The Gento Group’s widely publicized “Banana Island Port and Railway Project” is a fantastic idea as it appears to be on paper and as being popularized at the political level, but can it be a reality or some kind of science fiction portrayed in some sort of James Hadley Chase series? Is the Gento Group on a genuine move or just a façade?
This project that appears to have no immediate need is estimated to cost a whooping USD 2.7 Billion from its initial USD 2 Billion cost according to the Chief Executive Officer, Mohamed Gento Kamara in his latest briefing of the Parliamentary Committee on Transport and Aviation. This rapid increase in the construction cost is due to inflation and rise in prices of related goods and services. If it is truly non-fictional, it will be the biggest infrastructure project in Sierra Leone in recent times aimed at transforming the country’s maritime transport sector and establishing a trans-shipment hub in a remote Rickett Village on Banana Island, which is substantially distance from the eyes and ears of the capital, Freetown.
Like it is indicated earlier, the project is fantastic and the public relations stunts and political engagements are compelling; even as it appears deceitful because the seeming mad-rush by the Gento Group to scramble government and like-minded politicians into accepting the easy feasibility of the project in blatant disregard of certain critical issues relating to the project that which even potential investors may want clarified in order not to make their would-be investments riskier than what they may have been made to believe.
The Gento Group has propagated certain aspects of this project, all aimed at the positive sides alone, leaving a smokescreen over what are the critical issues that have the potential of undermining the progress and sustainability of the project. These include:
- Infrastructure and Scope: That the project includes a deep-water port with a depth of 23 meters, making it one of Africa’s deepest ports and that it aims to handle approximately 60 million tons of cargo annually. Also, that the port will incorporate advanced security measures, a cargo system, and green technology for sustainability. It also states it will have a railway component that will enhance connectivity between the port and other parts of Sierra Leone.
- Economic Impact: That it is expected to generate USD 800 million in profit within its first three years of operation (Wow!) and it will create over 1,000 jobs during construction, with long-term employment opportunities for 10,000+ people.
It also convincingly suggests that the Sierra Leone government will hold a 10% stake in the project and receive royalties and other revenues and that it is a potential to attract foreign investments, boost exports and reduce import costs.
- Financial and Political Considerations:
Initially, the project cost was estimated at USD 1.5 Billion which risen in due course to USD 2.7 Billion due to inflation and modernized equipment needs. That the project is entirely to be funded by the private sector, with no financial burden on the Government of Sierra Leone. It is in this regard that the Gento Group is out and about lobbying politicians and the current Parliament to have it approved as a Concession Agreement with debates on whether it should be an addendum to existing agreements or require a new agreement.
- Strategic and Environmental Aspects: That the port’s location on Banana Island provides natural protection, and the reduction of the need for artificial breakwaters, and an assurance that a comprehensive Environmental Impact Assessment (EIA) has been conducted to mitigate negative effects and that the project is expected to improve Sierra Leone’s connectivity with key regional trade partners like Guinea, Liberia, Mali, and Ghana.
Critical Analysis:
While this project promises significant economic and infrastructural benefits, there are concerns regarding its financial viability, environmental impact, and long-term economic sustainability.
The project even at its embryonic stage has started incurring extra costs; from USD 1.5 Billion to USD 2.7 Billion raises questions about financial transparency and future cost overruns. Additionally, while the project aims to attract international investment, its success will depend on efficient management, adherence to environmental standards, and integration with existing infrastructure. The Gento Group has of late been associated with financial and management issues that appears to suggest the company has serious challenges with financial transparency. Whatever way those issues may have been settled, leaves a scar on their efficient management background, which in the interest of ensuring that foreign investments are attracted should be explained in clear terms both for local and international comprehension.
Furthermore, the project’s focus on trans-shipment raises questions about security and the impact on existing port operations at the Queen Elizabeth II Quay in Freetown.
Despite the lofty impression on the huge economic gains this Banana Island Port project will bring to the country, all of that could be relegated to the cesspit if the port happens to be dramatically transformed into a trans-shipment hub for narcotics and other contrabands. Banana Island is an isolated environment no doubt. According to the project as is being expatiated on by the Gento Group, does not have any direct transport link with Freetown except by its railway via Kent and round the Peninsular. This will make monitoring very difficult if not impossible. Even with the Queen Elizabeth II Quay right under the nose, eyes and ears of senior security apparatuses, we are currently grappling with reports of clandestine trans-shipments of narcotics and various contrabands. The recent huge quantum of cocaine arrested by Guinean authorities deep inside Guinean territory on board an official vehicle of the Sierra Leone Embassy in Guinea is still fresh in the minds of Sierra Leoneans and they are still fumbling with answers as to how such quantum of drugs could have entered the country. Establishing another port away from critical eyes, would, in the estimation of many Sierra Leoneans be just an opening for perhaps a broader and bigger trans-shipment for of drugs and other illicit consignments.
Sierra Leone may not have been officially blacklisted yet as a narco-state, but by what the country has associated with in recent times, notably- the suggestion that the country is providing safe haven for a drug fugitive, Jos Leijdekkers and the Sierra Leone Embassy in Guinea drug saga, may have put the country in the limelight that could be categorizing the country as aiding and abetting drug trafficking and serving as a safe haven for fugitives. By all indications, Sierra Leoneans are tired with such categorization and branding and will not want to be rushed yet into another situation that could drag the name of their country into another melodrama.
Also in the avalanche of issues that remain in the cloud around this Banana Island Port project is the fund for the project. By the look of things, the Gento Group hasn’t the ready cash to undertake any aspect of the project. It appears to be dependent on Government’s 10% Concessionary Agreement to be exercised in physical cash and according to the CEO, Mohamed Gento Kamara, his company intends on embarking on “a Road Show” to raise the critical 90% of the estimated USD 2.7 Billion needed for the project. Mohamed Gento Kamara and his company will now have to make an Initial Public Offering (IPO) to both the Government and would-be investors which in true business environment is like a gamble.
There is no certainty that the Group can be able to attract investors through whatever financial road shows they may put up around the world where as a Group they cannot and have not put in anything a show of confidence to those would-be investors. Even the Government should be looking at this project from that standpoint of what stake has the Gento Group in this project should it come out to be a failure? This Banana Island Port project as proposed by the Gento Group should and must be reviewed thoroughly so as not to luck Sierra Leone into another pool of regrets.
Let transparency reign in what we do as citizens for whether we use politics or some scam approach to our individual show of patriotism, Mother Sierra Leone in her anguish is watching and will one day turn round to punish all those who have made her cry by whichever action, political influence or affiliation. That day of reckoning will surely come.