Economy of Sierra Leone

[20] Since the end of the Sierra Leone Civil War in 2002, the economy is gradually recovering with a gross domestic product growth rate between 4 and 7%.

Successive governments and the population as a whole have always believed that "diamonds and gold" are sufficient generators of foreign currency earnings and lure for investment.

As a result, large scale agriculture of commodity products, industrial development and sustainable investments have been neglected by governments.

The economy could thus be described as one which is "exploitative" - a rentier state - and based upon the extraction of unsustainable resources or non-reusable assets.

[28] The majority of the population relies on biomass fuels for their daily survival, with firewood and coal used most prevalently.

[29] The use of coal and firewood has also posed environmental concerns as they are both in conflict with the push for more sustainable sources of energy.

[30] As a result, the commercialisation of firewood and coal has been a point of contention with aid donors and government agencies such as the Ministry of Energy and Water Resources and the Forestry Division.

Sierra Leone's tropical climate, heavy annual rainfall, and abundance of rivers give it the potential to realistically pursue more solar and hydropower alternatives.

[31] In conjunction with the UK's Department for International Development (DFID), Sierra Leone has set the goal to provide solar power to all of its citizens by 2025.

[32] This initiative falls under the Energy Africa access campaign which seeks to provide electricity to 14 different African countries by 2030.

[28] To ensure that the Energy Africa goal is met, Sierra Leone has agreed to remove its import duties and Value Added Tax (VAT) on certified solar products.

[32] This change will attempt to encourage foreign investment while providing affordable, quality solar products to its citizens.

[28] Rich in minerals, Sierra Leone has relied on the mining sector in general, and diamonds in particular, for its economic base.

Internet usage is low, reaching just 1.3% of the population in 2012, but improving with growth in 3G mobile cellular data services and the mid-2011 arrival of the ACE international fiber-optic cable system in Freetown.

According to the International Labour Organization, approximately 8,000 Sierra Leoneans are employed in the tourism industry, with a growing number of jobs expected to be created in the future.

[36] Because of widespread poverty, high petroleum prices and a large portion of the population residing in small communities, walking is often the preferred method of transportation in Sierra Leone.

Queen Elizabeth II Quay in Freetown represents the country's only deep water port facility capable of berthing large-hulled cargo or military vessels.

Recent efforts on the part of the country to improve the management of the export trade have met with some success.

Sierra Leone has one of the world's largest deposits of rutile, a titanium ore used as paint pigment and welding rod coatings.

Sierra Rutile Limited, fully owned by Nord Resources of the United States, began commercial mining operations near Bonthe in early 1979.

There are a few internationally linked automated teller machines that accept Visa cards in Freetown operated by ProCredit Bank.

The future of the MRU depends on the ability of its members to deal with the fallout from these internal and regional problems.

A farmer with his rice harvest in Sierra Leone
Sierra Leone electricity production by source
Sierra Leonean exports in 2006.