Most African Governments have relied on the ratings by key International Financial Institutions and Economic ‘Think Tanks’ as concrete parameters to show that they are doing well in terms of Fiscal Discipline, local revenue mobilization and delivery of basic social services to their people who voted them into office.
The Human Capital Development Index, The Doing Business Report, The millennium Challenge Corporation ratings, the Global Peace Index are many among various international reports that are used by African Government as parameters of their governance performance.
Former President Ernest Bai Koroma had refused to heed to last minute attempts by the IMF to remove subsidies on Rice and Fuel which are political hot commodities in the country ahead of transition elections.
The EU and the World Bank also later followed withdrawing their funding to the Koroma Government stating flimsy and self-seeking excuses that are not in the interest of the Sierra Leonean voters.
The Koroma Government was never full of regrets for having refused the seeking conditions of the IMF against those of his people.
In his handing over notes to President Bio in May, 2018 Koroma has stated that he had to refuse the IMF conditions around the withdrawal of subsidies on rice, fuel and many other areas because he was concern over the abject poverty that was affecting his people.
The APC leader had noted that he had preferred to fall out with a number of these IFC’s in the interest of his people. He noted that he was convinced that subsidizing in most of these areas would alleviate the poverty levels his people were facing.
Koroma in his handing over to the incoming notes was clear that his Government was subsidizing almost in all sectors form Education to transportation, rice ,fuel and other essential commodities.
He had entreated President Bio to either maintain such subsidies or do otherwise.
Fast-forward in 2018 the Bio Government was using the fall-out between the IMF and the Koroma government as a trump card. He had bashed at the subside concept of Koroma as unsustainable and burden to the government.
His regime had worked behind scenes to restore the IMF Extended Credit Facility Program by renegotiating a fresh deal with the IMF that immediately saw the removal of subsidies on fuel, robust revenue generation processes by the NRA and the introduction of the Treasury Single Agency which was then piloted by the previous regime.
President Bio also to further please the IMF had announced the suspension of a number of duty waivers except those guaranteed under the Vienna Convention and its relevant protocols.
The IMF came back to the country so also was the World Bank and the EU. They expressed their deep satisfaction at the level of financial reforms and fiscal discipline. They had emphasized for a more stiff tax regime policy.
Sierra Leone under the Bio regime was able to excel both in 2018 and 2018 in the MCC Scorecard doing very well in the control of Corruption but failing in Fiscal Discipline, Political rights issues, etc in direct contrast to what the IMF and others were claiming.
The Government in the last two years have woefully failed the Doing Business Report, the Global Peace Index, the Human Capital Development Index Report Statistics Sierra Leone Consumer Price Index all proving the IMF and other Britton Wood organisations wrong.
Despite all of this President Bio government still want us to believe that hence the EU, WORLD BANK AND THE IMF are supportive of what they are doing they are home and dry.
It is a fact that the developed countries in the East and South of Africa such as Kenya, Rwadan, Uganda and others are averse to working with the IMF largely because their selfish policies have not benefitted the people of those regions.
The New Direction has kept on hoping for change under the IMF but nothing much positive has happened with the Sierra Leonean except to keep on paying huge taxes for their businesses thereby having the heaviest brunt on the ordinary man.
The issue of fuel has remained a very thorn one as Oil marketers are today very much challenged to bring the products to the country. The removal of subside on University despite the promise for the introduction of student loan scheme has made University Education very expensive and the list goes on and on.
The President who was hoodwinked by the IMF in believing the removal of these subsidies and the introduction of stiff tax policy measures was going to make his people better.
The Government in their 2020 budget had to back pedal to reduce Corporate and other related taxes in the Aviation industry to cushion the stiff tax regime created in 2018.
The IMF has continued to pressure the NR to meet unrealistic tax targets to the point that the NRA had to re-introduce the Customs and Excise tax of 1982.
The APC of Ernest Bai Koroma was hounded out of power largely because the regime was almost turning to the Chinese and the Middle East for a lot of their developments programs and aids.
He literally refused the World over a New Mammah Project as the Chinese Exim was ready to splash out over USD 400 million to change the country capital with a second airport and a city.
Almost two years down the line it is now crystal clear that the Bio Government would continue to struggle in getting our economy on track if only they continue to rely on the Britton Wood organisations and International ratings as parameters for their government performance.
The policies of these international organisations are selfish and would not take a country anywhere. The high level of disagreement between one and another explains it all.
President Bio has fell for the politics of the Britton Wood Organisations and this would in no way redeem Sierra Leoneans from the economic quagmire we are finding ourselves.
It is time we look for concrete African grown solutions to our economic and political issues.