Samuel Kallon 
By- Aruna Rashed Toma Bangura
The Minister of Trade and Industry Dr. Edward Hinga Sandy has done the official signing of four investment during the maiden every week Press briefing held at the Ministry of Information and Communication Press conference room on Thursday 5th January 2023.
The manufacturing companies are GOLDTREE (SL) LTD, SOL CO (SL) LTD, ROCKCEM (SL) and RANDCEM CEMENT INDUSTRY LTD.
Speaking to newsmen before the official signing Dr. Edward Hinga Sandy stated that the purpose of the gathering was to witness the official signing agreement of investment of three Cement Manufacturing Factories and an Organic Oil Manufacturing Company.
According to the Minister of Trade and Industry the four investment agreements have got both Cabinet and Parliamentary approval, adding that they were able to get government approval after presenting it with very strong reason why the agreement should be done with the Companies.
Dr. Edward Hinga Sandy disclosed that all four companies are manufacturing companies while he said that manufacturing will contribute to the country’s gross domestic product (GDP) if government continues to sign investment agreement with more manufacturing companies.
He stated that part of the reason for the devaluation of the country’s currency (The New Leones) is the in-balance between what the country imports and exports, adding that getting more manufacturing companies in the country is going to cut down government importation due to the production of goods that they used to export.
He added that lot of these companies are going to be exporting their produce which he said will increase the country’s export value leading to balance of trade to a good stead which will have impact on the exchange rate.
Dr. Edward H. Sandy disclosed that GOLDTREE being one of the manufacturing companies is an Organic Oil Manufacturing Company investing in Oil-Palm plantation with specialty in producing Organic Palm-Oil and with a Certificate as the only Company in West Africa producing Organic Palm-Oil.
He said that effort to expand their business is the reason for the agreement, adding that GOLDTREE LTD will bring in a new Milling facility and develop new farms with investment capital totaling to US$20,000,000 (Twenty-Million United States Dollars.
He said GOLDTREE has made Sierra Leone known in the outside market for producing Organic Palm-Oil as reference is made to Sierra Leone in the International Market as one of those countries that produce Organic Palm-oil, adding that the company will not only create jobs but also bring in huge amount of foreign currencies through its exportation.
Dr. Edward H. Sandy furthered that SOL CO (SL) LTD which is a Cement Manufacturing Company from the People’s Republic of China having its operations in other African countries.
He said SOL CO LTD is not only going to invest in cement but will bring in a Grinding Mill which will be the very first after LEOCEM with its operations to be situated in Waterloo the outskirt of the capital city Freetown, adding that the Company will develop a whole Jetty with a Mill to produce large quantity of cement.
He said that SOL CO LTD has plan investment of US$40,000,000 (Forty-Million US Dollars) to develop a Cement Manufacturing Factory which will be operated within a period of 36 months, a fully functioning Cement Manufacturing Industry in the Western Area of Sierra Leone.
The Minister of Trade and Industry said the other company RANDCEM (SL) LTD is bringing in a State of the Art Grinding Mill to be located in Freetown. He said the Company is going to be releasing dust below 1% into the environment and are going to help reduce the country’s dependence on imported cement.
He disclosed that RANDCEM is an affiliate Company of FAWAZ Building Materials which he said is an household name in the local commodity trading especially in hardware and software building materials, adding that the company is planning an investment capital of US$30,000,000 (Thirty-Million US Dollars) with plans to establish a Cement Manufacturing Grinding Mill Plant with annual capacity of 350,000 metric tons within a period of 36 months.
He stated that ROCKCEM (SL) LTD is an affiliate of Mega Cola Company which has been in constant operation in Sierra Leone for over fifteen years.
He said the company has the capability of establishing a Cement Manufacturing Factory with an investment level of US$ 25,000,000 (Twenty-Five Million US Dollars) and with a capacity to process up to 500,000 metric tons per year.
He said the company will operate in two phase as the first phase will start with the importation of cement in large bags and repackaged locally into 50kg bags while the second phase is to construct a Cement Processing (grinding) plant in Freetown.
The Minister of Trade and Industry maintained that 30% of raw materials that are going to be used by the Cement Manufacturing Companies are extracted in Sierra Leone and key among these materials is the granite dust.
He assured that the companies will provide indirect jobs and more jobs to be created through trade transactions.
Dr. Edward Hinga Sandy noted that prices for these Companies produce will be determined as per production cost while he assured the general public that his Ministry will monitor the prices with a very strong monitoring system. He said there was no agreement on Percentage share between the investors and the Ministry of Trade.
