Impact Factor (2025): 6.9
DOI Prefix: 10.47001/IRJIET
The economy
of Sierra Leone has a list of critical challenges. The country has undergone
significant economic shocks over the years; the 11years of civil war, the Ebola
Virus Disease, and the Corona Virus Disease. The decrease in the price of iron
ore in the world market, the county's primary export, back pedalled all the
country's economic gains. Though a transition or Least Developed Country (LDC),
Sierra Leone has a lot of mineral wealth (as it is also famous for its blood
diamonds), vast acres of arable land for agriculture, fisheries, and marine
resources tourism potential. However, in the face of all these natural
resources, the social and economic lives of the people have not improved (is it
a resource curse?). Obviously, over the years, it seems not all the
macroeconomic policies have been able to heal the economic infirmities of the
country. For example, currently, the government has one of the highest
inflation rates (increased food, housing, and transport inflation worse than
even the period of the civil war and Ebola in the country). The motivation of
this work is to examine why the critical drivers for economic growth have not
been able to transform the nation's economy and identify a framework for
financial growth facilitation through value-added chains. However, to achieve
this, the paper employs the Growth Identification and Facilitation Framework
(GIFF) from a New Structural Economic perspective. The study used a descriptive
statistics method to evaluate the impact of these economic drivers on the
economy of Sierra Leone. Data for the analysis were from secondary sources.
Significant findings of this study include but are not limited to the lack of
adequate knowledge of the staff of the National Revenue Authority about the
extractive industry and the lack of coordination between the National Minerals
Agency (NMA) and the National Revenue Authority (NRA) on revenue mobilization
in the extractive sector of the country. Policy recommendations also hold out
in this study as to the critical policy interventions the Sierra Leone
government should consider to transform Sierra Leone's comparative advantages
to competitive advantages.
Country : Sierra Leone
IRJIET, Volume 5, Issue 8, August 2021 pp. 40-49