Praises keep pouring in for President Julius Maada Bio and Bank Governor, Dr. Ibrahim Stevens over the handling of the country’s economy, for which the Bank Governor has been praised for supporting his boss accomplish a significant campaign promise of taking inflation down to a single digit.
Sierra Leone’s annual inflation rate dropped to 9.38 per cent in April 2025, marking the first time in nearly four years that it has fallen to single digits. This decrease follows a 1.33 percentage point drop from 10.71 per cent in March 2025, indicating a significant improvement in the country’s economic stability.
The drop in inflationary pressure on the economy has seen hopeful improvement or gains by the Leone against the US Dollar, which rate on June 10, 2024 was NLe 22,586.4 for a USD100 but is officially at NLe 21,910.1 as at June 7, 2025. The black market rate for the USD100 is however uniform at all points of exchange, NLe 23,700.
In August 2024, speaking at the Bank of Sierra Leone’s 60th Anniversary, President Bio acknowledged this significant achievement when he said: “Distinguished ladies and gentlemen, today, I am pleased to announce to you all that inflation is rapidly decreasing, and the exchange rate has remained stable. In fact, inflation has been on a steady decline since its peak in October last year, from 54.59 per cent to 40.69 per cent in March 2024, 35.84 per cent in May 2024, and 31.93 per cent in June 2024, instilling a sense of optimism and hope for the future among our citizens and stakeholders.”
Meanwhile, the annual inflation rate decreased to 9.38 per cent in April 2025, a notable achievement for Sierra Leone. This is the first time in nearly four years, since May 2021, that inflation has fallen below 10 per cent, marking a positive trend in the economy.
While the annual rate declined, monthly consumer price inflation increased to 0.83 per cent in April 2025, up from 0.24 per cent in March, reflecting some modest price rises in certain sectors. Key drivers of the downward trend include price declines in furnishings, household equipment, and routine maintenance, as well as a reduction in restaurant and hotel sector inflation.
To his credit, Dr. Ibrahim Stevens implemented a multifaceted strategy at the Bank of Sierra Leone (BSL) to achieve a single-digit inflation rate. This included tighter monetary policy, reforms in the foreign exchange market, enhanced communication, and coordination with fiscal policy.
According to his supporters, had president Bio known the kind of steady progress the able Bank Governor was going to deliver for his campaign promise he would have had Stevens head the bank from 2018.
“Dr. Stevens has proven to be president Bio’s best performing appointee. Not only has he helped the president achieve single digit inflation, he has also set the economy on an even keel for us to reap maximum benefit at the end of the day. Instead of going about his own agenda, Governor Stevens has proven that he is dedicated to working in the interest of the president and the society. Since 2018 what we have seen and heard coming out of government with regards people the president hired or appointed to get his work or promises to the people met is that they have been solely dedicated to their own personal enrichment. However, Dr. Stevens has proven to be the exception. He has been at the bank for years so he knows how to get things done,” stated a source working at the Central Bank.
Clarifying the significance of a single digit inflation, the Bank of Sierra Leone’s Chief Economist said that having single-digit inflation means the annual increase in prices is a number between 1 and 9 per cent, not 10 per cent or higher. This is generally considered a relatively stable and healthy rate of inflation, as it is low enough to not significantly erode purchasing power and can even contribute to a growing economy.
“Single-digit inflation refers to an annual price increase of 1 per cent to 9 per cent, as opposed to double-digit inflation (10 per cent or more) or triple-digit inflation (over 100 per cent). It indicates a relatively stable economic environment where prices are increasing at a manageable rate. Some economists believe a small amount of inflation (within the single digits) can be a sign of a healthy, growing economy, as it encourages investment and spending. It means the value of money is decreasing at a relatively slow pace, making it easier for people to afford goods and services. On the other hand, double-digit or triple-digit inflation can lead to hyperinflation, where prices rise rapidly and the value of money plummets, making it difficult to maintain purchasing power. This was what the economy was experiencing between 2021 and 2023 when there was talk of lack of peace due to the sharp rises in the prices of goods and services that led to so many street protests that ended quite badly for the protesting civilians,” the Bank of Sierra Leone source clarified for the public.
Now that the Bank Governor has accomplished this great feat in the management of inflationary pressure on our economy not limited to the exchange rate with the US dollar and other international currencies, Dr. Stevens work has been cut out for him as he now has the arduous task of maintaining this drop to even go way below 9 per cent.
“The people should not get too overexcited. While this is great news for our economy and purchasing power, despite the recent decline, some sectors experienced upward price pressures, and the long-term inflation rate is projected to remain around 15 per cent in 2026. So we still have a lot of work to do but Dr. Stevens has done excellent work, and we are sure that the president is quite pleased,” the BSL Economist concluded.