Sierra Leone: 63 Years of Abject Failure and the Endless Cycle of Loans
A legacy of visionless leadership and perpetual dependency. Another loan. Another press release. Another moment for Sierra Leone’s so-called leaders to pat themselves on the back while the nation sinks deeper into poverty. The World Bank just approved an $80 million financing package for Sierra Leone — $60 million for budget support and $20 million to prepare for natural disasters. And we’re supposed to celebrate? —enough is enough.
By Reggie Cole — December 14, 2024
A legacy of visionless leadership and perpetual dependency
—enough is enough
By Reggie Cole | December 14, 2024Another loan. Another press release. Another moment for Sierra Leone’s so-called leaders to pat themselves on the back while the nation sinks deeper into poverty. The World Bank just approved an $80 million financing package for Sierra Leone — $60 million for budget support and $20 million to prepare for natural disasters. And we’re supposed to celebrate?
No, this is an indictment of 63 years of abject failure, incompetence, and corruption by both the APC and SLPP.
In a country with 44 minerals, 7 rivers, and arable land that could make us the breadbasket of West Africa, we are borrowing to pay wages.
This is the legacy of these two political parties — a legacy of visionless leadership and perpetual dependency.
Let’s not pretend that natural disasters or pandemics are the root cause of our economic misery. The real culprits are the policy missteps, corruption, and lack of innovation from those in power.
I started a business from my children’s bedroom with a £100,000 loan. Within 36 months, I paid back the lender £1 million, and that business grew to a valuation of £120 million. That’s called vision, hard work, and accountability. Meanwhile, Sierra Leone — a nation blessed with immense natural wealth — has leaders who can’t even keep the lights on without running to the World Bank or IMF, cap in hand.
What kind of foolishness is this?
How can a country with so many resources and potential be reduced to begging for $80 million to survive? This isn’t just incompetence; it’s a national disgrace. While our politicians hoard wealth in foreign mansions and send their children to elite schools overseas, the average Sierra Leonean endures misery, poor infrastructure, and a stagnant economy. The people are robbed blind, yet still wave flags for these failed parties.
APC and SLPP supporters, listen up
If you continue to endorse these thieves, you deserve every struggle you face. Your loyalty is being weaponized against you. Your future is being auctioned off to international lenders who care nothing for your well-being. This is what happens when visionless leaders are allowed to rule unchecked — they trade your prosperity for their personal comfort.
Sierra Leone’s potential is limitless, but until we reject this cycle of corruption, tribalism, and short-term thinking, we will remain beggars at the global table. The answer isn’t another loan or another IMF program. The answer is visionary leadership that can turn our resources into wealth, our potential into prosperity, and our struggles into success.
It’s time to say enough is enough. Sierra Leone doesn’t need another loan — it needs leaders with courage, integrity, and a plan for genuine growth. Until then, expect more loans, more poverty, and more disappointment.
#Lonta!
International Monetary Fund (IMF)
A delegation from the IMF led by First Deputy Managing Director, Dr. David Lipton, had meetings with the President of Sierra Leone Julius Maada Bio, where the IMF Chief confirmed the Fund is pleased in support of the country. The two met at State House, in the capital Freetown, on Tuesday 28th January 2020.
Bio’s Government Wins Back IMF Confidence
A delegation from the IMF led by First Deputy Managing Director, Dr. David Lipton, had meetings with the President of Sierra Leone Julius Maada Bio, where the IMF Chief confirmed the Fund is pleased in support of the country. The two met at State House, in the capital Freetown, on Tuesday 28th January 2020. The visit served as a renewed partnership with the IMF.
Addressing the Director and his delegation, President Bio said his government worked very hard to restore a strong relationship with the IMF. The government had worked extremely hard to fight corruption, which was one of the main obstacles to development.
President Julius Maada Bio, First Deputy Managing Director, Dr. David Lipton, and delegates
The main thrust of our economic management has been fiscal consolidation. Mobilize enough revenue and also manage our expenditure. President Bio noted that his government had chosen Human Capital Development, which included providing free quality education, health service, and agriculture, as the thrust of its development process.
In response, Dr. Lipton expressed appreciation to the government for the hospitality accorded him and his delegation, adding that they had a shared perspective with the government on the situation in the country. He said that his meetings with school pupils in the country showed their eagerness to learn, saying that that was an indication of Sierra Leone`s tremendous potentials. Dr. Lipton indicated, his delegation was in the country to help offer advice and guidance and to also help the government in its fiscal consolidation as part of their partnership with the government. Adding that they were impressed with the government`s focus on human capacity building.
Dr. David Lipton assumed the position of First Deputy Managing Director of the International Monetary Fund (IMF) on September 1st, 2011. On March 28th, 2016, Dr. Lipton was reappointed for a second five-year term, beginning September 1st, 2016. Before coming to the IMF, Dr. Lipton was a Special Assistant to President Clinton and served as Senior Director, International Economic Affairs at the National Economic Council and National Security Council at the White House.
The Minister of Finance, Mr. Jacob Jusu Saffa has regarded the recent visit by the First Deputy Managing Director of the International Monetary Fund (IMF), Dr. David Lipton as a manifestation that Sierra Leone is on track on its economic transformation trajectory. There are over 50 countries in Africa and to decide on which country to visit, always raises big debates in the IMF. So for a country to be selected, it could mean two things; one, you are doing very well, two, you are on track, and they want you to stay on track.
Highlighting the challenges they are facing as a government, he said, 30-35 percent of government revenues are used to settle government debt or arrears, noting that the depth of the problems they inherited is enormous.