A coalition of civil society groups called for the finance minister's dismissal, but the ministry argues global shocks, not local mismanagement, caused hardship.
A coalition of civil society groups, the "CSOs Consortium on Public Accountability," has called for the immediate dismissal of Sierra Leone’s Minister of Finance, Sheku Ahmed Fantamadi Bangura. The ministry, however, contends that this call is flawed, confusing economic hardship with mismanagement and populist frustration with policy failure. It argues that global shocks, including COVID-19 disruptions, the Russia-Ukraine war's impact on food and fuel prices, and aggressive global monetary tightening, have significantly affected the economy.
The ministry points to data from the Bank of Sierra Leone and IMF Country Reports, which indicate that inflation peaked due to these global shocks but has since declined through coordinated fiscal and monetary tightening. The IMF reports also explicitly note improved fiscal discipline and reduced central bank financing have helped moderate inflationary pressures. Given that Sierra Leone imports over 70 percent of its consumption basket, the ministry asserts that inflation can only be managed, not eliminated.
Regarding debt, the ministry states that while Sierra Leone remains at high risk of debt distress, the debt is predominantly concessional, commercial borrowing has been restrained, and debt management reforms have improved transparency. It highlights the absence of Eurobond exposure or hidden debt, attributing the country's ability to avoid default and maintain IMF program engagement to disciplined macro-fiscal management under Minister Bangura.
Why it mattersInvestors are affected by the government's claims of disciplined macro-fiscal management and restrained commercial borrowing, which suggest stability and a commitment to managing debt sustainably.
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