By Mackie M. Jalloh
The Ministry of Finance in Sierra Leone has announced the upcoming presentation of the Fiscal Year (FY) 2025 Government Budget and Statement of Economic and Financial Policies. The budget speech will be delivered by the Minister of Finance, Mr. Sheku Ahmed Fantamadi Bangura, on Friday, November 15, 2024, at 10:00 a.m. in the Chamber of Parliament. This annual address will lay out the government’s financial and economic priorities for the coming year, providing insights into the policy measures and fiscal commitments aimed at addressing Sierra Leone’s key socio-economic challenges.
In a press release dated November 11, 2024, the Ministry of Finance invited a wide range of stakeholders to attend the presentation, emphasizing the significance of the event. Expected attendees include high-level government officials, such as Cabinet Ministers, Deputy Ministers, and Vote Controllers, along with heads of government departments, agencies, and state-owned enterprises. This gathering reflects the government’s commitment to transparency, inclusivity, and collective effort toward achieving the country’s fiscal goals.
A noteworthy aspect of this year’s presentation is its inclusive approach, welcoming representatives from non-governmental organizations (NGOs), civil society, and local communities. This approach underlines the Ministry of Finance’s recognition of the important role that these groups play in the development process. By involving organizations that operate at the grassroots level, the ministry aims to align national policies with the real needs of citizens, particularly in areas such as healthcare, education, and poverty alleviation. This inclusiveness also signals a government intent on grounding economic policies in the lived realities of Sierra Leone’s people.
The international dimension of this event is underscored by the expected attendance of members from the diplomatic and consular corps and development partners. This presence reflects Sierra Leone’s interconnectedness with the global economy and the essential role of foreign partnerships and aid in national development. It is anticipated that the FY2025 budget will outline provisions for ongoing and new projects supported by foreign assistance and present policy initiatives designed to attract further investment.
Guests are advised to arrive by 9:30 a.m., signaling a well-organized and punctual event. The broad audience indicates a high level of public interest in the fiscal announcement, with stakeholders eager to learn how the government plans to tackle issues like inflation, unemployment, and economic resilience amidst global economic challenges.
The budget speech is expected to prioritize sectors vital to Sierra Leone’s growth, including infrastructure, healthcare, education, and economic diversification. Given recent global economic pressures, the government may introduce measures to alleviate these effects, aiming to increase local production, reduce reliance on imports, and boost job creation. Emphasis is also likely to be placed on social programs to support vulnerable communities and empower women and youth.
Many expect that the budget will include initiatives to stabilize the economy, support small and medium-sized enterprises (SMEs), and enhance the agricultural sector, a key contributor to Sierra Leone’s economy. Efforts to improve agricultural productivity and add value to agricultural products could be central to the government’s approach, given the sector’s significant impact on the nation’s economy.
To foster transparency and encourage public engagement, the Ministry of Finance has provided contact information for inquiries leading up to the event. This gesture of openness underlines the ministry’s commitment to an accessible and participatory budget process.
In summary, the FY2025 budget presentation represents a pivotal moment as Sierra Leone strives for economic stability and growth. The event’s inclusive attendance highlights the government’s commitment to a participatory approach in addressing the nation’s financial challenges. As Minister Bangura addresses the nation on November 15, citizens and stakeholders will be listening closely, hopeful for policies that drive positive change and improve the lives of the people of Sierra Leone.
