By Hassan I. Conteh

Creditors of banks could not withdraw plenty cash from their savings account a day before Sierra Leone’s elections on Saturday June 24.

It tells a situation on how Sierra Leone’s economy is badly creeping to nothingness.

Most Sierra Leoneans became worried over possible elections violence on voting day and on days of collating results.

And, since, series of violence, protests had happened just few days before the elections on June 24, creditors became absolutely worried of a similar chain of events to occur during and after the polls.

“I had to pull out just a minimum amount from the bank on Thursday,’’ complained a woman.

“I need to sell today to save some money; those who save in the banks were paid but not much as they requested,” says another woman, a biscuits seller at Sani Abacha Street in Freetown.

Thursday 22 June, on the eve of election, was a worrisome day as many people feared that protests or violence could happen.

This is because a number of protests had happened across the country on Wednesday 21, June.

“The police released tear gas canisters at APC [main opposition party] office,” said a man at Circular Road on June 21.

The shooting which happened at Brookfields was said to be directed at APC’s head office.

On that day most people fled for their lives due to the shootings. Onlookers nearby Brookfields told others that police fired bullets at civilian protesters at APC’s building.

Those protesters were supporters of the main opposition, APC. They were displaying placards written on them: “ECSL MUST GO; KONNEH 4 GO SAFUL,” referring to the electoral commissioner.  They wanted final data register and other concerns be met by Electoral Commission for Sierra Leone.

“What the government is doing is not right. There is too much of suffering and hardship; they don’t want people to talk about these things. We will continue to say out our anger against this government even if government continues to kill us,” says a newspaper vendor, a day to the polls.

Wednesday’s protests and police shootings in the capital Freetown created a panicky atmosphere everywhere.

Though a man or two reportedly died by a gun shot, a senior police officer denied allegations that police never shot a civilian protester on Wednesday.

But a social media photo of a gunned down man went viral accusing police officers to have done such act.

A man who relayed the panicky news to his neighbours at Circular Road also confirmed that he had heard a shot on that day.

He was himself in a panic mood as he rushed to enter into a room while explaining to a woman probably his wife.

Lots of people were standing in groups in most parts in the capital on that Wednesday.

Many of the traders were packing their goods while they sought to confirm news about the shootings.

Makeni city in the north of Sierra Leone was also panic-stricken as residents there reportedly went on the streets displaying placards of protests.

These fearsome events made most people to become shocked and worried.

In Freetown, some men and women coming from the direction where the shootings had happened walked in a rush and explained what they had seen or heard.

“I heard the shot but I couldn’t confirm whether it was a teargas or gun shot,” said a main who wore a rain coat.

Sierra Leoneans, everywhere, appeared to be very worried on the eve of the general elections.

The panic is mostly created from social media as rumour-mongers spread news of sit-down strikes.

Opposition calls for sit-down strikes on Monday 12 and Tuesday 13 June caused huge loss to many people.

People could not come on the streets to do their business. The incumbent President Julius Maada Bio told Sierra Leoneans to go about their normal business after June 12 and 13 protests. But the shooting by government security officers never stopped the following days.

While banks closed, shops and public offices locked up, business activity couldn’t go on as well.

On the shootings on Wednesday, some Indian business men stood outside their less-busy shop talking along Sani Abacha street, the most populous business centre in the capital.

These strange events combined together had resulted to an already collapsed economy which is struggling to pick up.

Sierra Leone’s economy is not doing fine as the US currency is devaluing the Leone.

The economy had badly failed due to coronavirus, Russia-Ukraine crisis, according to government claims.

But international media reports and the country’s audit agency, through their previous reports, have said most government’s agencies are corrupt.

The eve of the elections in Sierra Leone may have seen a rapid decline on the economy in spite of government latest moves to stabilize the crisis.

The Leone has been free-floating behind the US dollars. By end of May and early week of June, $100 stood at Le 2,300.

While inflation in Sierra Leone, as of April 2023, was 43.05 percent, according to Trading Economics.

The Leone was previously exchanged Le 2,000 around this period.

The continuous fluctuation of the dollar has caused prices on basic foodstuffs, goods, services and materials to shoot up dramatically than in the previous years between 2017 and 2018.

For instance, a three-tin of Sepia sardine at Abacha Street was costing Le 10. But now each tin of Sepia sardine costs Le 20.

“Now we buy a bag of rice 700,000 ( $38); everything is expensive these days,’’ says Kadia Kanu, a cookery seller at Portee, east of Freetown.

The likes of Kadia find it difficult to feed their children since they earn little from sales.

Between Friday 15 and Tuesday 19 June, the dollar went down from Le 2,300 to Le 1,400.

But that just lasted about two days and it went up again. It is now bought Le 2,000 as of Friday 23 just a day to the polls.

The climbing down of the dollar last week was due to Sierra Leone’s government attempt to ‘auction’ out about $20,000 in the market around Monday June 18, according to dollar marketers.

But a sharp increase on the exchange rate has occurred due to hoarding on the money.

“We understand business people had bought the few dollar notes on auction,” says a dollar dealer at PZ, Freetown’s central business area.

“There is scarcity of the dollar now as I speak to you,” he said.

And it is expected that the return of international elections observers to overseas may give rise to the dollar too.

Many believe the observers may have partially stabilized the dollar within their shortest stay in Sierra Leone because they would have to use dollars to exchange it into Leones.

But in the coming weeks, the short in supply of the US tender will send deep worries to investors and local business people and poor petty traders.

Just few days before the elections in Sierra Leone, 100 dollar stood at Le 2,200.

Dollar dealers are predicting $ 100 to hit Le 3,000 anytime soon.

That is if government fails to control the foreign currency from rising.

A dealer held the view that the dollar could only be stable or goes down if a new government takes over.

“If Samura wins it is sure to fall down, but if Bio continues it will continue to rise,” he said.

Samura Kamara is the opposition, APC’s aspirant and stiff challenger of the incumbent president Julius Maada Bio of the SLPP.

He has faced several attacks as recent as an ‘assassination attempt,’ Sunday 25, a day after the polls, according to information by APC party.

Samura was announced loser of the elections on Tuesday 27 June, amidst an uproar of distrust by international and national elections observers on the announced presidential results by the country’s electoral commission.

Bio was declared President by chief electoral commissioner, Mohamed Konneh. Mr Bio is expected to run his second five year term in office.

SLPP’s administration of President Bio had, in their previous five years reign, tried many attempts to stabilize the Leone and the economy but with little success.

The central bank had printed new bank notes and had fought to keep dollar dealers off the market.

But all moves by the government backfires as the domestic tender ruptures in value.

During election campaigns, there were hopes among people that Sierra Leone’s economy would bounce back from the mud if Samura became the next president.

But there was little trust on Mr. Bio to do either of the two,  keeping the dollar down from constantly rising and putting prices down on foodstuffs and goods.