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Inflation in Sierra Leone: Drivers and Policy Responses

In: Navigating Economic Storms and Emerging from Fragility

Author

Listed:
  • Zsolt Kondrát

    (Consultant)

  • Rosalind Mowatt

    (International Monetary Fund, Institute for Capacity Development)

  • Peter Wankuru

    (IMF)

Abstract

This chapter explores inflation dynamics in Sierra Leone, a country that has historically experienced higher-than-average inflation rates. The Sierra Leonean government’s 2024–2030 Medium-Term National Development Plan (MTNDP) aims to achieve single-digit inflation, recognizing the adverse effects of inflation on economic growth and the cost of living, especially for the impoverished population. The chapter delves into the factors contributing to inflation, including the high exchange rate pass-through, and assesses the monetary policy framework’s effectiveness in addressing inflationary pressures. The analysis reveals that Sierra Leone’s inflation is significantly influenced by exogenous shocks, particularly in the short run, and underscores the importance of a proactive and forward-looking monetary policy. The findings suggest that enhancing the monetary policy framework, ensuring consistency in exchange rate policy, reducing reliance on food imports, and promoting fiscal prudence are critical for mitigating inflation risks and achieving macroeconomic stability in Sierra Leone.

Suggested Citation

  • Zsolt Kondrát & Rosalind Mowatt & Peter Wankuru, 2026. "Inflation in Sierra Leone: Drivers and Policy Responses," Springer Books, in: Rosalind Mowatt & Monique Newiak & Sukhwinder Singh (ed.), Navigating Economic Storms and Emerging from Fragility, chapter 0, pages 99-111, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-92147-6_9
    DOI: 10.1007/978-3-031-92147-6_9
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