Sierra Leone Economic Update
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Washington, DC: World Bank
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Sierra Leone’s economic growth in
2023 surprised on the upside, reaching 5.7 percent, but the
economy is projected to slow in 2024. While repeated
spending overruns have cast doubt on fiscal sustainability,
the energy sector poses a significant fiscal risk. There is
an urgent need to improve Electricity Distribution and
Supply Authority (EDSA) operational and commercial
performance and transition away from expensive liquid
fuel-based power generation to reduce the negative fiscal
impact. The reserves position has deteriorated despite
improvements in the current account. The financial sector in
Sierra Leone appears stable but is characterized by a
significant sovereign-bank nexus. Growth in Sierra Leone is
projected to average 4.7 percent in the medium term,
supported by mining, agriculture and a recovery in services.
Inflation is expected to ease but remain in double digits as
global prices moderate and the Leone shows relative
strength. Based on the discussion with various stakeholders
and the current sector crisis, an Action Plan 2030 is
proposed with an aim to make the sector financially sustainable.
Palabras clave
INFORMATION AND COMMUNICATIONS TECHNOLOGIES, POWER AND ELECTRICITY SECTOR, ICT AND ENERGY, AFFORDABLE AND CLEAN ENERGY, SDG 7