By Abdul Bero Kamara
When economists talk about structural economic deficiency of a country, they are referring to one of the situations where a government spends more than what it receives in tax revenue.
In essence, Structural economic deficiency can cause a budget deficit, and when that situation persists for some time, it will eventually pose a problem for any government.
This is exactly the situation that President Bio and his cabal of thieves have caused Sierra Leone: the government does not have the capacity to mobilize revenue albeit expenditures have exceeded income, imports exceed exports, liabilities exceed assets,
The fiscal deficit has widened to 7.1% of GDP from 3.2 % (due to President Bio’s frivolous spending), and public debt has edged up to 75% of GDP from 35%; (Source: MOF, 2022).
In 2022 alone, according to the Africanist Press President Bio spent close to three million dollars on unnecessary travel abroad.
In simple terms Sierra Leone is drowning because of the huge budget deficit and negative trade imbalance, and above all the country is in recession – yes, I said recession, a prolonged period of economic decline wherein businesses are struggling, majority of Sierra Leoneans are experiencing financial hardship not to mention the increase in unprecedented youth unemployment.
If this economic deficiency continues up to the third quarter which starts in July 2023, which by all indications is going to continue evidenced by the fall of the Leone and the unnecessary spending of the Bio SLPP government, hence the economy of Sierra Leone will shut down completely.
This means the government will no longer be able to pay teachers, nurses, doctors, Forces, civil and public servants.
President Bio has lost control and he cannot continue to run the country, so the people of Sierra Leone should vote him out on June 24.
Notwithstanding, all is not lost the good news is that Dr Samura Kamara, the APC presidential candidate who is passionate about Sierra Leone has promised to clean up the mess of President Bio, and to eventually make Sierra Leone the Singapore of Africa.
Singapore was even far worse than Sierra Leone in terms of everything- “it was undeveloped with a GDP per capita less than U.S. $320. “(World Bank, 2022)
Today, it is one of the world’s fastest-growing economies and Its GDP per capita has risen to an incredible U.S. $60,000, making it one of the strongest economies in the world, thanks to Lee Kuan Yew, the man that is widely recognised as the founding father of Singapore for his leadership in turning a poor country into a developed country.
Equally, Dr Smaura Kamara has the same capacity to transform Sierra Leone as Lee did for Singapore.
And Dr Samura has promised to carry this radical transformation through ten bullet points highlighted below.
* Address the Economic deficiencies
* Intensify Job creation
* Accelerate Private Sector development
* Accelerate Human Capital Development
* Building National Cohesion
* Promote women’s social-economic and political empowerment
* Invest in physical and public digital goods
* Deepens the fight against climate change
* Restore the rule of law
* Engage and collaborate with developing partners and diaspora
