As prices of commodities shoot up … Soaring Inflation Currency Devaluation & Increased Taxation

As Sierra Leoneans observe Ramadan this year, the spiritual significance of the holy month is overshadowed by escalating economic hardships. The convergence of soaring inflation, currency devaluation, and increased taxation has intensified the daily struggles of many, making traditional fasting practices particularly challenging. Sierra Leone’s inflation rate surged to 47.64%, and although official figures suggest a decline to 13.78% by December 2024, the tangible relief for citizens remains minimal. The persistent depreciation of the Leone against major currencies has exacerbated the situation, leading to higher costs for imported essentials such as rice, palm oil, and fuel. This currency devaluation has diminished purchasing power, making it increasingly difficult for families to afford basic necessities. The Finance Act 2024 has introduced additional burdens. This policy has raised concerns about food accessibility, as rice constitutes a significant portion of the Sierra Leonean diet. The increased duties on essential commodities are anticipated to further elevate living costs, exacerbating food insecurity and poverty. These economic challenges have profoundly affected the observance of Ramadan. Traditionally a time of communal gatherings and shared meals, this year’s fasting period sees many unable to afford the customary foods for breaking their fasts. A 62-year-old Sallay Tamba Conteh expressed dismay over the soaring prices and reduced customer turnout. She notes that the usual pre-fasting excitement is absent, as both sellers and buyers grapple with the harsh economic realities. The scarcity of affordable food has led to difficult choices for many families. Some have had to forgo fasting altogether, unable to provide sufficient meals for their children and dependents. The surge in rice prices, in particular, has made it challenging for households to maintain their nutritional needs during this sacred period. In response to the crisis, community initiatives have emerged to support those in need. The “Ramadan Food Drive” aims to provide essential food items to vulnerable households, ensuring they can observe the holy month with dignity. Spearheaded by local organizations, this drive seeks to uphold the tradition of communal support and alleviate some of the burdens faced by struggling families. Despite these efforts, the overarching economic situation remains dire. The combination of high inflation, currency devaluation, and increased taxation continues to strain the livelihoods of Sierra Leoneans, casting a shadow over the spiritual observances of Ramadan.