By Sallieu S. Kanu
FREETOWN—Vice President Dr. Mohamed Juldeh Jalloh has officially launched Sierra Leone’s Country Economic Memorandum (CEM) and Country Climate and Development Report (CCDR), emphasizing their role in guiding policy and reform.
Speaking at the Radisson Blu Mammy Yoko Hotel on Monday, Dr. Jalloh described the reports as products of collaboration between the government, the World Bank, and development partners. He highlighted Sierra Leone’s resilience despite global disruptions, including the COVID-19 pandemic and the Russia-Ukraine crisis.
“These reports reflect not just our challenges, but also our determination to move forward,” he stated.
The CCDR warns that without urgent climate action, Sierra Leone’s GDP could decline by up to 10% by 2050. To mitigate this risk, Dr. Jalloh outlined three priorities: investing in green energy and sustainable cities, promoting climate-smart agriculture, and strengthening social protection systems.
Turning to the CEM, he urged bold reforms to stabilize the economy, develop human capital, and enhance private sector growth. He announced plans to present the reports to Cabinet and integrate their recommendations into national consultations.
“These are our reports,” he declared. “We will take them across the country, use them to shape action, and work with partners to reduce the barriers holding back development.”
The two reports aimed at addressing Sierra Leone’s pressing economic and climate challenges. The Sierra Leone Country Economic Memorandum (CEM) and the Country Climate and Development Report (CCDR) outline strategic pathways for sustainable growth and resilience in the face of mounting financial and environmental risks.
“These reports provide a comprehensive roadmap for tackling Sierra Leone’s economic and climate challenges,” said Abdu Muwonge, World Bank Country Manager for Sierra Leone. He emphasized the interconnected nature of economic vulnerabilities and climate threats, calling for ambitious reforms and urgent action to ensure inclusive growth and stability.
Economic Challenges and Roadmap for Growth
The CEM report highlights concerns over macroeconomic instability, weak institutions, and poor governance, which contribute to low GDP growth and persistent poverty despite the country’s rich natural resources. Key obstacles include:
• Fiscal deficits exceeding targets due to spending overruns
• High public debt limiting private investment
• A struggling private sector restricted to mining
• Limited access to credit, electricity, and land for domestic businesses
• Skills mismatch in the labor force
To address these economic challenges, the report proposes a growth strategy focused on mining, agriculture, agro-processing, and labor-intensive sectors, with recommendations including:
• Restoring macroeconomic stability through fiscal consolidation and improved debt management
• Reevaluating state-owned enterprises and investing in climate-resilient infrastructure
• Strengthening private sector access to credit and reducing foreign investment barriers
• Enhancing education quality to align with market demands
“The CEM is a crucial tool for understanding Sierra Leone’s economic challenges,” said Smriti Seth, World Bank Senior Economist and lead author of both reports. “The country has the potential for significant economic growth, and this roadmap lays the foundation for sustainable development and job creation.”
Climate Change Threats and Resilience Strategies
The CCDR report warns that Sierra Leone ranks among the 15 worst climate-affected economies, with projections indicating temperature increases and erratic rainfall patterns could cause GDP losses of up to 10% by 2050.
Key risks include:
• Declining labor and crop productivity due to extreme weather
• Increased flooding and infrastructure damage leading to higher maintenance costs
• Rising poverty and inequality, with an estimated 600,000 additional people pushed into poverty by 2050
To build climate resilience, the report outlines three strategic pathways:
• Expanding green energy and resilient urban development
• Promoting climate-smart agriculture through policy reforms and new technologies
• Strengthening social resilience via improved health infrastructure and social protections
The report underscores the urgent need for financial resources from domestic taxes, green private sector investments, and international aid to fund these critical climate actions.
“The CCDR complements the economic report by demonstrating how climate threats must be integrated into growth strategies,” said Sabrina Haque, World Bank Environmental Specialist and co-author of the CCDR. “Aligning policies with climate resilience is vital to safeguard Sierra Leone’s development goals and long-term prosperity.”
A Call for Action and Cooperation
The reports stress that Sierra Leone must act swiftly to stabilize its economy and build climate resilience, with coordinated policy efforts and strong international cooperation essential for success.
As the country prepares for its third mutual evaluation in 2027, sustained political will and close institutional coordination will be critical in implementing the recommended reforms and climate strategies.
With the release of these comprehensive analyses, the World Bank reaffirms its commitment to supporting Sierra Leone’s development, ensuring a more stable, sustainable, and climate-resilient future.