Freetown:The Finance Ministry, in collaboration with the United Nations Development Programme (UNDP), held a significant policy roundtable at the Atlantic Lumley Hotel, bringing together private sector stakeholders. The discussions were centered around formalizing informal enterprises to enhance domestic revenue mobilization, strengthen private sector development, and drive economic transformation.
According to Sierra Leone News Agency, the event was facilitated by Alieu Sesay, who outlined the key objectives, including identifying registration barriers, reducing formalization costs, exploring incentives, improving access to finance, and strengthening trade readiness. Sesay encouraged participants to propose practical, cost-effective solutions and agree on priority actions.
Kelvin Petrini, the UNDP Deputy Resident Representative, praised the Ministry and its Research and Delivery Unit for organizing the dialogue. He emphasized the importance of a resilient private sector in addressing economic uncertainties, attracting investment, creating jobs, and promoting innovation. Petrini also highlighted the need for collaboration to achieve the Sustainable Development Goals, particularly in youth employment, economic diversification, and digital transformation.
Alhaji Abu Kommeh, Acting Director of the Research and Delivery Unit, delivered the keynote address, thanking UNDP for its partnership. He noted the challenges faced by informal enterprises, such as limited capital and inadequate infrastructure. Citing the World Bank's 2025 Sierra Leone Economic Update, Kommeh revealed that 75% of enterprises remain unregistered, with only 5% accessing formal finance. He stressed the importance of formalization beyond simple registration to create productive businesses in line with the Medium-Term National Development Plan targets.
Presentations at the roundtable addressed the evidence of informality and pathways to formalization, with input from various representatives, including the National Revenue Authority and the International Labour Organisation. A second session focused on enhancing private sector capabilities, moderated by Betts Firms, with contributions from the Ministry of Trade and Industry and other key organizations.
The engagement concluded with a question-and-answer session, where participants agreed on a roadmap to advance business formalization, improve competitiveness, and support Sierra Leone's economic transformation.