What is the EBA?
The “Everything but Arms”(EBA) scheme is a permanent arrangement covering Least Developed Countries (LDC’s) as classified by the United Nations. This arrangement enables duty-free and quota-free access for all products (7200 products in total) originating in LDC’s except for arms and ammunition. Different from the Standard GSP and GSP+, LDC’s are not excluded from the scheme if they benefit from other preferential arrangements.
At a glance: EBA beneficiaries' preferential imports to the EU
8,61 M
Population
Presidential Republic
Government
3.50%
GDP Growth
29.70%
Inflation
$ 4,09 B
GDP
Facts about Sierra Leone's economy
Natural Resources
Sierra Leona belongs to the top diamond producing countries in the world. It is a major producer of gold and additionally benefits from substantial mineral resources, especially iron ore. Sierra Leone also belongs to the leading producers of titanium and bauxite.
Export Products
The main export articles of Sierra Leona are cocoa beans, fish, crustaceans, and molluscs as well as wood and articles made of wood. In recent years, the export of different types of ores (titanium, aluminium, zirconium) became increasingly relevant.
Trade Partners
China and the EU are the most important trading partners for Sierra Leone. Together they account for about 39% of overall trade. Most imports originate from the EU and China. Regional markets such as Senegal, Guinea and Liberia are important sales markets for Sierra Leone's export products.
Economic Structure
Agriculture remains the mainstay of the economy contributing almost 60% at the GDP in 2021 )and the sector mainly relies on small-scale farming. The most important cash crops are palm kernels, cocoa, coffee, cassava, and ginger. Furthermore, Sierra Leone possess considerable mineral resources whose extraction are an important driver of the economy. Its rutile deposits are among the world’s largest. Traditional industries include leather and fish curing, these have been complemented by small scale production of consumer goods and the processing of agricultural commodities.
Usage of EBA Preferences
Only a very small fraction of overall imports from Sierra Leone makes use of the preferential access to the EU market, and less than 1% of total imports are eligible for EBA preferences. The preference utilisation rate most recently stood at 12%.
Trade with the EU
Total trade with the EU amounted to € 522 million in 2021. The EU is the fifth most important trading partner for Sierra Leone and accounts for a share of 19.1%.
Sierra Leone and the EU (2022)
Imports from Sierra Leone by product section
Imports from Sierra Leone over time (in € m)
SIERRA LEONE AND THE EU’s GSP
Economic Impact
4%
Only a small fraction of Sierra Leone's exports to the EU market are eligible for preferences granted by the EU's EBA.
82.70%
Sierra Leone currently has a preference utilisation rate of 12.2%.
Preference utilisation and export diversification
Sierra Leone's imports to the EU
Preference Utilisation vs. total eligible imports
Only a small share of overall imports from Sierra Leone is eligible for EBA preferences. Sierra Leone’s most prominent export product to the EU are minerals which are traded under zero most-favoured-nation duties. Other prominent import goods from Sierra Leone include chemicals, oils and fats, and transport equipment. However, only small shares of exports take advantage of EBA preferences.
The largest product sections under EBA
EBA preferences are only used for eleven product sections in total. The most prominent product section traded using EBA preferences is vegetable oils and fat – with palm oil being the most important product. EU imports from Sierra Leone in this section account for more than 89% of all preferential imports. Oils and fats are followed by tobacco, pharmaceutical and prepared foodstuffs.
SUSTAINABLE DEVELOPMENT
The preferential access to the EU market granted by the EBA scheme is not bound to the ratification of international conventions. Nonetheless, Sierra Leone maintains a high level of ratification of international conventions. The country has ratified 14 out 15 core international conventions on the protection of human rights and good governance. Additionally, Sierra Leone has ratified eight international conventions on the protection of the environment, most recently in June 2020 the Cartagena Protocol. Sierra Leone has also ratified 4 conventions on good governance.
Core international conventions on human rights and labour standards
Ratified
- International Convention on the Elimination of All Forms of Racial Discrimination (1969)
- International Covenant on Civil and Political Rights (1976)
- International Covenant on Economic Social and Cultural Rights (1976)
- Convention on the Elimination of All Forms of Discrimination Against Women (1981)
- Convention Against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment (1987)
- Convention on the Rights of the Child (1990)
- Convention concerning Forced or Compulsory Labour, No 29 (1930)
- Convention concerning Freedom of Association and Protection of the Right to Organise, No 87 (1948)
- Convention concerning the Application of the Principles of the Right to Organise and to Bargain Collectively, No 98 (1949)
- Convention concerning Equal Remuneration of Men and Women Workers for Work of Equal Value, No 100 (1951)
- Convention concerning the Abolition of Forced Labour, No 105 (1957)
- Convention concerning Discrimination in Respect of Employment and Occupation, No 111 (1958)
- Convention concerning Minimum Age for Admission to Employment, No 138 (1973)
- Convention concerning the Prohibition and Immediate Action for the Elimination of the Worst Forms of Child Labour, No 182 (1999)
Not Ratified
- Convention on the Prevention and Punishment of the Crime of Genocide (1948)
Additional Conventions
- Convention on International Trade in Endangered Species of Wild Fauna and Flora (1973)
- Montreal Protocol on Substances that Deplete the Ozone Layer (1987)
- Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal (1989)
- Convention on Biological Diversity (1992)
- The United Nations Framework Convention on Climate Change (1992)
- Cartagena Protocol on Biosafety (2000)
- Stockholm Convention on persistent Organic Pollutants (2001)
- Kyoto Protocol to the United Nations Framework Convention on Climate Change (1998)
- United Nations Single Convention on Narcotic Drugs (1961)
- United Nations Convention on Psychotropic Substances (1971)
- United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988)
- United Nations Convention against Corruption (2004)
EU-Sierra Leone Bilateral Development Assistance
DG INTPA
Access all info about EU-Sierra Leone relations on the International Partnerships website: https://international-partnerships.ec.europa.eu/countries/sierra-leone_en
Opportunities in Sierra Leone
- Vast amount of natural resources and minerals
- Investments in infrastructure especially in extending the electricity network and improving water provision
- Further potential in the agricultural sector due to favourable climatic conditions and good quality soils for the cultivation of rice and cassava
Most recent events
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By submitting a comment I confirm to have read the Terms and Conditions. Users should be aware that if in breach of the Terms and Conditions that their comments, replies and contributions can be removed from the website.
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