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President Julius Maada Bio has reaffirmed his government’s commitment to shielding Sierra Leoneans from global economic shocks while building a more resilient and inclusive economy, as he addressed the State Opening of the Fourth Session of the Sixth Parliament in Freetown on August 7, 2026.
Speaking in the Chamber of Parliament at Tower Hill, the President outlined key economic gains recorded in recent years, including GDP growth of 4.6 per cent in 2024 and 4.8 percent in 2025. He noted that inflation dropped to 4.4 per cent by December 2025, its lowest level in nearly two decades, before rising to 10.8 per cent in April 2026, driven largely by increases in global oil prices.
The President further reported improvements in financial indicators, with treasury bill rates declining from 41.2 per cent to 17 per cent and private-sector lending increasing by 50 per cent. Domestic revenue, he said, rose from NLe14.6 billion to NLe18 billion, alongside a narrowing fiscal deficit and a reduction in public debt levels.
The update comes amid continued scrutiny from international financial institutions. The International Monetary Fund (IMF) has commended Sierra Leone’s progress in stabilising the economy and implementing reforms, noting in April 2026 that the country had met key performance benchmarks under challenging global conditions. However, the IMF has also warned of rising external pressures, projecting inflation to reach approximately 11.6 per cent by the end of 2026 and economic growth to slow to around 4 per cent.
Similarly, the African Development Bank has pointed to inflationary pressures as a factor behind slower real GDP growth, which declined to 3.9 per cent in 2024 from 5.7 per cent in 2023.
President Bio used the platform to acknowledge the support of international partners, including the World Bank, African Development Bank, Islamic Development Bank, OPEC Fund, European Union, and BADEA, for their contributions to national development across sectors such as infrastructure, energy, healthcare, agriculture, and technology.
He emphasised that the government’s strategy is focused not only on macroeconomic stability but also on improving living conditions for citizens. According to the President, the ultimate objective is to translate economic gains into tangible benefits, including affordable food, transportation, electricity, improved public services, and increased employment opportunities.
The address forms part of the constitutionally mandated State Opening of Parliament, during which the President sets out the government’s policy direction and legislative priorities for the new session.
