TravelTill

Economy of Sierra Leone


JuteVilla
destroyed in the country’s civil war. Since the end of hostilities in January 2002, massive infusions of outside assistance have helped Sierra Leone begin to recover. Much of the recovery will depend on the success of the government's efforts to limit corruption by officials, which many feel was the chief cause for the civil war. A key indicator of success will be the effectiveness of government management of its diamond sector.
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, owned by a consortium of United States and European investors, began commercial mining operations near the city of Bonthe, in the Southern Province, in early 1979. It was then the largest non-petroleum US investment in West Africa. The export of 88,000 tons realized $75 million in export earnings in 1990. In 1990, the company and the government made a new agreement on the terms of the company's concession in Sierra Leone. Rutile and bauxite mining operations were suspended when rebels invaded the mining sites in 1995, but exports resumed in 2005. The new Mines and Minerals Act was passed by Parliament in November 2009, which aimed to improve concessions management in the Ministry of Mineral Resources. Sierra Leone is an EITI candidate country. In January 2012, the government launched the GoSL Online Repository, which makes public all mining licenses and related payments recorded.
About two-thirds of the population engages in subsistence agriculture, which accounts for 52.5% of national income. The government is trying to increase food and cash crop production and upgrade small farmer skills. The government works with several foreign donors to operate integrated rural development and agricultural projects.
Despite its successes and development, the Sierra Leone economy still faces significant challenges. There is high unemployment, particularly among the youth
JuteVilla