By Amara Thoronka
Sheku Ahmed Fantamadi Bangura, Minister of Finance
Minister of Finance, Sheku Ahmed Fantamadi Bangura, has said the huge financial aids coming from international development partners for the people of Sierra Leone is a testament of what he called ‘solid leadership’ provided by President Julius Maada Bio.
Mr. Bangura was speaking at the Ministry of Information and Civic Education’s weekly press conference on Tuesday, 2nd June, 2024, at the Ministry of Foreign Affairs and International Cooperation conference hall in Freetown. The press conference was on the much-talked-about MCC USD$480 million for Sierra Leone energy compact, the take-home from the just concluded OPEC summit and the effects of such financial supports on the country’s economy.
The finance minister said the leadership of President Bio is building a better and sustainable foundation that would stand the test of time.
“We are addressing a foundational infrastructure for Sierra Leone. No more patching of systems. At the OPEC summit, we were able to convince development partners with our impressive energy and agriculture projects. The only way to convince these partners is to go with projects. HE President Bio was able to garner several pledges. We should better optimize what we have like hydro and solar. We are going to work with MCC, OPEC and other development partners to access approved funds and better implement them for the development and advancement of the country,” Minister Bangura explained.
He noted that President Bio has done his best to attract funds, adding that it is now left with us all to see that things work for the better.
On the MCC USD$480 million, he said the Government of Sierra Leone has made phenomenal progress, emphasizing that the President Bio government secured the trust and confidence of the United States Government, hence the approval of the compact.
The finance minister reiterated that, “President Bio is doing his best, but he is no going to be here forever, so we have to do what is best for our nation. We are in the right direction because of the solid leadership provided by His Excellency President Julius Maada Bio.”
Speaking on agriculture and food security as the government’s flagship, he said more investments and decisive actions are required for the sector to boom.
“We are importing rice from other countries; by doing so, we are empowering the economies and farmers of those countries. To have it right, we have to protect our agricultural sector by growing what we eat and by adding value to agricultural produces for domestic use and for export. This would have positive impact on the economy and significantly reduce prices of food stuff that are grown or can be grown locally,” he narrated.
On electricity generation, supply and tariff, the Minister of Finance spoke boldly and expressly on the need for strong reforms and drastic change to realize efficiency in public entities in charge of the country’s energy sector. He described the Electricity Distribution and Supply Authority (EDSA) as a ‘fiscal risk’.
“EDSA has to be overhauled. It is currently a fiscal risk. We are proposing for an internationally reputable firm to manage EDSA for efficiency,” he said.
Similarly, Dr. Kandeh Kolleh Yumkella, Chairman of the Presidential Initiative on Climate Change, Renewable Energy, and Food Security, shared the view of the finance minister on EDSA. In fact, he called for a ‘highly professional board to provide technical support and advice to EDSA’.
On the same vein, Dr. Eldred Taylor, Deputy Minister of Energy II, said, “it is obvious that EDSA is not performing. We are reforming it for better, effective and efficient energy generation and supply”.
Emphasizing the impact of foreign aids coming to the country, the finance minister stated that, when foreign donors send money to a country, it means they have confidence in the policies and reforms being implemented in that country.
“We have recalibrated our GDP. Our economy is now solidly growing,” he said, while recognizing the impact of peace and stability on the economy.
Copyright –Published in print in Expo Times Newspaper on Friday, July 5th, 2024 (ExpoTimes News – Expo Media Group (expomediasl.com)
