Investment Opportunities : Aquaculture & Mariculture

Sierra Leone's fisheries sector remains one of the biggest sources of untapped opportunity. Studies by the European Commission and UK Department for International Development show abundant stock of fish that is grossly underexploited.

Sierra Leone's fisheries sector remains one of the biggest sources of untapped opportunity. Recent studies carried out by the European Commission (EC) and the UK Department for International Development (DFID) show the country's coast is well stocked with fish and seafood, but is grossly underexploited. The government is keen to develop and also streamline the sector to end illegal fishing which is costing the economy an estimated $30 million a year.

Fishing in Sierra Leone is split into two markets - industrial fishing in the Economic Exclusive Zone, and small scale fishing. Both markets provide opportunities for investment. Previously industrial fishing was limited, enabling local fish populations to recover in large numbers. A European ban on fish imports - due to uncontrolled illicit fishing - has also reduced industrial fishing in the country.

Investment opportunities

Rich potential for industrial fishing

EC and DFID's data indicates the fisheries are well stocked with export quality species that have the potential to fetch high value in international markets. The country's 402 kilometres of coastline and a continental shelf of 25,600 square kilometres contain viable stocks of pelagic fish (tuna, barracuda, cuttlefish and octopus), demersal fish (snapper, catfish and grouper), shrimp, squid, lobster and crab.

Developing fish nurseries

Sierra Leone's rivers, estuaries, and tributaries, with their extensive mangrove vegetation, provide favourable conditions for sheltering and nursing penaeid shrimp and fish such as bonga and croakers, as well as oysters. The government estimates that the shrimp catch could reach 200,000 metric tons a year.

Processing fresh water fish

Sixteen families of freshwater fish have been identified, comprising an estimated 100 species-suggesting that investment in inland fishing may have an annual sustainable yield of 44 metric tons. Sierra Leone also supports an unknown quantity of oysters that, with proper cold storage and supply chain investments, offers export potential.

Potential to supply regional and domestic demand

The DFID estimates that the small-scale and commercial catch is about half its annual potential of 16,000-40,000 metric tons of freshwater fish, 55,000 metric tons of pelagic fish, and 85,000-100,000 metric tons of demersal fish.

The European Commission is financing a sanitary improvements programme to enable the sector achieve international standards.

Market size

The country's population of an estimated 6 million is increasingly demanding processed foods and other products. Companies based in Sierra Leone also enjoy relatively easy access, through regional trade agreements, to nearly 215 million regional consumers in countries such as Côte d'Ivoire (18.2 million), Guinea (9.4 million), and Liberia (3 million) by sea and land transportation.

Market access

Sierra Leone provides duty-free access to large markets including;

• Domestic and regional demand is high for fresh and processed fish and meat

• European Union

• United States of America

Economic overview

Since the Lomé Peace Agreement was signed in 2001, Sierra Leone has seen promising GDP growth, reaching 5.5% in 2008. The government projected growth at 4% in 2009 despite the global financial crisis, with President Ernest Koroma confident his "Agenda for Change" policy would weather some of the adverse effects. Economic growth has largely been driven by agriculture, construction, mining, and services sectors.

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