February 11, 2021
By Albert Baron Ansu
Finance Minister Jacob Jusu Saffa’s Presidential award- as best minister can hardly be challenged by the informed. I am talking about objective trend observers devoid of partisan prejudice. They can attest to the fact that there is resounding achievement in macroeconomic policy adaptation at this very difficult time of COVID 19. And this Presidential award matches the position of the government in laying claims to the fact there has been marked improvement in making up for weak macro-economic baseline inherited and the reforms that have been set-in motion to ensure fiscal probity.
Hate him or like him, the fact cannot be effaced: we are witnessing fiscal stability as a product of Quick Action Economic Response project with five hundred billion credit facility made available for small businesses through the commercial banks. It is a viable response to the bread and butter issue that was promised by this government. Those doing small businesses can take advantage and ensure that their households are empowered through the loan opportunity that is not so onerous to be burdensome in repayment. The initiative has a human face, the tax holiday and deferrals as something responsive to the prevailing situation.
On, 12th February, the President is supposed to be in the Northern Province, an opposition stronghold, to launch a mega micro finance scheme in Makeni and Magburuka. How can you divorce the Finance Minister from these unfolding developments to give ordinary citizens a lease of life? There is but a connection; and you be the judge to see the merit in the good judgment of the President to award, his prolific goal scorer, the new direction Messi, if you like.
Also consider the fact that there is a drift from past voodoo economics maneuverings of the past government-the notorious bank lendings to even pay salaries. Delayed salary payment is history and it is an indication of efficiency in fiscal management attributable to the hard work of JJ Saffa and his team of experts. Salary harmonization is underway; and the policy measure to set a minimum threshold of six hundred thousand Leones salary, with employers compelled to pay NASSIT and upgrade in pensions that is life sustaining as opposed to the paltry sums that were paid after a very long time are all in the calculations of how much has been done by the Finance Minister to win confidence, beyond our borders.
Now, we must be attesting to the gains in market reality. How do you know? The small businesses not suffocated in the context of closed economics. There is no shortage of goods in the market in spite of border closure. The supply chain is intact and speaks to a healthy doing business environment.
And in all fairness it is true that the galloping inflationary trend that was the hallmark of past administrations when we hit austerity in Ebola is not the case now.
If you are so blinded by partisan bias not to see the little progress in difficult times as a consequence of sound fiscal policy direction, why not take readings from international partners such as the IMF, the World Bank, AfDB, China and even the BRICS nations
The World Bank and IMF are the most reliable evidence that lend credence to assessment of the Chief Minister’s Professor David Francis indicators and benchmarks used.
Consider this release from the IMF: The Executive Board of the International Monetary Fund (IMF) today approved the disbursement of SDR 103.7 million (US$143 million or 50 percent of quota) under the Rapid Credit Facility (RCF) to Sierra Leone to help meet the urgent balance of payments and fiscal needs stemming from the COVID-19 pandemic. This is not a cheap consideration from a development partner; it is based on sound fiscal policy.
The trend continues to justify the international confidence in our economy. EXIM Bank of India has just granted Million dollars loan to support capacity of drinking water in four cities in Sierra Leone.
Knowing JJ Saffa all these years in high flyer professional engagement, don’t be fool that he is going regress. This award is firing him on to score more goals. He has entreated his team to see the award as a call to do more. Wait and see the proof of the pudding in the cooking.
