In an interview on Thursday 18th July, 2024, on Radio Democracy 98.1FM’s popular program ‘Good Morning Salone’ the Minister of Finance Sheku Fanta Madi Bangura was interviewed gave updates of the approved budget for 2024 which aims at restoring micro stability, micro economic stability as well as address the issues of the vulnerable and poor people in the country.

Mr. Bangura informed the general public that COVID-19, Ukraine- Russia war disrupted food supply chains of essential commodities which hiked the prices of essential goods in the world and in Sierra Leone. He added that, the focus of the 2024 budget is to address both the price level and the economy level to generally stabilize the economy and address the issues of the people.

He also noted that, the Ministry of Finance through the National Revenue Authority applied tax policy measures to collect revenue but that it’s been done in areas where there are loop holes in the tax system and also to protect poor people.

He said, parliament gave the ministry powers in certain areas of the tax system which is Cooperation Tax System and that the competition is very low in Sierra Leone and “we have 25% of it that’s competitive in the Sub-Region,” he said adding that they will allow companies to carry losses but that the accountants of these companies are smart to continuously report losses and that’s why the government introduced the ‘Minimum Alternate Tax’ which ensures that even if companies record losses, the company will pay 2% instead of 3%.

He also explained that the Goods and Services Tax (GST) which affects all consumers ranging from goods and telecom is 15% for Sierra Leone and 17,18 % and 2o% in other countries in the sub-region. He noted that the threshold is set as low as one hundred thousand Leones which is for big players who can earn up to five hundred thousand minimum. He emphasized that, there are goods which are exempted from GST which people eat such as milk, sugar etc. He also highlighted that, government has introduced a Technology System which is Track and Trace System for alcohol, cigarettes, beer etc. that are processed in-country and imported in order to ensure they inform the National Revenue Authority on the tax due government.

He also registered commitment to the Feed Salone Program initiative for which the ministry allocated about 7% of the national budget and 5% tax restored on rice importation which is to improve and encourage local farmers to also fund the Feed Salone Program.

Minister Bangura also mentioned that, inflation as of September/October 2023 was 54% but has dropped by 18% which represent 36% which implies that the economy is on good footing.

He explained that the projected amount for the wage bill is about 6.5 billion and that 3.07 billion has been spent on paying salaries to workers, gratuity and NASSIT contributions in which all salaries of workers were paid on time without constraints.

He ended by assuring the people of Sierra Leone that, the economy will continue to improve for the better.