Africa 24 news
The city’s business activities have slowed down in recent times due to low sales in major open markets.
This is partly caused by less money circulation in the country following the local currency redenomination.
There have been repeated “side-talks by petty traders” and business men and women about the appalling situation.
Freetown is more seriously hit as traders who own some sizeable wares go a day home without having enough sales.
A woman whose name is unknown grumbled about the low sales they are receiving these days as compared six years ago.
Six years ago, she said, sales are pretty encouraging during Esther celebrations and even now during Ramadan (Muslims’ fasting period), especially for this year when Ramadan and Esther are observed together.
But now a stark opposite exists, she said.
“I pull out my business today, I don’t get sales all day. It is a bit challenging for me. My friends are also complaining the same that they don’t get customers around,” she said.
The situation, if not addressed by state authorities ( trade industry), by keeping the inflation low and by pumping more money in the market, will lead to a severe crisis in market sales.
And if sales on major market suppliers of goods in Freetown to markets in the provinces get slow and slow and with goods on the city’s markets become scarce, many households will suffer the pinch of the bad economy.
The bad economy had already shown few years back as the central bank announced a policy to redenominate the legal tender by printing new currencies.
In 2022, when the first supply of the printed notes was made, financial analysts were criticizing the bank governor, Professor Kaifala Kallon, of treading the wrong path at the time.
Just a year ago, the effects are showing now on the country’s economy with small and medium-sized enterprises (SMEs) crumbling up rapidly due to low exports rate, dollar rise, inflation on goods and commodities, and a dramatic short in the new local currency supply which has failed to keep the micro economy afloat.