Despite official denials, concerns are mounting over the integrity and sustainability of Sierra Leone’s financial programs with the International Monetary Fund (IMF) and World Bank, as economic hardship deepens and government spending continues to spiral out of control.
Recent public reassurances by Finance Minister Sheku Ahmed Fantamadi Bangura have done little to convince a skeptical population grappling with soaring inflation, unemployment, and a depreciating currency. While government-aligned media claim the IMF and World Bank “remain committed,” many observers argue that the reality is far more troubling—and deliberately obscured.
At the heart of the issue is the misuse of funds and chronic overspending, particularly on flashy infrastructure projects that critics say lack transparency, oversight, or clear public benefit. Despite operating under the IMF’s Extended Credit Facility since late 2024, Sierra Leone has reportedly missed several macroeconomic targets, especially in budget discipline and fiscal control.
Instead of addressing these failures, the government appears to be spinning them as “routine consultations,” downplaying what insiders describe as growing discomfort among international financial institutions about the country’s direction. Sources close to the negotiations say disbursements have slowed significantly and are increasingly subject to stricter scrutiny and conditionality.
Similarly, the much-lauded $80 million World Bank package announced last year has failed to translate into visible improvements in service delivery or energy access for the average Sierra Leonean. The touted “Catastrophe Deferred Drawdown Option,” a mechanism for disaster relief, has raised eyebrows in civil society circles—many see it as a sign of how desperate the government is for quick access to cash, rather than long-term development planning.
For many citizens, the problem lies not in the availability of international funding, but in its reckless management. Corruption allegations, wasteful spending, and bloated political appointments—many seen as rewards for party loyalists—have eroded public confidence. Meanwhile, the Ministry of Finance has dismissed growing criticism as “misleading” without addressing the root concerns: Why is there so little to show for the hundreds of millions being borrowed or granted?
Furthermore, the Ministry’s warning to media and commentators to “be careful” in their reporting smacks of intimidation, rather than transparency. Instead of encouraging public accountability, the government is painting criticism as a threat to investor confidence, when in fact, informed scrutiny is vital in any democracy.
Experts warn that if the trend continues, Sierra Leone could face more serious consequences from its international partners, including delays in disbursements, program suspensions, or tougher lending conditions. For now, the rosy narrative of “programs on track” appears more like a political PR exercise than a reflection of economic reality.
The people of Sierra Leone deserve clarity, not spin. With living standards deteriorating and debt burdens rising, it is no longer enough to rely on official statements and glossy promises. The time has come for true transparency, accountability, and a sober assessment of where the country stands—not where the government claims it is heading.
By Fumi Sam Caulker
