By Thaimu T Kamara
A historic public lecture delivered by the Minister of Finance, Hon. Sheku Ahmed Fantamaddi Bangura, an event that culminated in rare and unanimous commendation from academics, students, civil society and development stakeholders.
The lecture, held at the FBC campus and attended by lecturers, students, business leaders, civil society organisations, development partners and members of the media, focused on the State of the Economy and the 2026 National Budget. It provided a comprehensive overview of Sierra Leone’s macroeconomic performance, fiscal outlook and medium-term development priorities.
Presenting detailed data and policy analysis, the Finance Minister stated that Sierra Leone’s economy is stable, resilient and on a positive trajectory, citing improvements in inflation, debt sustainability, revenue mobilisation and external sector performance.
A major highlight of the presentation was the explanation of GDP rebasing, which revealed that the size of Sierra Leone’s economy has expanded from US$4.0 billion to US$8.0 billion. According to the Minister, this rebasing significantly improved key macroeconomic indicators, particularly the debt-to-GDP ratio, which declined from 94 percent to 50.8 percent in 2024, with projections of 47.3 percent by 2026.
On inflation, Hon. Bangura acknowledged the impact of global shocks and domestic adjustments, including redenomination.
He noted that inflation, which peaked at 54.5 percent in October 2023, had declined sharply to 4.57 percent in November 2025, marking the lowest level in over two decades. He attributed the decline to disciplined fiscal management and improved coordination between monetary and fiscal authorities.
Fiscal performance featured prominently in the lecture, with the Minister announcing that Government recorded a primary surplus in 2025. Domestic revenue increased by 23.2 percent during the year, achieved without the introduction of new taxes or increases in tax rates.
He said further revenue growth is projected in 2026 under the Medium-Term Revenue Strategy.
The Minister also highlighted improvements in the external sector. Exports increased to US$1.61 billion, imports declined, and the trade deficit narrowed from US$424 million to US$286 million. Gross international reserves currently cover two months of imports, with a medium-term target of three months.
Addressing public debt, Hon. Bangura disclosed that Sierra Leone’s total public debt stands at US$3.2 billion, but emphasized that debt sustainability indicators remain within internationally accepted thresholds, supported by clear risk management strategies.
The 2026 National Budget, he said, is pro-people and pro-business, prioritising domestic revenue mobilisation, human capital development, infrastructure, food security through the Feed Salone initiative, climate finance, public-private partnerships, mining revenue optimisation and public sector efficiency.
What distinguished the event was the unprecedented response from FBC lecturers, many of whom previously taught the Minister. Several academics publicly praised his intellectual discipline, policy depth and leadership, describing his current role as the fulfilment of long-recognised potential.
The lecture, which lasted over five hours, evolved into an extended interactive session, with questions from students, economists, civil society representatives and development partners.
The session ended with prolonged applause and expressions of confidence in the Minister’s stewardship of the economy.
In recognition of his contributions, the CSOs Consortium for Transparency, Accountability and Economic Progress (CS-CTAEP-SL) and the Kambia District Students Association (KaDSA) presented Hon. Bangura with Meritorious Service Delivery Awards.
Observers described the event as one of the most significant academic-policy engagements in recent years, reinforcing the role of Fourah Bay College as a national forum for intellectual discourse and policy accountability.