Finance Minister Expresses Optimism For Sierra Leone’s Economic Recovery

By JKM

Sierra Leone’s economy is on course to reach an estimated US$8 billion in 2026, according to Minister of Finance, Sheku Ahmed Fantamadi Bangura, who says the country is finally finding its economic footing after years of shocks, debt pressure and inflationary stress.

Speaking at a well-attended public lecture at Fourah Bay College’s Multipurpose Hall, the Finance Minister struck an optimistic but measured tone, insisting that the projected growth is not built on wishful thinking, but on what he called “strong and improving fundamentals.”

From inflation and debt to fiscal discipline and currency stability, Bangura argued that the numbers are beginning to tell a more reassuring story.

“The economy is heading in a positive direction,” he told students, academics and policy watchers, “and the 2026 budget will consolidate these gains rather than gamble with them.”

Inflation Tamed, Currency Holding Firm

One of the headline claims from the minister’s presentation was inflation, which he said has been contained at 4.5 percent, firmly within single digits. In a country long haunted by runaway prices and a fragile currency, Bangura described the figure as a sign of macroeconomic control rather than coincidence.

The Leone, he added, has depreciated by just 1 percent, while interest rates currently stand at 16 percent—levels the ministry considers manageable under current conditions.

Fiscal Discipline and a Rare Surplus

Perhaps more striking was Bangura’s revelation that Sierra Leone has recorded a positive primary balance, meaning government revenues now exceed expenditures before debt servicing.

“This shows discipline,” he said, “that we can manage our budget from resources we actually collect—even after paying our debts.”

For an economy historically dependent on donor inflows and emergency financing, the statement marked a notable shift in tone.

Debt Still Heavy, But Under Watch

Public debt remains a concern, standing at US$3.2 billion, split between US$1.8 billion in external debt and NLe 32.3 billion (about US$1.4 billion) in domestic obligations. Bangura acknowledged the burden, but stressed that debt levels are being closely monitored.

To ease pressure, the government is ramping up domestic revenue mobilisation, widening the tax net, strengthening non-tax revenues and exploring innovative financing options that reduce over-reliance on borrowing.

Big-Five Agenda Gets the Money—But No Blank Cheques

Bangura was keen to underline that spending will remain restrained, with priority given to the government’s Big-Five Agenda, a policy framework aimed at driving sustainable growth and long-term economic transformation.

Crucially, he warned against reckless expenditure.

“We will implement this agenda with resources we have actually collected,” he said, drawing applause from parts of the audience.