By Fatima Kpaka
Freetown, August 7, 2026: President Julius Maada Bio has assured Sierra Leoneans that the nation’s economy is stabilising despite global shocks from conflicts in Ukraine and the Middle East. Delivering his address at the State Opening of Parliament, the President highlighted growth, fiscal discipline, and stronger partnerships with international lenders.
He reported that real GDP grew by 4.6 percent in 2024 and 4.8 percent in 2025, while inflation fell to its lowest in nearly two decades before rising again in 2026 due to global oil prices. “Our responsibility is both to cushion our people from immediate shocks and build an economy that is less vulnerable to them,” Bio said.
The President noted that the trade deficit narrowed from USD 1.6 billion in 2024 to USD 1.07 billion in 2025, while domestic revenue rose to NLe 18 billion. Public debt also declined slightly to 49.3 percent of GDP.
Sierra Leone’s programme under the IMF Extended Credit Facility remains on track, with disbursements of over USD 111 million in 2025–2026. Additionally, USD 211 million was approved under the Resilience and Sustainability Facility to strengthen climate resilience.
Bio emphasised that economic progress must translate into real benefits for citizens: “Figures alone do not put food on the table. Recovery becomes real only when families can better afford food, transport and electricity; when businesses grow and create jobs; and when public services improve.”