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Sierra Leone’s Minister of Basic and Senior Secondary Education (MBSSE), David Sengeh, has refuted claims made by the former All People’s Congress (APC) government regarding the depreciation of the country’s currency, the Leone.
In a social media post, Sengeh asserted that Leone experienced greater depreciation under the APC government than under the current ruling Sierra Leone People’s Party (SLPP) government.
Citing data from the Bank of Sierra Leone (BSL), Sengeh presented the exchange rate depreciation percentages to support his argument.
According to the provided figures, during the APC era from January 2007 to December 2018, the USD-Leone exchange rate depreciated by 64.7%, with the value of the Leone increasing from 2.98 to 8.43 against the US dollar. In contrast, under the SLPP government from December 2018 to May 2023, the depreciation percentage stood at 62.9%, as Leone’s value rose from 8.43 to 22.69 against the US dollar.
“BSL USD-Le Exchange Rate % Depreciation APC = 64.7%
Jan 07 – Dec 18
SLPP = 62.9%
Dec 18 – May 23,” the minister stated.
Sengeh emphasized the significance of considering the facts and urged the public to take into account the economic realities of both periods.
His statement challenges the former government’s claims of economic stability and highlights the relative depreciation of the Leone during the APC’s governance, despite periods of significant economic growth and iron ore booms.
As Sierra Leone approaches the 24 June general elections and citizens assess the contrasting economic performances between the two administrations, the debate over the impact of currency depreciation and its consequences on the country’s overall economy continues.
I was having a lot of respect for David but with these dishonest words I lost respect for him. But I don’t mind him he’s a politician, they’re dishonest people, they only seek their selfish and party interests instead of the people, they never sees their pitfalls instead telling lairs and casting blame on the the previous government. It shows how woefully this Government failed this nation. Never in the history of SL the Leone has depreciated like this under this failed administration
David Seageh again, now I know that, SLPP they are all the same stupid 🙄 peoples 🙄
I use to admire Sengeh for his hardworking and commitment but this his misleading and unfortunate write ups has cast doubt in my mind, mind you, you are an engineer not a financial analyst.
Sengeh I thought you are a clean politician but in this of your write up today and even the one u made about the burnt voter ID card casting blames to APC as u said that the data was obtained from 2017 NCRA registration. Let me ask u what about those who were newly registered in this 2022, are their faces not black ?
Be rational man
Why attack the man and not the referenced data from central bank of SL. You can do research on world bank, IM F on same topic to dispute him. To cry like babysitting is lazy and laughable
Teach them my mentor
This assertion by David Sengeh, speaks volumes of how his innovative prowess is questionable. APC 64.7 in eleven years and SLPP 62.9 in just five years; which means if they’re given another five years the populace will languish in abject poverty. Sengeh, you ought to know better bo…
David Shenge is talking bull sh*t .
Sierra Leone the 3rd unhappiest country and 2nd poorest country in the world in 2023 according to the UN is ruled for the time being by a bunch of damn liars or Pa Morelais. Some of us who send remittances back home have receipts with us spanning many years. Having read this outrageous assertion by a seemingly well-educated man, i did my maths. In just one year from June 2022 to June 2023, the Leone has depreciated 75%. From my receipts the Leone was trading at £1:Le16,000 in June 2022. As of today June 5, 2023, the rate is at £1:Le28,000. Considering the overperformance of the dollar against the dollar, we could be talking about 100% depreciation of the Leone against the dollar. The depreciation in the past 5 years is more like 300%. If Sierra Loaded was more like BBC Online with a Reality Check section, i would have sent them the documenrary evidence to see who is lying.
Sengeh do not forget you have written dissertations before. If they had given you a topic about tracking the depreciation of the Leone from June 2018 to 2023, you would have bagged a PASS degree. In Academia, there is no room for dishonesty You have just destroyed the ethos a well-respected institution apparenty instilled in you.
Hmmm David
Is that really what you have to tell Sierra Leoneans?
You used to be my most trusted politician but please don’t misunderstand me
Learn to take responsibility stop the blame game it will not give you a solution
This man has destroy the intelligence of sierra leoneans, minister of education talking bullshit as if the people of sierra Leone are stupid as he is, comparing 5years %62.9 and 11 years % 64.7
Am not either SLPP or fucking APC but the way you politicians are misleading the population is insane
I was totally disappointed in you Mr minister
In 2007 to 2018 the Leone depreciated from 2.98_8.43 that’s in 11 years of Governance
Now just in five years vthe Leone depreciated from 8.43-22.69 just in five years so if your government go for another five years that means our currency will be depreciated to 43.38
Are you mocking us the Sam way JJ Saffa did?
David, you’re supposed fo be an intelligent young man but I’m afraid politics is taking you something else.
Your analysis is completely bias bro., when in 2018 did the APC hands off the affairs of the economy? I’m supposed in the first quarter of that year, then why shouldn’t you rate them ending 2017. Go back to them records and begin to assess your party from April 2018 to date and bring out an appreciable report as to who destroys our Leone.
It’s good to be educated but when one applys the acquired know with wisdom devoid of bais it’s called intelligence.
Thanx
Mr. Sengeh, I am sure you do not understand what you are saying.
In a broad day light, you think you can tell us all kinds of lies to make us believe in what you say? You must be stupid to think that way.
Sengeh, you think Sierra Leoneans cannot tell the difference between Le 700 to a dollar at that time to now which is Le 2,400 to a dollar. Which of the Leone that has depreciated more?
I know you are trying to help your PAOPA Boss who feeds the people of Sierra Leone with Lies. If you do not know, let me help you that your Boss promised to take “Prompt Action On Poverty Allivation” in this country. Tell me, did he succeed? No !! But he keeps on saying he has completed to his promise to the people of Sierra Leone and he is now providing a Bonus to the people of Sierra Leone.
I know you are helping Maada Bio to continue deceiving the people of this county.
Please put Sierra Leone first in all your activities. Long Live Sierra Leone.