By Foday M. Daboh, Public Policy Expert (University of Pennsylvania)
In Sierra Leone, debates about the cost of living often dominate political conversations. Walk through the streets of Freetown or Makeni, and you will hear heated exchanges about how prices of rice, oil, and fuel have skyrocketed under the current administration compared to the days of the All People’s Congress (APC).
To many, this feels like undeniable truth: a bag of rice costs more Leones today than it did years ago. But when we strip away perception and look at the economics, a different reality emerges—one that challenges the political narrative and demands a more nuanced understanding.
The Problem of Looking Only at Leone Prices
At first glance, it is easy to be convinced by the argument that things are more expensive today. After all, the numbers written on market price tags have undeniably gone up. In 2018, under the APC, a 50-kilogram bag of rice could be bought for about Le 200,000. Fast forward to 2025, and the same bag is priced at around NLe 665 to NLe 700 (equivalent to 665,000 to 700,000 old Leones after redenomination). That is more than triple the old nominal figure.
But here is the catch: Leones today are not the same as Leones in 2018. The currency has undergone significant depreciation. In 2018, the exchange rate hovered around Le 7,500 per U.S. dollar. By mid-2025, the exchange rate is closer to Le 23,000 per dollar. This difference matters greatly because international commodities—including rice and fuel—are priced in dollars, not Leones. Any honest analysis must therefore compare costs in dollar terms, not just Leone terms.
A Dollar-Based Comparison
Let’s return to our rice example. In 2018, a bag costing Le 200,000 translated to roughly USD 27 at the then-prevailing exchange rate. In 2025, the same bag costing NLe 700 (or 700,000 old Leones) is approximately USD 34 when converted at today’s rate of around Le 20,000–23,000 per dollar.
At first glance, it may seem rice is slightly more expensive in dollar terms now. But when we adjust for global inflation, shipping costs, and the post-COVID surge in international food prices, today’s USD 34 is actually cheaper relative to world market conditions. In other words, Sierra Leoneans are paying less in dollar-adjusted terms than they would have under the old APC environment, where international costs were lower but the Leone was comparatively stronger.
This is the economic nuance often lost in public debate. Leone prices alone cannot tell the whole story because they do not reflect the real purchasing power of the currency against the dollar.
Why This Distinction Matters
The difference between nominal and real prices is not just academic—it has political and social consequences. Opposition politicians frequently weaponize the nominal rise in Leone prices as evidence of economic mismanagement. But by ignoring the exchange rate factor, they present an incomplete picture to the public.
The truth is more complicated. The Leone’s depreciation is painful, yes. It erodes local savings and creates a sense of instability. But when comparing costs across administrations, failing to account for the exchange rate is like comparing apples to oranges. It risks misleading citizens into believing that life was economically easier under the APC, when in fact, real dollar-based costs tell a different story.
Beyond Rice: Fuel and Other Commodities
The same logic applies to other essential goods. Fuel, which is imported in dollars, is often cited as another area where costs have “spiraled out of control.” But here too, the reality is shaped by global markets. Oil prices fluctuated dramatically after 2020 due to the pandemic and the Russia-Ukraine war. Sierra Leone, as a small importer, has limited control over these shocks.
In 2018, fuel may have looked cheaper in Leone terms. But when converted into dollars and adjusted for global oil price movements, today’s prices are often competitive or even lower in relative terms. Once again, nominal comparisons mislead.
The Danger of Political Shortcuts
Why does this misinterpretation persist? Partly because it is politically convenient. It is easier for opposition parties to point at “skyrocketing” Leone prices than to explain exchange rate economics to the public. It is also easier for frustrated citizens to rely on what they see in their pockets and wallets than to process abstract figures about dollar parity.
But leadership requires honesty. If Sierra Leone is to move forward, citizens must be equipped with accurate information, not simplified talking points. Otherwise, public debate will continue to be hijacked by misleading comparisons that distract from the real structural issues: weak export performance, overreliance on imports, and insufficient foreign exchange reserves.
What Needs to Be Done
First, government officials must do a better job of explaining the context behind commodity pricing. Communication should not simply state the current cost of rice or fuel but explain why those costs look the way they do relative to the exchange rate and international markets.
Second, Sierra Leone must urgently diversify its economy to reduce dependency on dollar-priced imports. This means investing in agriculture to cut rice import bills and promoting industries that can generate foreign exchange earnings. A stronger export base would ease the pressure on the Leone and reduce the volatility that makes price debates so politically charged.
Finally, citizens themselves must develop a more sophisticated economic literacy. Civil society, the media, and academia all have roles to play in ensuring that national conversations about prices are grounded in fact, not perception.
Conclusion
The debate over commodity prices in Sierra Leone is often reduced to slogans: “things are worse now than under the APC.” But a sober economic analysis shows that when adjusted for exchange rates and international conditions, today’s prices are not necessarily higher—in fact, in many cases, they are cheaper in real dollar terms.
This does not mean all is well. The pain of currency depreciation is real, and the struggle of households to afford daily necessities cannot be dismissed. But if we are to craft solutions, we must start with an honest diagnosis of the problem. Nominal comparisons mislead; real comparisons enlighten.
The fact is clear: by dollar standards, commodities are not more expensive today than they were under the APC. Understanding that truth is the first step toward building a fairer, more informed economic debate in Sierra Leone.
Author’s Note: Foday M. Daboh is a Sierra Leonean public policy expert and graduate of the University of Pennsylvania. His research focuses on economic reforms, institutional development, and strategies for sustainable growth in West Africa.