Sierra Leone’s Foreign Reserves Increases From $677M in 2022 to $936M
The unaudited financial statements of the Government of Sierra Leone that is always prepared by the Accountant General of Sierra Leone has put the government of President Bio on a proper financial footing despite the seeming global economic crisis.
According to the reports, the gross foreign exchange reserves (exclusive swaps) is estimated to have increased from U$$677 million ( equilivant to 6.1 months of imports at end of 2021.
“The increase in reserves was as a result of the inflows from development partners during the period including the disbursement of the balance of payments support by the World Bank.”, The report added.
The domestic revenue increased from Le 5.5trillion ( 13.8 Percent of GDP) in 20220 to Le 6.8 trillion (15.3 Percent of GDP) in 2021.
That improved performance in domestic revenue was attributed mainly to the recovery in economic activities, stricter enforcement of tax laws, as well as the roll-out of the Electronic Cash Register for the administration of GST and the integral Tax Administration System (ITAS) for the Electronic registration, filing and payment of taxes.