BY SHIFU FADDA
“We to reduce prices, we have to reduce the dollar, we have the cared agenda to go about it. I must admit there must have been mistakes in those situations but this will be a thing of the past and we can stabilize this place in the next three months, as quickly as possible after the elections that will bring all those variables down. But in a more structured and maintained manner, until you reduce food production you cannot it is not easy o increase the balance of trade,” says the Chief Minister, Jacob Jusu Saffa on the radio. He boasted that they have the governance structure and technology capital and infrastructure to produce the necessary that will develop the human capital. S[peaking on the big five manifesto agenda, he said they have big enablers, which are the public service and the infrastructure. “When once you get these ones you will produce food, develop the human capital and produce the jobs and definitely you will have the bread and butter.
It could be recalled during the 2017 elections campaign, Saffa was on record assuring Sierra Leoneans that his government will address bread-and-butter issues in six months when voted in. After five years in office, it os evidently clear that his government has failed to put in place sound economic development policies that will address the promised bread and butter. Citizens are now left wallowing in the wilderness with prices of basic commodities skyrocketing on a daily basis.
You promised to fix the economy in 6 months in 2018
That economy has gone out of hand with the masses almost starving within 5 years.
The citizens will not fall for this scam a second time, God forbid.
“Are you not even ashamed of yourself to face the electorate with the same hopeless and disgusting FAKE campaign promises a second with impunity?” an aggrieved citizen stated. FE Howard Jr. stated on his Facebook page that “Mr fake Bread and Butter is now promising that the failed SLPP will fix the economy after elections. They are fake promises. SLPP has failed hopelessly and must be voted out. It’s been a 200 percent loss in value of the Leone, under Bio’s SLPP- from 8 thousand Leones for 1 US dollar to now 25 thousand Leones for 1 US. Unemployment is up from 70 percent to now over 80 percent. Police brutality at an all-time high. College fees have more than tripled. The price of a bag of rice stood at 750 thousand Leones as opposed to 240 thousand Leones when Bio took office.”
The country records an inflation rate of 27.2% in 2022. the said figure almost doubled as of April 2023 with an Inflation Rate at 43.05 percent, Food Inflation at 52.33 percent Consumer Price Index (CPI) Transportation at 141.96 points CPI Housing Utilities at 138.11 points, Consumer Price Index Cpi at 160.00 points, Credit Rating at 15.00, Population at 8.42 Million, etc. The above figures show that JJ Saffa’s government led by President Bio has not done much to address the promised bread-and-butter issues. His recent public outburst on the radio, promising to fix the economy in the next three months after elections is something Sierra Leoneans have frowned at and describing it as another deceitful move to canvas vote for re-election. Saffa, who served as Finance Minister before he was elevated to his current Chief Minister position, is alleged to be another Textbook Economist just like the (AWOL) former Bank Governor, whose economic policies are nothing good to write home about. The former Bank Governor’s re-denomination currency policy has contributed to heaping more economic burden on the suffering people.
An Economist, Prince Jacob Macauley, prior to the introduction of the redenomination of the Leone, had warned the Bank Governor and the government that such a policy will be counter-productive, adding that the “new currency is dead on arrival”, mainly because the conditions for a redenomination are not available. The World Bank’s Economic Overview on Sierra Leone stated that “Despite a decrease in global food and fuel prices, inflation worsened due to the depreciation of the Leone (60% during 2022) and loose fiscal policies. Over the year, the Bank of Sierra Leone tightened its monetary policy stance. However, monetary policy effectiveness was limited by underdeveloped financial markets and fiscal dominance, and further complicated by the redenomination of the Leone. Fiscal weaknesses and risks to debt sustainability have intensified. External accounts also deteriorated, and reserves fell to around 3 months of imports by end-2022 (from close to 4 months in Q3), reflecting Central Bank interventions in the Forex market.”