By Marian Magdalene Bangura, Strategic Communication Unit – MOICE
Freetown, Sierra Leone – March 10, 2026
The recent surge in global petroleum prices, triggered by the ongoing conflict in the Middle East, has affected pump prices in Sierra Leone. The government has convened a press conference to update the public on the situation and outline its response.
Chief Economist Alimamy Bangura highlighted the country’s economic journey, noting that Sierra Leone was making progress from 2018 to 2020 before COVID-19 disrupted the economy. The post-COVID period saw significant challenges, including a 70% currency depreciation, revenue collection struggles, and soaring borrowing costs (interest rates hit 40-41%).
However, collaborative efforts with ministries and the Bank of Sierra Leone have yielded results: Exchange rate stability, Inflation down from 55%
(Oct 2023) to 4.4% (Dec), Improving revenue (7.2% of GDP in 2022 to 10.8% now, targeting 11.8% by 2025).
Despite these gains, the government is concerned about the impact of global conflicts and potential fuel price hikes on import costs. Mr. Bangura assured the public that a response program is being developed to cushion the burden on citizens, similar to COVID-19 interventions.
The government’s proactive approach aims to mitigate the effects of external factors and ensure economic stability.
