By Albert David
When Morlai Bangura, Director in the Office of the Governor of the Bank of Sierra Leone, unveiled the Fifth Edition of the Sierra Leone Economic Update, he heralded a dramatic drop in domestic borrowing interest rates, from a staggering 41% to a more palatable 15 -17%. On paper, this appears to be a monumental achievement. But in the realm of economic truth, numbers must not merely impress, they must reflect reality.
If interest rates have truly plummeted, then why do Sierra Leoneans continue to grapple with suffocating inflation, stagnant wages, and a cost of living that feels increasingly unbearable? Why do small businesses still struggle to access affordable credit, and why does the informal sector remain locked out of meaningful financial inclusion?
Economic statistics, when genuine, should resonate in the lives of ordinary citizens. They should translate into cheaper loans, thriving enterprises, and improved living standards. When they don’t, when the data diverges from the lived experience, they become not just irrelevant, but dangerously misleading.
This announcement fits into a broader pattern of economic storytelling that prioritizes optics over outcomes. It is deeply troubling when official figures are used to paint a picture of progress that does not exist. Such practices are not just unproductive, they are unethical. They erode public trust, distort policy debates, and mask the urgent need for reform.
The lack of transparency surrounding how these interest rates were calculated, what instruments were considered, and how they impact the broader economy raises serious questions. Are these rates reflective of actual market conditions, or are they selectively curated to fit a narrative?
A truly intelligent and pragmatic economic strategy does not rely on statistical sleight of hand. It confronts hard truths, embraces transparency, and prioritizes impact over image. Sierra Leone’s financial institutions must be held to a higher standard, one that demands clarity, consistency, and accountability.
If domestic borrowing has indeed become more affordable, then let us see the ripple effects: increased investment, job creation, and poverty reduction. Until then, such claims remain speculative at best, and manipulative at worst.
As journalists, analysts, and citizens, we must resist the temptation to echo official narratives without scrutiny. We must ask difficult questions, demand evidence, and hold institutions accountable. The role of economic reporting is not to comfort, it is to clarify, challenge, and catalyze change.
Sierra Leone deserves more than statistical theater. It deserves economic leadership grounded in truth, driven by impact, and accountable to the people it claims to serve.
