Sierra Leone’s President Julius Maada Bio has highlighted recent economic improvements in the country.
President Bio made this known in his address at the Bank of Sierra Leone 60th Anniversary celebration held at the Freetown International Conference Center, Aberdeen.
Amid growing economic hardships and public criticism of the government’s management, President Bio highlighted recent economic improvements.
In his speech, President Bio asserted that inflation is rapidly decreasing and the currency exchange rate has stabilized.
“Today, I am pleased to announce that inflation is rapidly decreasing, and the exchange rate has remained stable. Inflation has been on a steady decline since its peak in October last year, from 54.59 percent to 40.69 percent in March 2024, 35.84 percent in May 2024, and 31.93 percent in June 2024,” Bio stated.
While acknowledging the persistent high costs of food and other household essentials, Bio credited the Bank of Sierra Leone’s recent report showing declining inflation, driven largely by lower global oil prices.
He praised the bank’s resilience and adaptation to global financial changes, emphasizing its pivotal role in Sierra Leone’s monetary and economic stability.
Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens, also commended the bank’s achievements, including legislative reforms and the establishment of new commercial banks.
The event underscored the bank’s commitment to transforming Sierra Leone’s financial landscape over the next several years.
