It’s evidently clear that President Bio’s Administration inherited broken and bleeding economy, an economy that was riddled and infested with massive external and internal debts, an economy that was crippled to pay workers except on borrowing and bank overdraft, an economy that collapsed many Sierra Leoneans into depression, hopelessness and others wallowed in the squalor of excruciating pain and poverty,and all these were largely due to tragic leadership failure of the last administration, grand theft and political mega banditry.
With the coming of the New Direction, President Bio is taking giant steps in ensuring that the economy sustainably recovers, as workers are now receiving timely salaries without borrowing, 21% of the nation’s budget is being allocated to Education and plans have been developed to invest in uninterrupted electricity, effective road network and other set of infrastructural developments.
In the crowded City Council Hall in Port Loko City,the Hon.Minister of Information and Communications Mohamed Rahman Swaray (Rado)clearly stated that,at the time President Bio assumed the Presidency,the micro economic fundamentals of the country were completely broken, and those fundamentals needed to be fixed and rebuilt brick by brick, layer by layer in ensuring that the citizens live in comfort and the country realizes her fullest potentials.The Minister also stated that the economy was on life-saving machine,but emergency and wonderful drugs are being injected into it, at least it is now on recovery and stability.
In speaking to the 2020 budget,the Minister made the following points:
- The budget provides for the development of microcredit schemes of which 70% goes to women and 30% for men. This is to improve the socioeconomic condition of women and deliver them from the clutches and exploitations of unscrupulous loans and other microcredit programs.
- Unprecedented amount is being allocated to Agriculture. This also helps achieve economic diversification, bolster food sufficiency and employs lots of young people.
- 30% increment of teachers’ salary.This will definitely improve the condition of service of teachers, motivates them diligently and patriotically serve their country and enthusiastically implement the Free Quality Education.
- Government contracts are only awarded now to people ordinarily resident in places where those contracts are aught to be implemented, as this stimulates and boosts local investment and development.
- More jobs are going to be created by Ministries of Tourism and Youth Affairs. Sierra Leone is now a visa on arrival state , all the touristic sites are going to manned and supervised by young men and women.
- Recruitment of 500 new teachers, 300 Health Sector Workers and 1000 Police Personnel, and this justifies the increment of the wage bill.
- Increment of minimum wage, from le 500,000 to le 600,000
- Reduction of corporate tax from 30% to 25%, all aviation related charges will be exempted from GST payments.