Sierra Leone’s President Julius Maada Bio has appointed Mr. Osman Kabba of Sierra Stone Export Mining Limited as the sole government agent to oversee the export of Sand Base Dimension Stones
This is according to press release form State House issued today, in a move to regulate the export of these stones, as well as harmonizing the sector, ensuring transparency, and addressing environmental concerns.
Over the years, the export of Sand Base Dimension Stones has been conducted by various individuals and companies, many of whom were not primarily registered for such activities.
“There has been significant disparity in the Free on Board (FoB) prices, as well as the payment of levies and regulatory fees,” the statement highlighted, adding that many exports were inaccurately labeled as ‘sample stones.’
The press release also raised concerns about non-compliance with environmental laws and the absence of these investments from the country’s Gross Domestic Product (GDP) and income statistics.
“The magnitude of the investment and the associated exports to our trading partners cannot be accounted for,” the statement noted, indicating that these issues have resulted in significant revenue and data losses for the government.
The decision to appoint a sole government agent is seen as a step towards standardizing the export process.
“This action will not only sanitize the export regime but also improve transparency and accountability while generating much-needed revenue and foreign exchange for the government,” the release stated.
Mr. Osman Kabba’s responsibilities will include conducting a survey to determine the level of investment in the sector, coordinating exports, and ensuring timely payment of levies into the government’s Consolidated Revenue Fund.
In implementing these changes, the Ministry of Finance will collaborate with the Ministries of Works and Public Asset, Trade and Industry, and Environment and Climate Change to support the government agent. The press release also indicated that details of the fiscal regime for the payment of levies will be submitted for Cabinet consideration.
This development is expected to bring greater oversight to the sector while addressing the environmental and economic challenges associated with the export of Sand Base Dimension Stones.
