sierra Leonean diaspora to take an active role in policymaking and investment within Sierra Leone. He suggested forming a Diaspora Chamber of Commerce to help achieve this goal.

“You should consider forming a Diaspora Chamber of Commerce if one does not already exist. The sole aim of this organization would not be to ask the government for favors and contracts, but rather to help formulate policies that would protect your investments and your cash flow.”

“Policies that would be sustainable policies that would cater for healthy competition, whilst helping to create jobs and opportunities,” Michael said.

Micheal further encouraged the diaspora to shift their focus from politics to business. He noted that by leveraging on their expertise and resources, they could drive economic growth in Sierra Leone. 

“Sierra Leone needs an active diaspora. Take some of the enthusiasm you have for politics and transfer it to business and investment,” he said.

He urged the Sierra Leonean diaspora to actively engage in fostering a favorable business environment through dialogue and collaboration.

What is The Sierra Leone Diaspora Investment Conference (SLDIC)

SLDIC 2024 was the second of its kind. 

The one- day event gathered over 200 leaders in business, investing, finance,and policy, and development to advance Sierra Leone’s economic growth. It was registered as the largest gathering of Sierra Leonean-American entrepreneurs, investors,  and changemakers in North America. 

The speaker lineup was impressive, featuring individuals with international and local leadership experience at home and in the diaspora. 

Panelists from diverse industries shared insights into policy, innovation, and entrepreneurship. That aimed to inspire meaningful dialogue. 

The conference was sponsored by Leonoil, DT Global, and VR&C Marketing. 

The event committed to strengthen ties between Sierra Leone and its diaspora, fostering collaboration and investment and is most likely to be held again next year.