By Amin Kef (Ranger)
The Government of Sierra Leone has officially commenced preparations for the Fiscal Year 2026 National Budget, with a bold call from Vice President Dr. Mohamed Juldeh Jalloh for increased domestic revenue mobilization. The opening ceremony, held on September 11, 2025 at the Bintumani International Conference Centre in Aberdeen, was jointly organized by the Ministry of Finance and the Ministry of Planning and Economic Development.
Delivering the keynote address, Vice President Dr. Mohamed Juldeh Jalloh underscored the urgent need to strengthen Sierra Leone’s revenue base in the face of dwindling overseas development aid, rising debt burdens and global economic uncertainty.
Highlighting the direct relationship between revenue and state capacity to deliver basic services, Dr. Mohamed Juldeh Jalloh stressed the urgency of planning for Sierra Leone’s growing population.
“Every day, 700 children are born in this country, which translates to about 14 classrooms that Government must provide for free under our flagship education programme,” he said. “The onus is on us to secure the future of our children. The needs are significant and planning must start now. The buck stops with us.”
He revealed that financial inclusion in Sierra Leone has improved significantly, rising from 20% in 2017 to 39% in 2025, according to World Bank data.
Vice President Dr. Mohamed Juldeh Jalloh pointed to comparative examples in the region, noting that while Senegal achieved a tax-to-GDP ratio of 20.1% in 2023, Sierra Leone’s remains below 10%. To address this gap, he called for:
- Full digitalization of tax administration to improve compliance and curb leakages.
- Expansion of the tax base through stronger enforcement against evasion.
- Strategic investments in infrastructure and energy to support long-term revenue growth.
He also commended the Ministry of Finance for stabilizing the exchange rate since 2023 and reaffirmed Government’s commitment to fiscal resilience.
Minister of Finance, Sheku Ahmed Fantamadi Bangura, outlined the fiscal priorities under the Medium-Term Expenditure Framework (2026–2028), which will form the foundation of the FY2026 budget. Key commitments include:
- Creation of 5,000 jobs for young people.
- Strengthening gender inclusion with a target of 50% female representation.
- Investments in technology, infrastructure and public administration.
- Promotion of a cashless economy and financial deepening.
- Expansion of energy production, road networks and transport systems.
- Tax policy reforms, to be completed by mid-November 2025.
Minister Sheku Ahmed Fantamadi Bangura reported strong progress in macroeconomic stability, citing inflation’s dramatic decline from 64.5% two years ago to 6.45% in July 2025, with monthly inflation now below 1%. GDP growth was 4.4% in 2024 and is projected at 4.5% in 2025, driven by agriculture, services and industry.
The Minister attributed those gains to reforms in the exchange rate system, increased food production under the Feed Salone programme and prudent fiscal and monetary policies.
On resource governance, Minister Sheku Ahmed Fantamadi Bangura confirmed that new mining legislation now guarantees Government a 10% free carried interest in all projects and up to 30% equity shareholding in strategic operations. Those reforms, he said, are designed to ensure greater national participation and sustainable revenue flows from the extractive sector.
The FY2026 Budget process is expected to continue with further consultations and sectoral hearings as Government seeks to align fiscal policy with the nation’s development priorities under the Big Five Game Changers.
The Calabash Newspaper is Sierra Leone’s leading English‑language news platform—established in 2017 to deliver trusted coverage of politics, culture, health, and more to audiences both at home and abroad.
