Economy-Sierra Leone

POSTED BY: PUBLISHER AND CHIEF EXECUTIVE OFFICER KABS KANU APRIL 13, 2016

FREETOWN, Sierra Leone — Sierra Leone's president is urging foreign investment in the West African country now that Ebola has declined.

President Ernest Bai Koroma said Thursday great efforts are needed to restart the economy — especially the agricultural sector, which suffered most during the world's deadliest Ebola outbreak that killed more than 11,300 people, mostly in West Africa.

Sierra Leone is projected to grow in 2016 by 4.3 percent Gross Domestic Product (GDP) from a contraction of 21 percent last year with the resumption of iron ore mining and the end of Ebola, according to the International Monetary Fund (IMF) in a statement released on March 29.
A team from the IMF visited Sierra Leone from March 15 -29 to conduct the fifth review under the Extended Credit Facility programme (ECF) and at the end of the visit issued the statement, disclosing that “Sierra Leone’s economy is recovering from the twin shocks of the Ebola virus epidemic and the halt in iron-ore mining. Economic momentum is building again, and GDP is expected to grow by 4.3 percent this year from a contraction of 21 percent in 2015,” the statement reads.
“Shandong Iron and Steel Group (SISG) have resumed iron ore production and have shipped over 10 shiploads since the start of operation in February. But the fall in commodity prices and drop in demand from China are major challenges to the economy.
Inflation was 8.5 percent in December 2015, “but a small up-tick is expected in 2016 due to the depreciation of the Leone.” The buying rate of the Dollar currently is Le 5,887.16 and selling rate is Le 6,006.09 according to the Bank of Sierra Leone weekly exchange rate. Exchange rate on the black market is Le 6,100 buying rate and Le 6,500 selling rate.