His Excellency President Dr. Julius Maada Bio has responded to questions asked by some sector of the media on his latest overseas travels, stating: “My overseas travels are not undertaken for leisure but are crucial in securing the necessary investments and partnerships essential for our national development. These efforts are already producing substantial results”.
As Sierra Leone commemorated its 63rd Independence Anniversary, President Bio acknowledged that the people are confronted with significant economic challenges, including high food prices, elevated fuel costs and persistent energy shortages that impact daily lives of every Sierra Leonean.
He assured that in the face of the economic challenges, he government is taking decisive actions across key sectors, adding that there actions are aimed at boosting our nation’s growth and prosperity.
President Bio said: “Our unwavering focus remains on our sworn duty to Sierra Leoneans and our collective determination to overcome challenges as they arise. Together, we can and will build a stronger and more prosperous Sierra Leone. To tackle the high cost of living, we have recalibrated our fiscal and monetary policies to stabilise the exchange rate and reduce inflationary pressures. From a peak of 55% in October 2023, inflation has declined to 42% as of February 2024.
“We anticipate that this downward trend will continue, enhancing the purchasing power of our people and effectively lowering the overall cost of living. In our determination to resolve the ongoing energy crisis affecting every aspect of our lives, from our homes to our businesses, we are proactively engaging with partners and stakeholders, including the private sector, to ensure the provision of stable and reliable electricity to sustain our nation’s growth.
“Our Government has also invested significantly in energy subsidies since 2018 to help reduce the energy costs to citizens. As part of our commitment to an energy-secure future, we are advancing our Energy Mix Strategy, aiming for 75% of our energy portfolio to be derived from renewable sources. This move supports our vision for economic stability and underscores our dedication to environmental stewardship.
“Our flagship FEED SALONE Programme is decisively underway with the twin objectives of achieving food self- sufficiency and sustainable economic growth. This Programme is designed to close the gap between the production of our major staple foods and local demand, increase export earnings, create employment, and establish a resilient food system.
“In the short to medium term, we are channeling substantial investments into agriculture to help reduce the prices of basic food items, especially rice. For the 2024 Fiscal Year, we have increased the National Agricultural budget allocation from 2% to 7%, dedicating NLe836 million to various agricultural projects, particularly rice production.
“As part of our radical inclusion strategy for this planting season, we are introducing new financial instruments, including the first-ever Crop Insurance and Credit Facilities worth approximately NLe658 million (US$28 million), specifically targeting women and youth. This comprehensive approach will mitigate price volatility, strengthen food sovereignty, boost resistance against external shocks, and significantly contribute to food security and hunger reduction in our nation.
“To scale up this FEED SALONE initiative, we are relying on the private sector, alongside international partners and NGOs, to play a crucial role. The donor-funded agriculture projects worth NLe3.2 billion (US$136 million) targeted for 2024 will enhance local production of crops like rice, onions, cassava, cocoa, and cashews and develop vital agricultural infrastructure, such as feeder roads to improve market linkages.
“On the serious issue of drugs and substance abuse, we have intensified our efforts in combating the Kush epidemic and other lethal synthetic drug abuse by declaring a National Emergency and establishing the National Task Force on Drugs and Substance Abuse. We are mobilising all necessary resources to address this crisis. This battle requires the cooperation of every community, traditional leader, family, patriot, and especially our young Sierra Leoneans”.
