By Ishmael Sallieu Koroma
Freetown, Sierra Leone – Ecobank Sierra Leone and British International Investment (BII) hosted a celebration dinner at Lagoonda, West of Freetown, marking a major milestone in their partnership with the successful disbursement of their first round of funding aimed at transforming the real economy of Sierra Leone.
The event brought together senior dignitaries including the British High Commissioner to Sierra Leone, H.E. Josephine Gauld, representatives from BII, business leaders, and Ecobank clients. At the center of the evening was Ecobank’s renewed commitment to investing in the productive sectors of the economy, steering away from short-term, high-yield financial instruments like treasury bills.
Shifting Focus to Long-Term Impact
Speaking at the event, Ecobank Managing Director Sebastian Ashong-Katai emphasized the bank’s decision to prioritize long-term, development-focused investments over more lucrative short-term instruments. “We didn’t take the money from BII and buy treasury bills,” he stated. “We’re putting it to work in the real economy.”
Ashong-Katai described the BII partnership—formally launched in October 2024—as a significant evolution of an existing relationship. The collaboration includes both funding and technical assistance, enhancing Ecobank’s ability to reach underfinanced sectors and drive sustainable growth. Projects under consideration include green energy, gender-based financing, and critical infrastructure like water systems and renewable energy networks.
Real Results for Local Businesses
The impact of the initiative is already being felt. Tamba Sesay, Business Development Manager of BSB International, shared how his company benefited from a facility that exceeded all previous funding they had received since inception—thanks to BII’s $1.6 million contribution, topped up by Ecobank. “This marriage with Ecobank became sweeter,” he said, praising the bank’s accessibility and dedication. “They are not just bankers; they are partners who show up, explain, and support.”
Another beneficiary, Saad N. Saad of Saad Group Sierra Leone Limited, highlighted how the funding is transforming their operational capacity. The loan will finance new warehouses, boost employment, and enhance community investment. “This partnership empowers us to achieve our goals and contribute meaningfully to the local economy,” he noted.
A Model for Frontier Market Investment
BII representative Alex Kucharski hailed the deal as a pioneering effort in one of the world’s most underfinanced private sectors. He highlighted that only about $60 million in private sector loans are disbursed annually in Sierra Leone—among the lowest globally. The risk-sharing facility with Ecobank, he explained, is helping to break that barrier.
“Ecobank is the first to offer long-term loans—three, four, five years—for businesses here,” he said. “This is not business as usual. It’s a strategic breakthrough that’s already inspiring similar models across Africa.”
British High Commissioner Praises Innovation
British High Commissioner Josephine Gauld commended the effort as a landmark moment in the UK’s Africa Resilience Investment Accelerator initiative. She emphasized the importance of providing local currency and long-term loans in markets like Sierra Leone, where access to finance remains a major challenge.
“It’s wonderful to see this facility delivering results so soon after launch,” she said. “The level of enthusiasm at BII and across the UK government shows how much belief there is in Sierra Leone’s potential.”
A Call to Action
Victor Williams, Head of Commercial Banking at Ecobank Sierra Leone, reinforced the bank’s strategic shift toward enabling business-led development. With the $25 million risk-sharing agreement in place, Williams called on more businesses to take advantage of the opportunity. “This is about unlocking private capital for high-impact sectors like agriculture and renewables,” he stated.
“We are proud to be leading this change.”
As the evening concluded, a clear message resonated: Sierra Leone is no longer on the sidelines of investment conversations.
With bold partnerships and a shared vision for sustainable growth, the country is poised to redefine its economic narrative—one loan, one project, and one business at a time.
