By: Mohamed Dauda Kamara
President, Julius Maada Bio has recently said his Independence-Day address to the nation the country’s inflation has declined to forty-two percent – 42%- despite acknowledging the economic difficulties in the country. “From a peak of 55% in October, 2023, inflation has declined to 42% as of February, 2024,” he revealed.
President Bio asserted that in a bid to tackle the high cost of living, Government has “calibrated the fiscal policies geared towards stabilizing the foreign exchange rates and reduce inflation” – to mainly lower the high cost of living in the country.
He observed that although the administration is being held back by dire economic straits, average Sierra Leoneans think the Government is not sincere about fixing the fluctuating economy.
A source said, he is imploring the Government to lower the cost of living, and stop their lavish spending on oversea trips, while another said that the Government has not solved the “bread and butter” issue.
With the new Finance Act, 2024, many think it’s already an addition financial burden, especially when the said Act levels 10% increment on imported rice, which is the country’s staple food.
President Bio however reassured that Government is working round the clock by way of tackling the high food prices and other essential commodities, including the inconsistent power outage.
Conversely, his assertion has already faced criticisms, with many saying the inflation is not reflecting on the masses, despite the he claimed that there has been a 42% reduction.
President Julius Maada Bio’s staunch assertion was inspired by a document published by Statistics Sierra Leone in February, 2024, which revealed that the ‘Annual National Consumer price Inflation for February, 2024 stood at 42.59% from 47.42% in January, 2024, but he could not directly reference the source of his information.
The International Monetary Fund has projected that the country’s consumer Price is 39.1% change in 2024, while the African Development Bank said the country’s inflation is projected to decline 20.8% as external shocks subside – with its Gross Domestic Product-GDP increasing by 4.8% in 2024.
