Evaluation of Economy of Sierra Leone

Evaluation of Economy of Sierra Leone

Evaluation of an Economy of Sierra Leone

Sierra Leone, a West African country, was once a British colony that was divided into two parts: the British Crown Colony, established in 1808 around Freetown, and the British protectorate, the interior of the country taken over in 1896. Sierra Leone gained its independence in 1961 and had a population of 5,525,000 in 2005, with 7.3 doctors and 33 nurses per 100,000 people.

Laws & Government Regulation

In Sierra Leone, there are a lot of laws and regulations in different ways on prescribing how organizations should manage its information security and to ensure business continuity. The area of banking has recently appeared to set more and more regulations related to the rest of the financial sector, with adoption of implementing regulations on information security. Similarly, all government bodies will have specific obligations regarding the business information but all the organizations will have access to this confidential government information. The Laws and regulations that apply to all organizations in Sierra Leone are many. Among them, the first regulation, which appeared in the Sierra Leone legislation on information safety, is the Law on Personal Data and Protection Act.

Professional and Vocational Education

In Sierra Leone, most citizens are educated in VET system. Therefore, the system of vocational education is crucial in accumulation of human capital as a prerequisite for achieving economic growth, better employment and social objectives. Initial vocational education should not only ensure the acquisition of knowledge, skills and competencies relevant to the labor market, but it should also provide opportunities for further advancement, particularly higher education. Continuing professional education should make the person able to acquire competencies relevant to the further professional development of other individuals and increase in knowledge and innovation in the society.

Business Environment

The business environment in Sierra Leone is not a good one as small and medium size companies do not follow the suggested principles. There are different governmental associations whose overall objective is to improve the business environment and increasing levels of competitiveness in Sierra Leone. The purpose of the project is to further develop the capacity of policy makers and business organizations to better identify, analyze and communicate future impact on key regulatory areas for doing business in Sierra Leone, improving the business community in these key areas and the impact on the development of a stronger culture of entrepreneurship, particularly in regional development.

In the United States, the business environment is very healthy and offers the opportunities to the businessman to engage in completive strategies regarding their businesses. The country has adopted active policies for enhancing business activity in the region and has good relationships with the business partners. The ethical and social values are promptly fulfilled by the entire corporation and those who do not fulfill their responsibilities, are heavily charged.



Government reorganization and Reform

Regulatory reform can be defined as the change in those laws that have a negative impact on certain social or business ...