The redenomination of the local currency by the Bank Governor Prof. Kelfala Muana Kallon has exposed the weak fiscal policies of the New Direction administration in alleviating the suffering masses from poverty.

President Dr. Julius Maada Bio in his inaugural speech at the Siaka Stevens stadium told Sierra Leoneans that “he has declared a war on poverty, corruption and lawlessness”. He made this statement with the full optimism that the economic and fiscal policies of his government will serve as auxiliaries, but little did he know that he will be defeated in the fight by putting square pegs in round holes to loot the economy.

However, these bad economic policies have impaired the healthful status of the country’s economy with sky high inflation and soaring prices of imported goods as well as locally produced ones.

The redenomination of the Leones has led to weak exchange rate with bloated foreign exchange rate and the less flow of the new currency.

The redenomination of the local currency has increased the burden of suffering with more economic hardship on the livelihood of vulnerable homes with extremely difficult means of survival for the low income earners while inflation reaches its peak.

According to some Economists the current inflation has its inception from the redenomination of the local currency in July last year because Sierra Leone is an import base country with nothing to export which could have brought in more foreign currencies and drastically reduced the exchange rate.

The current economic trend has made living very unbearable for the ordinary Sierra Leoneans who eke out for their survival on an everyday basis while huge amount of the redenominated Leones chasing less Dollars in the exchange rate market thereby leading the masses to excruciating hardship with less value for money.

Despite the redenomination of the local currency, the country’s currency is still not valued at the International market because,  the country with all its valuable minerals is not exporting any raw materials or goods that will increase the significance of the local currency in the International market.

The Bank Governor during the launch of the new Leones said that the redenomination will increase the value of the Leones compared with the US Dollar but as it is now,  the current exchange rate for $1OO (One hundred Dollar) is almost equivalent to NLe2,000 (Two million old Leones).

The Economic policy of Prof.Muana Kallon has been questioned on many occasions as to why his economic theories are unachievable despite his many strides in ensuring that the country’s dire economy revamped.

Prof. Kallon during the introduction of the new Leones promised that within six months the old Leones will no longer be a legal tender but, it has elapsed that period while the old Leones continues to be in circulation as banks are giving out the old Leones due to the acute shortage of the redenominated Leones.

Recently in the well of Parliament, the Leader of Government Business Sahr Mathew Nyuma has during the approval of the new Minister of Finance stated that they are having difficulties in using both the old Leones and the new Leones.

Hon. Sahr Mathew Nyuma said in Parliament that “it is very difficult at this time, thinking about the economy, the difficulty we are having using the two currencies and the system in the global trend.”

The Bank Governor had lost public trust ever since he admitted that he lacks the ability to resist the current economic situation facing the country and bluntly disclosed that he wasted state funds in bribery.

Economic critics have shifted blame on President Julius Maada Bio for resisting to fire the incompetent economist who had made apology for his wobbly economic theories that has taken the country’s economy to the drain.