The Government of Sierra Leone outlined the nation’s broad economic development strategies in the Presidential Speeches at the State Openings of Parliament, the Economic and Financial Policy Framework (1996/98) and other documents which place emphasis on the increased role of the private sector in the economy.
The major economic reforms implemented by Government include:
- Abolition of export and import licences
- The Leone exchange rate is now determined by market mechanisms
- Rationalization and substantial reduction of import tariffs;
- Removal of restrictions on remittance of profits, dividends and expatriate earnings;
- Authorization of residents and non-residents to open foreign currency accounts with the local banks;
- Provision for exporters to retain 100% of their export earnings.