The Minister of Trade and Industry, Hinga Sandy, has disclosed that his Ministry, in collaboration with other related ministries, is gearing up to strategic policy options that will address the inflation rate in Sierra Leone.
The Minister maintained that his ministry and others have been very proactive in having things work in the best interest of every Sierra Leonean throughout the country.
He cited some production factories that are working hard to have locally made goods that will not be imported anymore. He said the impact is there, and the number of employment opportunities has drastically increased.
Speaking on the inflation rate and the fall of the Leone, he made references to countries like Liberia, Ghana, and others on what happens, as well as compared to Sierra Leone.
He said that our closed-door neighbor, Guinea, has a huge investment, as they are the biggest miners of iron ore, which is a big boost to their economy, something that we are struggling with as a nation.
“Also, while their economy is doing well, there are huge challenges with the economy in Guinea; it is not that flamboyant. Previously, we used to have products coming from Guinea. Today, it’s the reverse; you have people coming to buy products in Sierra Leone and taking them to Guinea,” he said.
He furthered that the government is doing everything possible through those ministries in charge, including the Finance Ministry, the Ministry of Trade, and the Bank of Sierra Leone.
Sandy noted that they are all looking at policy options that will really see how they can address all of these issues, adding that inflation is everywhere in the world but assured that they are working harder to have things stabilized.
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