Parliament Ratifies Offshore Bulk Deal

By Desmond Isaac Macauley
Parliament of Sierra Leone has ratified an Offshore Bulk Handling Concession Agreement between the Government, the Sierra Leone Ports and Harbours Authority (SLPHA), and Sierra Bulk Handling Limited (SBH).
Presenting the agreement, Deputy Minister of Transport and Aviation Rex Bonapha said the project will enable Sierra Leone to undertake offshore transshipment an activity previously unmanaged due to high investment requirements. SBH, a newly formed indigenous company, will handle offshore bulk operations under SLPHA supervision.
He explained that, the agreement will replace unregulated private offshore activities with a formal system that generates revenue for the state. The project, he emphasized, will require no government expenditure, with the investor providing full financing.
The Deputy Minister revealed that USD 250 million will be paid to the government within 90 days of ratification, with the same amount expected annually. He projected substantial revenue from mining companies engaged in transshipment.
Chief Whip Hon. Dickson Rogers praised the agreement as a cost-free initiative aligned with President Bio’s goal of job creation, noting its potential to boost economic development through improved revenue flows.
Leader of the Opposition Hon. Abdul Kargbo welcomed the involvement of Sierra Leoneans in the investment, highlighting the agreement’s provisions for environmental protection, safety, accountability, and stronger control systems.
Leader of Government Business Hon. Mathew Sahr Nyuma clarified key clauses on revenue projections, private sector involvement, and operational guidelines. He stressed the agreement’s role in enhancing offshore security, combating smuggling, protecting marine environments, and ensuring effective oversight.