SL’s annual trade deficit is about US$700m

Sierra Leone’s Chief Economist Alimamy Bangura, has disclosed that every year importers bring into the country goods worth around US$1.3 billion. On the other hand Bangura explained, the annual export is around US$600 million, “so we have a gap of about US$700million in trade deficit. This is why he maintained, that the foreign exchange problem in the country is a structural problem. He explained that their primary role in the macro fiscal department is to evaluate the basic cost benefit analysis to strike a balance by reducing cost of importation, facilitating trade, but also preserving the goal of raising revenue. “The effectiveness of a State is linked to the amount of revenue it can generate” he said. The big question he said is what can they do with short term interventions to stabilise the situation of the forex? “It is a structural problem so we have to find a solution to it, so we need to think as a country of something to substitute for imports” he advised.

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