The Dollar exchange rate has adversely increased in Sierra Leone, as economic hardship is on the increase, and this has made businesses in the country to go slow over the years.
Sahid Salim Kamara, a business man from Goderich Street in Freetown, told the media that the increase of the US dollar exchange rate to Leone is currently affecting their businesses and that the US dollar exchange rate is increasing every day. Mr. Kamara added that they are losing almost five hundred and sixty thousand Leones (NLE 560) for every one hundred dollar ($100) they buy. Adding that since one hundred dollar ($100) has cost them one Million five hundred thousand old Leones (Le1500,000) (NLE1,500), whilst the rate in Guinea is nine hundred thousand (900) Franc Guinee, this has adversely affected their business.
The increase in the dollar exchange rate started from 2020 and there is a difference of five hundred thousand old Leones (Le500,000) (NLE500) for every one hundred US dollar ($100), he said. Mr. Kamara advised government to try hard as possible to control the increase of the dollar exchange rate, which is currently affecting their businesses.
“Business is too hard for us as I speak, especially when government refuses to stabilized the dollar exchange rate, which has hindered our business” he said.
Alfred Kelley Conteh, a synthetic businessman at Malama Tomas Street in Freetown, intimated to this medium that as a senior businessman, he has no doubt as to why the US dollar to the Leone is on the increase, furthering that Sierra Leone’s export rate is very low and this makes it very difficult for investors to bring in dollars into the Country, which will help to stabilize the economy.
“There are not enough companies that will invest or produce more goods, which the country will export and bring more dollars in” he said.
He continued that as business people, they have suffered a lot, especially with regards to transportation cost and the custom rate at the Guinea border. He appealed to the government and the minister of trade to find ways on how they can stabilize the dollar’s exchange rate, as it has disturbed their businesses.
Ramatu Kamara, a trader at Guinea store in Freetown, explained that she has stopped travelling to Guinea for business because of the inflation of the dollar rate in Sierra Leone. She added that the inflation of the dollar rate is currently disturbing their business operations in Sierra Leone and the neighboring countries like Guinea, Mali and Senegal.
“We change Leones to US Dollars before travelling to these countries to buy goods and bring them to Sierra Leone, but the exchange rate of the US Dollar has consistently continued to rise from the previous months” she said.
Madam Ramatu called on the government of Sierra Leone to look in to this exchange rate that is currently affecting business people in the country and provide solutions to it.
