Sierra Leone Economy
as a suitable home for freed slaves, during the end of 1870’s,
Sierra Leone the West African country is specially signified in the
history of slave trade as a point of origin for a numerous thousands
of Africans that were held captives. The Country is notoriously
remembered for it’s brutal civil war that was overshadow by the
Diamonds but was ended in the year 2002 due to foreign interventions
by theUnited Nations, African Union, Economic Community of West
African States and the Great Bratain.
country’s economy has been experiencing a reasonable growth in the
economy in recent years, but came to an abrupt halt due to the civil
war. This country is known to be rich in minerals such as Gold, Iron
Ore Bauxite, Rutile and other more. The illegal trade of precious
minerals and diamond were seriously engaged into , in order to fud
the civil was which led to a shrink and near collapse of the economy.
Leone, has been ranked to be among the poorest countries in the world
on different occasion. More than fifty percent of the population at
the working age are participating on farming on a subsistence scale.
Still healing up from the civil war, the country amasses lots of
resources which includes minerals but not limited to Agricultural and
there was a boom in the mining sector which was mainly related to the
iron ore export. This was the main influence of the ecnonmy strength
and growth but it is determined by the demand and supply of these
product by the world markets. The governments has ben consistently
look up to aid from International Organization to support it budget
but it was gradually becoming less dependent until the Ebola
outbreak. This outbreak and Epidemic was an epidemic to country as
we as its economic activity as it led to a sincere shrunk and a
negative result of the gross domestic product.
Epidemic has been officially declared ended in November, 2015. A fall
in the price of products, couple with no export as well as a shrinked
economic activity, led to the highest fiscal shortage. The other
economic activity were restrained by lack of structural platform
which includes no electricity, very poor road network and
transportation. There were hopes of a boom in iron ore mining
activity to slightly support the economy but it was not futile.
expansion of the economy would be determined by the increase in
prices of products as well as the focusing on wide varieties of
activities for growth in Economic activities, other than the Mining.
However, an acute intervention of corruption, severe lack of human
resources are the made reasons for foreign direct investment.
However, since there are sustainable sources of international
support, these support might help balance out these differences.
2013, Sierra Leone been attaining some sort of positive economic rate
that was around one fifth of a percent during the agenda for
propserityh that was implemented by the government. The main
catalyzing factors for this change was due to a boom in the mining
sector with most of the credit to iron ore mining. The government
actively participates in infrastructure investment, tourism
activities and sensitization as well as agriculture activities. The
Ebola outbreak and the price fall in the international demand for
iron ore was responsible to the drastic change and shock in the
Leone, have a limited amount of product that are available for export
and hence the country is greatly dependent on import of most
commodities and less export. It it empirical that the above
mentioned shocks will be enough to bend the economy down, taking into
consideration about it’s current existence. Donors and stakeholder
and Non Governmental organizations have been actively participating
to help the after recovery of Ebola and heal the economy.
Leone has an increased GDP of 4.289 Billion USD. The Economy was 154
in the world and have a very great potential for investments
opportunities. The twin shocks suffered by the economy has been
healed and a recovery of the economy from negative to positive
deficit. A greater part of this comes from the mining sector which
was directly improving the other sector of the economy such as
construction, boosting electricity and some other servcies. The
recovery was not significant , because the demand for iron ore is on
a very limited scale.