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President Koroma’s Legacy: The Economy

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President Koroma’s Legacy: The Economy

Despite the impactful setbacks caused by the twin misfortunes of the Ebola Virus Disease; bringing economic activities nearly to a total halt and the corresponding collapse in the market of the country’s main export earner (Iron ore), there’s still a refreshing summary of account depicting the monumental strides anchored by the government of President Dr Ernest Bai Koroma not only to keep the ship of the economy afloat but to also navigate it admirably.
Whereas the monetary value of Sierra Leone’s economic and business activities (GDP) stood at five trillion Leones in 2007, it had risen to 30 trillion Leones in 2017.
Contribution per person to economic and business activities (Per Capita GDP) was 240 United States dollars in 2007 and by 2017 it was 600 dollars.
The monetary value of Sierra Leone’s export which was 290 million dollars in 2007 has grown to 790 million dollars in 2017.
With only 540 million Leones internally generated revenue in 2007, 2017 recorded the whooping amount of 4 trillion Leones revenue generated within Sierra Leone.
Such increase in own revenue generation has led to a corresponding increase in government’s direct expenditure on social services and national development. In 2007 such expenditure stood at 180 billion Leones whereas in 2017; it had gone up to 2 trillion Leones.
Overall international reserves which stood at 200 million dollars in 2007 have swelled up to 500 million dollars in 2017.
Finally, the country has moved up nine places from being the last on the UN Human Development Index ranking in 2007.
CREDIT – Newday Magazine©January 2018.

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