President Julius Maada Bio announced that he has received an update from the Economic Management Team (EMT) on the state of the economy, prospects, and partner engagement for the first half of 2024. The report highlights significant improvements in key economic indicators.

According to President Bio, Sierra Leone has experienced an 18% reduction in inflation over the past eight months, with the trend continuing downwards. Additionally, the foreign exchange market has remained stable for the past six months, with a noted appreciation in June.

President Bio emphasized the importance of increased effort from his government team to achieve positive results for the people of Sierra Leone. In a statement following the EMT meeting, he urged his team to enhance revenue mobilization and maintain fiscal discipline to support governance and service delivery.

“At today’s Economic Management Team meeting, I received an update on the ‘State of the Economy, Prospects, and Partner Engagement’ for the first half of 2024,” President Bio stated. “Sierra Leone has seen a reduction in inflation over the last eight months by 18%, and it continues downwards. Foreign exchange has been stable for six months, and it appreciated in the month of June.”

President Bio reiterated his commitment to mitigating the negative economic impacts on the most vulnerable populations, acknowledging the global economic challenges and the disproportionate suffering of the underprivileged.

“We will keep working harder to ensure we lessen negative economic impacts on the population,” he affirmed.