Freetown: The Ministry of Finance has concluded a two-week workshop to update the country’s Debt Sustainability Analysis and Medium-Term Debt Strategy, in a move officials said will strengthen debt management and guide future borrowing.
According to Sierra Leone News Agency, the workshop, organized by the ministry’s Public Debt Management Division, ended Friday at Leisure Lodge in Aberdeen, Freetown. Participants included representatives from the Bank of Sierra Leone, Statistics Sierra Leone, the National Revenue Authority, the Ministry of Planning and Economic Development, the Accountant General’s Department, and civil society groups.
Officials stated that the exercise aimed to reduce borrowing risks and align future loans with economic growth and the delivery of essential public services. At the closing session, Deputy Director Santigie Charles Conteh noted that the latest review showed Sierra Leone had moved from a ‘weak’ to a ‘medium’ debt-carrying capacity. He explained that the improved rating would need to be maintained over two consecutive Debt Sustainability Analysis cycles before it could be officially confirmed.
Conteh highlighted that sustaining the progress would enhance the government’s ability to raise financing for key sectors, including education, healthcare, and infrastructure. He called for stronger domestic revenue mobilization through digital systems, tighter fiscal discipline, stronger Public-Private Partnership frameworks, and a more diversified economy.
Abu Bakarr Kamara, national coordinator of the Budget Advocacy Network, welcomed the inclusive process involving state institutions and civil society organizations. He emphasized that the Debt Sustainability Analysis and Medium-Term Debt Strategy are crucial tools for macro-fiscal stability and ensuring that borrowed funds are directed to productive investment, job creation, and service delivery.
Kamara also warned that debt repayments continued to exert pressure on domestic revenue. He urged the government to reduce unnecessary tax exemptions, expedite digital reforms, and strengthen revenue collection in Customs and the Goods and Services Tax system.
The ministry concluded that the workshops had produced a roadmap for future borrowing and stronger fiscal responsibility, with the updated frameworks intended to help protect the economy from unsustainable debt while supporting long-term development priorities.