The Sierra Leone's economy recorded a 3.4 percent growth in Gross Domestic Product (GDP) in fiscal 2023. This came on the heels of a 4.5 percent expansion recorded in 2022. A 4 percent growth in GDP is projected for fiscal 2024.

Deputy Minister of Finance, Madam Kadiatu Alie, clarified the country's economic situation before parliament last week and informed that the inflation rate has steadily declined from a peak of 54.5 percent in October 2023 to 20.24 percent by September 2024. This decline, she attributed to tight monetary policies, stable exchange rates, and increased food supplies.

Domestic revenue generation has been robust, covering most government spending through internally generated funds. Furthermore, tax reforms and measures in fuel marketing are contributing to fiscal stability.

Sierra Leone has secured significant international commitments, including $800 million in pledges from recent conferences and $105 million from FIFA, along with various development grants from the World Bank, African Development Bank (AFDB), and other international donors. These funds, she said will help support essential sectors, ‘including energy, agriculture, and health’.

The government reiterates its commitment to economic stability through collaboration with international partners, ongoing exchange rate controls, and the completion of agreements with the International Monetary Fund (IMF). The focus remains on sustainable growth and development initiatives to enhance Sierra Leone’s economic growth.