Sierra Leone Rates 7th in World Bank Inflation List
Osman Koroma The world Bank issued a list of countries with the highest inflation rates and Sierra Leone is 7th on the list behind Venezuela, Lebanon, Zimbabwe, Argentina, Suriname and Egypt.
Zimbabwe that top the list with an inflation rate of 414% are categorized with the highest level of inflation around the world.
Sierra Leone with an average of 56% is undergoing a rapid increase in inflation with most of its prices of commodities are determined by the business people.
The country has been in a big wage of economic crisis since the Ebola outbreak in 2014. Several governments have emerged after elections but found it hard to stabilize the country’s inflation rates. Business people in the country are blaming the government for the increase in prices pinning it on the export tax livid on them whilst bringing their products on the shores of the country.
According to Aziz, a seasoned businessman operating at PWD, acquiring a single 40-feet container at the Water Quay entails a cost exceeding NLE50,000. On top of this expense, he is burdened with transportation fees and various other charges to transport the container to its destination. As a consequence, the overall expenses far surpass the initial quay payment. In response to these financial challenges, Aziz has found it necessary to adjust the prices of his products, which consist of used European goods.
Other countries on the list are Turkey, Ghana and Haiti that are below the inflation rates compared to Sierra Leone.
Being 7th on this list will not be a surprise to the country as most of its population rely on exports products to meet daily food consumption.
Agriculture could be solution and better management of government offices
No gouvernants ne défends que leurs intérêts personnels, et ils ne veulent pas le savoir si la population vie bien ou pas.