By Musa Paul Feika
Opposition Member of Parliament representing Tonkolili District has lambasted the administration of President Julius Maada Bio of responsible for the astronomical 54% rise in inflation and the attendant 22% rise in the prices of commodities in the country as a result of inappropriate fiscal and economic policies.
Hon. Aaron Koroma alluded to the fact that even though an austerity was declared by the previous administration under former President Ernest Bai Koroma, but in comparison, the situation and the state of the country’s economy then was far better than what exists today.
“The economy then was far better as the ordinary Sierra Leonean was able to meet their basic needs and they were living a better life when compared to how they are living and the conditions of their lives today. It is abysmal to say the least,” the Honourable lamented.
Comparing the price of a cup of rice in 2018 to present, he pointed out that during the previous administration, inflation was around 15.3% but that under the current government it has galloped to 54% with a no end in sight for an amelioration of the situation.
“It is this that has given rise to the unprecedented high cost of living on the people; and it is this high cost of living that is causing too much disgruntlement and disenchantment among the people; a situation that is also causing too much tension in the society,” the Tonkolili Member of Parliament stated.
The Opposition MP continued to compare the current and previous exchange rate between the United States Dollar and the Leone, pointing out that when his party the All Peoples Congress (APC) was in power, the exchange rate of a Hundred United States Dollar (USD100) was around NLe 750 to but that now, it is cascading between NLe 2, 500 and NLe 2, 500. He said the down spiral trend of the value of the Leone against major currencies is having grave socioeconomic consequences on the country. The irony here is, while they were using baseless economic postulations to spread negative campaign propaganda against us when they were in opposition because our Government declared an austerity as a way of prudently managing waste in Government and within the Government’s machinery, the economy remained on track and even though the austerity was being reinforced, life was better and the economy was doing extremely well,” Hon. Aaron Sesay noted, also pointing out that the 2023 budget saw a drastic reduction in the country’s Gross Domestic Products reduced to 12.1% and that progressively, it has been plummeting to now 9.8% as projected by the 2025 budget according to the Ministry of Finance.
The Opposition MP therefore heaped praise on the Minister of Finance for being honest to the people of Sierra Leone by admitting the a number of challenges and shortcomings in the fiscal and economic management of the country’s economy.
“I also want to commend him for the proposal to restore the social van for the poor electricity tariff that has been advocated for, for many times,” Hon. Aaron stated.
Hon. Aaron Koroma said many countries south of the Sahara have re-engineered their economies to suit reflect present-day realities while adopting fiscal and monetary policies that have cushioned the extremes of the global economic consequences in order to be able to absorb the needs and wants of their peoples.
According to the Tonkolili Honourable, rather than adopting policies that can cushion the impact of the global economic trends on the people, Sierra Leoneans are forced to bear the consequences through rising inflation and price hikes. “The suffering of the people remains same, while the prices goods and services keep skyrocketing,” Hon. Koroma maintained.
He further expatiated that during the COVID-19 pandemic, Sierra Leoneans did not feel the pinch of its effect on the economy because then, the country’s reserve was very strong and potent, and from which Government had a fall back option to resource the economy.
Critiquing the minimum wage, Hon. Aaron Koroma noted that the current minimum wage cannot stand the test of times because it cannot buy a bag of rice and therefore suggested to the House for the amendment of the 2014 Minimum Wage Act to salvage the suffering masses.
Hon. Aaron Aruna Koroma made these assertions when he was contributing to the debate on the 2025 Budget in the Well of Parliament last Wednesday, 27th November, 2024.