Beiträge

By Shannon A. L. Scott
The Ministry of Finance, in collaboration with the Ministry of Planning and Economic Development, yesterday Thursday, 11th September 2025, officially commenced the preparation of the FY2026 National Budget at the Bintumani International Conference Centre, Aberdeen.

Delivering the keynote address, the Honourable Vice President, Dr. Mohamed Juldeh Jalloh, underscored the urgent need to leverage both traditional and innovative sources of domestic resource mobilisation to finance the Government’s Big Five Game Changers. He stressed that shifting global trends, such as declining development aid and rising debt burdens make it imperative for Sierra Leone to strengthen its own revenue base.

The Vice President highlighted that while Senegal achieved a tax-to-GDP ratio of 20.1% in 2023, Sierra Leone’s ratio remains below 10%, underscoring the need for ambitious reforms. He called for:
Full digitalisation of tax administration to enhance compliance and reduce leakages,
Expansion of the tax base with stronger enforcement against evasion, andStrategic investments in infrastructure and energy to support long-term revenue generation.
He further commended the Ministry of Finance for stabilising the exchange rate since 2023 and reaffirmed Government’s commitment to strengthening fiscal resilience through enhanced domestic revenue mobilisation.
Presenting the Government’s fiscal priorities for FY2026, the Minister of Finance, Mr. Sheku Ahmed Fantamandi Bangura, emphasised that the Medium-Term Expenditure Framework (2026–2028) will serve as the foundation of the budget. He outlined key commitments, including:
Creation of 5,000 jobs for young people,
Strengthening gender inclusion with a target of 50% female representation,
Investments in technology, infrastructure, and public administration,
Promotion of a cashless economy, financial deepening, and inclusion,
Expansion of energy production, road networks, and transport systems, and Tax policy reforms to modernise revenue collection, with completion mandated by mid-November 2025.
Mr. Bangura reported strong progress in stabilising the macroeconomic environment. Inflation, he noted, fell from 64.5% two years ago to 9.3% in April 2025, and further to 6.45% in July 2025, with monthly inflation now below 1%.

This stability, he explained, was supported by exchange rate reforms, increased food production under the Feed Salone programme, and prudent fiscal and monetary management. GDP growth stood at 4.4% in 2024, with a projected 4.5% in 2025, driven by agriculture, services, and industry.

On resource governance, the Finance Minister confirmed the introduction of new mining legislation granting Government a 10% free carried interest in all mining projects, and up to 30% equity shareholding in strategic operations. These measures, he said, will ensure greater national participation in resource management and secure sustainable revenue flows for the State.