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Ministry of Finance Engages Sierra Leone Private And Banking Sector on FY2024 Proposals


Sierra Leone’s Ministry of Finance has engaged the banking sector and other key private sector players in the 2024 finance bill formulation.

The Ministry commenced consultations with these sector players in developing tax policies to form part of the 2024 Finance Bill to be tabled by the Minister of Finance later this year for proper justification and approval.

These consultations according to them are part of the Ministry’s approach to formulating revenue and tax policies with public institutions and the private sector to get their input and seek cooperation when these policies eventually come into effect.



They maintained that the engagements would continue with Importers, exporters, Local Manufacturers, Telecoms, and private sector players.



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Ministry of Finance Conducts National Policy Hearings For All MDAs Ahead of 2024 Budget


Sierra Leone’s Ministry of Finance has announced that its National Policy hearings for all Ministries, Departments, and Agencies (MDAs) will take place on Friday, 6th October 2023.

The event will be held at the New Brookfields Hotel, Freetown, starting at 8:30 a.m. according to a recent press release made available to Sierraloaded.

As part of the FY2024 Budget preparation process, the Ministry describes the Policy Hearing as a key starting point. “The Policy Hearing initiates the budget preparation process, enabling Ministries, Departments, Agencies (MDAs), and Local Councils to discuss and reassess sectoral policies, all of which are outlined in the Medium-Term National Development Plan,” the statement reads.



The release further specifies attendees for the policy discussions, emphasizing the focus on bilateral budget deliberations to establish guiding policies for revenue creation. The Ministry stipulates, “Attendance is limited to Ministers, Deputy Ministers, Professional Heads, and Vote Controllers. These Bilateral Budget Discussions aim to reach a consensus on policies that will steer revenue generation and resource distribution among the various MDAs.”



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Ministry of Finance Partners With IMF to Assist SMEs


The Government of Sierra Leone through the Ministry of Finance has partnered with the International Monetary Fund (IMF) to assist Small and Medium-sized Enterprises (SMEs).

“We have partnered with the Sierra Leone Development Agency and IMF to support SMEs with financial assistance,” the Finance Ministry said.

They added that the support is to help SMEs overcome the economic crisis.



Sierra Leone’s economy has nosedived since 2022 with the country’s currency performing poorly against other foreign currencies.

In fact, The Johns Hopkins’ Hancke Currency Watchlist placed the Leone among the top 5 poorly performed currencies in the world.

The Julius Maada Bio Administration warned that the country’s economic is being affected by several global factors including the protracted effect of the war in Ukraine.

Currently, locals in the West African nation have witnessed a monumental increase in the cost of onions due to global market shortage.

But the Government is saying that this recent partnership is aimed at targeting national growth and encouraging of local investment and entrepreneurship.





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