Africa news
Sierra Leone, Sri Lanka, Ghana are in the bad list of countries in Africa that are badly affected by a slump in economy as inflation seriously caused essential goods to hike in those nations.
Since 2018 when power changed hands in Sierra Leone, prices on goods and services began to climb up the ladder speedily thereby causing a lot of suffering on the masses.
The country’s staple food was sold about Le 600,000 by 2022 and it is (January, 2024) now costing slightly over Le 800,000 for a single 50kg bag of rice.
Protests and protests followed suit in the wake of the too much hardship and struggles among people on a daily basis.
Those protests like the one deadly one which happened on August 10, 2022 saw many civilians killed as they rose against government over rising cost of living in the country, caused by a sharp increase on the pump price of a litre of fuel.
The hike on the cost of petroleum had a concomitant effect on foodstuffs, goods and other materials in the markets.
Sierra Leoneans were demanding President Julius Maada Bio to work out a plan that will see a “sharp reduction on the cost” of goods, foodstuffs, and other kinds of materials in the country.
But Bio’s government responded with a fist-hand, landing death-punches on innocent civilians.
The suffering for Sierra Leoneans still goes unabated almost, every day, as president Bio enjoys a second term in office, after June 24, 2023 controversial elections.
In the midst of hardship in the country, Sierra Leone’s inflation stood at 50 percent as of August, 2023, according to the World Bank.
Like Sierra Leone, an African country, Sri Lanka has been experiencing similar hyperinflation which has resulted to several protests by Sri Lankans.
A latest BBC’s report on Sri Lanka indicates that the country is lending $3bn ( 2.4bn pound ) to help it ‘deal with its worst economic crisis in its history as an independent nation.
Sri Lanka had been unable to buy goods it needed from abroad; schools had to close, and people were asked to work from home to help conserve supplies, the BBC says.
In the face of massive protests, President Gotabaya Rajapaksa, had to resign in June last year and he was replaced by his prime minister, Ranil Wickremesinghe, who is now the new president battling with Sri Lanka worst economy.
Both countries are believed to have huge foreign debts. While Sri Lanka owes about $7bn ( 5.7% bn pound) to China and around $1bn to India, Sierra Leone, last year, had to request the international monetary fund for a $ 20.7 million loan, as part of IMF’s extended credit facility to Sierra Leone.
The world’s lending body was so critical of the country’s crunching economy as it observed that Sierra Leone’s economic challenges had been intensified.
“Inflation has continued to rise; the currency has depreciated sharply; and debt related risks have increased.”