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President of the Republic of Sierra Leone
Legal Mandate of SMEDA
In March 2016, Parliament enacted into law the Sierra Leone Small and Medium Enterprises Development Agency Act of 2016, as a corporate body having perpetual succession and capable of acquiring, holding and disposing of any property, whether movable or immovable, and of suing and being sued in its corporate name, subject to this Act, of performing all such acts as bodies corporate may by law perform.
The object for which the agency was established is to ‘Promote a conducive business environment, including an efficient and effective service delivery network, in order to empower and develop Small and Medium Enterprises for growth, productivity and competiveness SMEDA Act S. 12 (1)).
SMEDA recognises that the roles of the Ministry of Trade and Industry and that of Parliament are very crucial to the work of the agency. Therefore, reporting by SMEDA to MTI and Parliament are critical aspect of their oversight responsibilities.
The Sierra Leone Small and Medium Enterprises Development Agency is the central coordinating agency under the Ministry of Trade and Industry (MTI) that coordinates the implementation of development programmes for small and medium enterprises (SMEs) across all related Ministries, agencies and associations. It acts as the central point of reference for research and data dissemination on SMEs and entrepreneurs, as well as provides business advisory services for SMEs and entrepreneurs throughout the country.
- SMEDA also creates a conducive environment for promoting the development of innovative, resilient and globally-competitive MSMEs through effective coordination and provision of business support.
- SMEDA endeavours to empower the critical mass of MSMEs with efficient processes, robust business models, access to financial resources, smart partnerships, market-entry strategies and sustainable growth solutions, through various platforms and programmes for MSME and entrepreneur development.
In line with the SMEDA’s Vision and Mission, which consist of statutory oversight functions, the work of SMEDA will be based on the following guiding principles:
- Client focus
- Creativity and Innovation
- Integrity and Accountability
- Teamwork and Inclusivity
- Respect for all
Functions of the Agency - SMEDA
The Authority will achieve its mandate by performing the following functions:
- Design and implement development support programmes and schemes for SMEs;
- Facilitate, assist and provide market access and business linkage opportunities to SMEs in order to enable them compete successfully in national and international markets;
- Advise the minster on appropriate policy issues relating to entrepreneurship promotion and development of SMEs;
- Provide core support services for SMEs, particularly entrepreneurship development, business facilitation, counseling and mentoring services;
- Implement and operate a registration scheme for SMEs and Small and Medium Industries;
- Facilitate access to industrial space, finance and other productive resources;
- Empower product specific and sector specific SMEs and Small and Medium industries to enhance their delivery capabilities;
- Co-ordinate with other support organizations and stakeholders……