Following the redenomination of the Leone, Sierra Leone’s finest Economist, Prince Jacob Macauley, raised eyebrows over such policy, taking into consideration the corresponding effect of that measure, which, according to him, could be counter-productive, because the condition for redenomination is not available.
He warned against the idea of not meeting the criteria of redenomination, stating how the impact will always be negative and difficult to control the foreign exchange market.
He predicted that the dollar will rise above Le2.4 and all other foreign currencies will also rise.
Macauley also mentioned that the bank and the Ministry of Finance need to change their fiscal and monetary policies to be able to adapt to the current economic situation the country is facing.
Macauley also advised government to declare austerity and also try to put austerity measures in place, and develop all the policies to align with the current national development plan.
Macauley also wants government to bear in mind that Sierra Leone is a third world country and its economy has always been driven by the mining sector and backed by the blue economy, which is the marine industry and and the tourism sector.