One of Sierra Leone senior citizens and opposition leader of the National Grand Coalition (NGC), Kandeh Kolleh Yumkella has reportedly said that there is a catastrophic depreciation of the Leone (the currency of Sierra Leone.
“The fact is we witness the catastrophic depreciation of the Leone due to the absence of any export activities in the country, high inflation, high taxation of the private sector, and more importantly, the absence or paucity of foreign investment due to the unstable and risky governance environment. It is not too late for the government to take a deep breath, recalibrate, and do a course correction,”
KKY explained that the managers of the economy have basically maintained all the structures left by the previous regime.
That he is yet to see radical shifts from business as usual-the wage bill has not reduced and that in some sectors there is over-hiring and huge expenditures in other areas, as the same parastatals and agencies exist.
“Furthermore, still over 80% of our revenues go towards wages and debt payment and this must change. This fiscal capture or overhang trumps all the efforts at enhanced revenue collection,” he maintained.
That the Minister of Finance performance and all those managing the economy should be measured against the economic variables of inflation, depreciation of the Leones and higher taxation.
This interview came at a time when the Minister of Finance JJ Saffa according to many people exhibited arrogance when he was asked about the present economic miasma in the country.