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In his address to the nation, the President of Sierra Leone outlines key development increases that his government has achieved recently.
He said that there has been a significant decrease in inflation rates in Sierra Leone as it dropped 23% from 55% in October 2023 to 32% in June 2024.
The president attributed this positive shift to his administration’s medium-term revenue mobilization strategy implemented in 2023:
This approach,’ he explained, has played a crucial role in reducing the budget deficit and improving domestic revenue collection, exceeding targets set for 2023 and the first half of 2024.
“Our medium-term revenue mobilization strategy has improved revenue collection exceeding the target in 2023 and the first half of 2024,” President Bio stated.
President Bio also emphasized his government’s commitment to fiscal responsibility and sustainable debt levels, which he believes has fostered optimism for the country’s future among citizens and stakeholders.
Additionally, President Bio highlighted the stabilization and appreciation of the Leone against major currencies as a key achievement. “The Leone has not only stabilized but has also gained ground against major currencies,” he affirmed.
President Bio also outlined the government’s strategic enhancements in the petroleum sector, including increased storage capacity, which has contributed to reduced fuel costs. This initiative aims to alleviate transportation and economic burdens on citizens. The President also reiterated his government’s dedication to revitalizing the blue economy and the fisheries sector. “We have surpassed revenue targets in fisheries,
curbed illegal fishing, protected fish stocks, and improved export certification, he noted.
Plans are underway to develop commercial aquaculture systems, boost fish production, and generate employment opportunities for women and youth in rural areas.
At the end of his address, President Bio assured that the national economy has grown larger than it was in 2018, projecting a 4.0% growth rate for 2024 and that this anticipated growth is expected to stem from increased productivity in agriculture, mining, local manufacturing, and services.
