Sierra Leone Is Losing Over One Hundred Million Dollars From Its Fishing Industry

Sierra Leone local fishermen

Every year the government of Sierra Leone loses over one hundred million dollars in revenue from the country’s vastly rich fishing sector, because of poor governance, weak surveillance and monitoring systems, poor procurement arrangements and corruption.

Foreign fishing companies are depriving the country of an estimated £100 million in fees and duties, by exploiting the country’s vast territorial waters as well as the high level corruption taking place on the corridors of the fisheries ministry.

Local Sierra Leonean owned fishing companies do not have the capacity and finance to compete with their foreign counterparts, nor do they have the support of the government to grow and strengthen their business.

It is understood that a report submitted to president Koroma this week, has criticised government officials for failing to observe and implement basic public procurement regulations, and is calling for action.



But critics say that the scope of the investigations was too limited and did not go far enough, and hence the report is another attempt by State House to cover up the massive corruption taking place at the fisheries ministry.

The investigations had focused on the management and delivery of the multi-million dollar West Africa Regional Fisheries Programme (WARFP) by the ministry of fisheries and marine resources (MFMR).

But one of the biggest problems facing the fishing industry in Sierra Leone and the revenue it generates for government is that, rather than ensuring that unregistered foreign vessels and those that are registered but flouting the agreed fishing rules are impounded and their crews brought to justice, officials are accepting bribes and turning a blind eye.

Unregulated industrial scale fishing vessels from China, Korea, Russia, Spain, Italy and several other countries are not only engaged in illicit over-fishing, thus depleting the country’s fish stock, but are depriving local fishermen from carrying out their vocation and hampering much needed fish supplies to local markets.

It is estimated that potentially, Sierra Leone’s waters could be netting the government over $200 million a year in revenue, if not for poor governance, weak monitoring and surveillance systems and corruption.







But according to government’s figures, total revenue from fisheries licenses and royalties will amount to no more than Le40 billion this year (equivalent to just over $7.152 million), with total revenue from all mining royalties and licences estimated at Le200 billion (equivalent to $35.761 million).

The government has budgeted to spend Le.3.94 trillion his year – 2016 (equivalent to over US$660 million), with GDP forecast to grow  by a mere 0.1%, after falling to -25% growth in 2015.

Earnings from iron ore export continue to remain weak. Other sectors of the economy, such as agriculture and tourism are not doing too well either.

Development partners are expected to give the government over Le700 billion from existing as well as new loans and Le500 billion of grants to finance capital projects.

Borrowing from domestic banks and non-banking sector through the sale of government securities – treasury bills, this year, is likely to be more than Le500 billion.

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