AYV News, March 31, 2026
Key development partners and government institutions have reaffirmed their commitment to strengthening Sierra Leone’s informal sector following the 4th Steering Committee meeting of the Informal Economy Project.
The meeting brought together representatives from the United Nations Development Programme, International Labour Organization, the European Union, and the Ministry of Trade and Industry to review progress and outline strategies for expanding sustainable economic opportunities for informal businesses.
The session provided a platform for stakeholders to assess key milestones achieved under the project, while beneficiaries shared firsthand accounts of how the interventions have improved their livelihoods and business operations.
A major highlight of the discussions was the impact of digital transformation and access to innovative financing. Through LAPO Microfinance, more than $16.4 billion has been disbursed digitally to support small and informal businesses, significantly improving access to capital. Notably, women accounted for 68 percent of beneficiaries, underscoring the project’s contribution to women’s economic empowerment.
The initiative has also benefited from collaborations with business development and innovation hubs, including E-Women in Makeni, Creative Hub Africa, Mikashboks, Life by Design, and Projects1835. These organisations have provided technical training, mentorship, and capacity-building support to startupsand small enterprises, enabling them to grow and compete more effectively.
Officials noted that approximately 80 percent of participating businesses are now progressing toward formal registration, a development seen as critical to expanding the tax base, improving regulatory compliance, and enhancing access to broader economic opportunities.
Looking ahead, stakeholders expressed optimism about the project’s future, with plans to scale up successful interventions and deepen support mechanisms as the country approaches 2026.
Observers say the initiative represents a significant step toward formalising Sierra Leone’s informal sector, which employs a large portion of the population, and highlights the importance of sustained collaboration between government and development partners in driving inclusive economic growth.
