Being an Act to provide for the establishment of the Small and Medium Enterprises Development Agency, to create a conducive environment within which Small and Medium Enterprises can thrive and operate, to provide for Sierra Leone’s fiscal, monetary and banking policy, trade and industry, technology, marketing, infrastructural and institutional development, and for other related matters.
Here are the key points summarized from “The Sierra Leone Small and Medium Enterprises Development Agency Act, 2016”: Title and Purpose: The act aims to establish the Small and Medium Enterprises Development Agency to create an environment conducive to the growth and operation of small and medium enterprises (SMEs) in Sierra Leone. It covers various aspects such as fiscal, monetary, and banking policy, trade and industry, technology, marketing, and infrastructure development to support SMEs. Establishment of the Agency: The Sierra Leone Small and Medium Enterprises Development Agency is established as a body corporate with perpetual succession. It has the power to acquire, hold, and dispose of property, sue and be sued, and perform all acts as bodies corporate may legally perform. The Agency is governed by a Board consisting of a Chairman with qualifications and experience in business, trade, industry, and enterprise development, representatives from relevant ministries, institutions, associations, and enterprises, as well as private sector representatives. Board Membership and Tenure: Board members, except the Chief-Executive, serve for a term of three years and may be eligible for re-appointment for one additional term. Members cannot be Members of Parliament or members of the Board or Council of a local authority under the Local Government Act. Grounds for ceasing to be a member include inability to perform duties due to infirmity, proven misconduct, bankruptcy or insolvency, and conviction of an offense involving fraud or dishonesty. These points encapsulate the main provisions of the act, outlining its purpose, the establishment of the Small and Medium Enterprises Development Agency, and the composition and tenure of its governing Board.
