(Article)
By: Mohamed Sahr mohamedsahrpro@gmail.com
The financial strategy for Sierra Leone in the 2024 Fiscal Year is centered around promoting economic stability through diverse sectors, including agriculture, job creation, innovation, health, energy, tourism, investment, education, and infrastructural development. The budget is designed to herald effective and efficient government spending, with a focus on fiscal sustainability, debt management, and bolstering financial accountability systems.
In particular, the 2024 Fiscal Year places a premium on expanding irrigation systems and providing improved seeds and fertilizers to farmers, aligning with President Bio’s ‘Feed Salone’ initiative. This underscores the government’s commitment to making farming a cornerstone of economic development. Currently, only 3% of arable land is irrigated, and reliance on rain-fed agriculture is prevalent. By expanding irrigation systems and providing quality inputs to farmers, the government aims to enhance agricultural productivity, ensuring a more reliable food supply and scaling up food security.
Financial support for small-scale farmers and the development of agricultural value chains are deemed crucial for improving livelihoods. Many farmers currently lack access to credit, hindering their operations and profitability. By addressing this issue and promoting comprehensive agricultural development, the government seeks to elevate incomes, stimulate economic growth in rural areas, and alleviate poverty.
Additionally, the budget places a significant emphasis on the energy sector, with plans to expand access to energy through investments in renewable sources like solar, wind, and hydroelectric power. With only 17% of the population having access to electricity, these measures aim to overcome a key constraint on economic growth. The budget also outlines programs to increase access to clean cookstoves, energy-efficient appliances, and mini-grids.
Tourism development is identified as a major focus in the 2024 Fiscal Year, involving investments in infrastructure and the promotion of Sierra Leone’s natural and cultural heritage. Initiatives include the enhancement of Freetown International Airport and efforts to attract international visitors. The budget also addresses challenges in the tourism sector, including safety concerns, infrastructure issues, and the perception of Sierra Leone as a ‘high-risk destination.’
Education is another priority, with a focus on improving quality and accessibility. Investments in teacher training, classroom infrastructure, and educational materials aim to address challenges such as low net enrollment rates, gender disparities, and insufficient learning resources. The budget acknowledges the need for further action to ensure universal access to quality education.
In conclusion, the proposed 2024 Fiscal Year budget for Sierra Leone prioritizes agriculture, education, energy, tourism, and infrastructure development. It encompasses initiatives to improve healthcare, enhance water and sanitation access, expand immunization programs, and enhance maternal and child health—ultimately aiming to enhance the overall quality of life for Sierra Leoneans.