Parliament Greenlights $1.5 Billion Gento Group of Company Seaport Agreement

During its 60th plenary session on Thursday, July 11, 2024, the Sierra Leone Parliament unanimously debated and ratified a $1.5 billion concession agreement between the government of the Republic of Sierra Leone and Gento Group of Companies (SL) Limited. The agreement focuses on the design, financing, construction, and operation of a seaport within the Dublin and Kent communities of Banana Island, along with a logistics hub (Harbour Terminal) at Kent in Freetown, effective from July 5, 2024.

In the parliamentary debate, speakers from both the government and the opposition voiced their support for the agreement, highlighting its potential benefits for the country. Hon. Bashiru Silikie, the deputy leader of the government, underscored the agreement’s uncontroversial nature and called for increased participation of Sierra Leoneans in similar initiatives. He praised Gento’s alignment with the government’s agenda, particularly in diversifying the blue economy.

Deputy Speaker of the House, Hon. Ibrahim Tawa, advocated for support from the Bank of Sierra Leone and proposed engaging with Afrim Bank to manage trade balances. He commended Gento’s commitment to knowledge transfer, job creation, and economic contribution, urging commercial banks to offer favorable interest rates to support such initiatives.

On the opposition front, Hon. Aaron Aruna Koroma and Hon. Abdul Karim Kamara lauded the agreement for its potential to bolster foreign exchange reserves and enhance infrastructure development in Sierra Leone. They emphasized the economic benefits expected to accrue to local communities, including job opportunities and GDP growth.

Mr. Fanday Turay, Minister of Transport and Aviation, presented the government motion for the ratification of the Gento Seaport and Harbour Terminal project, valued at approximately $2 billion. He highlighted the project’s anticipated positive impacts on GDP growth, job creation, and price stability of commodities. The project is also poised to play a pivotal role in decentralizing key facilities and transforming Banana Island into a regional hub.

The unanimous ratification of the agreement by Parliament underscores the acknowledgment of the transformative potential of the project for Sierra Leone. It signifies a concerted effort to swiftly initiate this project for the collective benefit of the nation and its people.