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Monday, December 23, 2024

NO DIRECTOR FOR EPA

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By Donstance Koroma

Investigations carried out by this medium  reveal that the Economic Partnership Agreement (EPA) of the Ministry of Trade and Industry has been without a substantive director for years.

The Economic Partnership Agreement is a reciprocal trade relationship between Europe, African countries and the Caribbean  that gives right to Europe to send  goods into Africa  and Africa to send goods to Europe at minimal or zero duty  for which Sierra Leone has signed up to in 2014 but refused to be ratify  by the parliament of Sierra Leone.

Investigations further disclosed that Nigeria with a bigger economy had  refused to sign up to the treaty owing to the fact that the said agreement is not in favor of their private sectors.

According to a trade expert in the Ministry of Trade and Industry who spoke on the basis of anonymity he stated that  the Economic Partnership Agreement (EPA) if ratified by parliament will be more of a cure than a blessing to  the country  and its  private sector because of  the country’s  weak production capacity .

The Expert added that eighty percent of Sierra Leone’s domestic revenue comes from revenue generated from  dues collected from the sea port and imposing minimal or zero duties waivers will reduce income generation.

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