Prince Macauley Affirms

Prince Jacob Macauley, one of the finest Economists in the country has warn the Petroleum Regulatory Agency against anymore increment in fuel prices, adding that going by the current increase of price of fuel in the international market, Sierra Leone’s fuel price should not be pegged at Le15,000 per litre.

“Any more addition of price to the fuel will paralyze the Sierra Leone economy for a very long period of time, and the country will find it very difficult to recover from it, so I am calling on the Ministers of Trade and Finance to find a way that the government will intervene, by way of subsidies to help salvaging the economy from paralysis…” Jacob Macauley said.

Macauley furthered that another bad decision is the planned implementation of the new currency, adding that under the current circumstance, the currency will not survive, especially with the instability of the foreign market and the absence of a strong collateral to back the new currency, as is in the case of Ghana. Macauley noted that since the Bank Governor’s speech in Bo, many questions remain unanswered, and the absence of adequate sensitization of the public on the conversion rate and use of the new currency, will pose a lot of problems both in financial transactions and ordinary day life.

Prince Macauley furthered that the introduction of the new bank notes will not result in any increase in the value of the Leone in the international market. He observed that with the massive hike in prices for all goods and services that has plunged the country into an economic crisis, which will result in an increase in interest rates.