®️ Alimamy Kabia (Tiger).
Tel: 076 717 841.
In 2013, Sierra Leone’s economy was the fastest-growing in sub-Saharan Africa. This success was challenged.
True leadership is tested not from our comfort zones, but in the face of overwhelming challenges.
In March 2016, Sierra Leone’s economy was significantly challenged. It was reeling from the devastating twin shocks of the Ebola outbreak, global commodity prices were crashing, and government revenues were in steep decline. Amidst this storm, one man made the hard, but necessary decision to steady the ship, Dr. Ernest Bai Koroma. He declared austerity, and history will remember it as a defining act of responsibility and patriotism.
Austerity refers to a set of deliberate economic policies by a government to reduce public spending, limit borrowing, and restore financial stability. It often includes cuts to non-essential government expenditures, tighter control of public finances, and measures to boost revenue.
While it can be unpopular in the short term, austerity is often the only viable option when a country is on the brink of economic crisis.
When declared in March, and reinforced in October 2016, Dr. Ernest Bai Koroma’s administration officially rolled out the measures in response to a series of compounding economic shocks:
The Ebola epidemic (2014–2016) not only claimed lives, but also severely disrupted agriculture, trade, and national productivity.
Sierra Leone’s iron ore exports were hit hard by the drop in global demand, slashing national income. The Leone weakened significantly, raising the cost of imports and worsening inflation.
With lower revenues and mounting costs, the government had to act decisively to avoid a financial freefall.
Faced with these grim realities, EBK did not hesitate. His government imposed spending cuts, curbed unnecessary foreign travel, froze new government hiring, and pushed for stricter financial discipline across Ministries, Departments and Agencies.
Though tough, the austerity policies produced clear and measurable gains for Sierra Leone’s governance and long-term financial health:
- The economy was stabilised.
The austerity program helped prevent a full-blown fiscal crisis. By cutting excesses and narrowing the deficit, the government was able to restore macroeconomic stability, assuring both local and international partners of its fiscal discipline.
In fact, the IMF and the World Bank teams assessed our performance under the extended credit facility, and EBK’s administration was given a pat on the back for its prudent economic policies.
- By focusing limited resources on priority sectors, like health, education, and infrastructure, the government ensured that essential services continued, even in a period of great strain.
Throughout the Ebola crisis, schools were closed, but salaries were paid to all teachers across Sierra Leone.
- The International Monetary Fund (IMF) and donor agencies responded positively to the austerity drive. It signaled that Sierra Leone was serious about reform, opening doors for additional support, debt relief, and technical assistance.
The austerity measures also forced ministries and public officials to become more transparent and accountable in their use of public funds. Wasteful spending was curbed, and procurement systems came under greater scrutiny.
- The government began improving domestic tax collection and reducing dependence on volatile international markets, steps that laid the groundwork for greater economic independence in the years ahead.
Austerity is never easy. It demands sacrifice, discipline, and political courage. But when Sierra Leone was faced with near economic collapse, it was Dr. Ernest Bai Koroma who stepped up, faced the truth, and made the hard call for the good of the nation.
His austerity measures were not just a financial strategy, they were a message that Sierra Leone would not be broken by crisis, but strengthened by it.
Today, as we look back on those critical years, we can say with confidence that austerity was the right decision, and EBK was not only politically correct, but was right.