By Foday M. Daboh
The recent statement by the so-called “CSOs Consortium on Public Accountability” calling for the immediate dismissal of Sierra Leone’s Minister of Finance, Sheku Ahmed Fantamadi Bangura, is a deeply flawed intervention that confuses economic hardship with economic mismanagement, and populist frustration with policy failure.
Civil society has a legitimate and indispensable role in democratic governance. But legitimacy depends on analytical rigor, empirical grounding, and intellectual honesty. When those are absent, accountability advocacy risks becoming policy vandalism.
1. Global Shocks, Not Local Fantasy
Between 2020 and 2024, the global economy endured overlapping systemic shocks unprecedented in modern times:
• COVID-19 supply-chain disruptions
• Russia–Ukraine war–induced food and fuel inflation
• Aggressive global monetary tightening
• Sharp appreciation of the US dollar
• Capital flight from frontier and low-income economies
According to the IMF World Economic Outlook (2023–2024), inflation surged across both advanced and developing economies, with food inflation in Sub-Saharan Africa exceeding 20–30 percent in many countries.
The result?
• Ghana defaulted on its external debt (2022)
• Zambia entered protracted debt restructuring
• Nigeria experienced historic naira depreciation
• Kenya faced acute debt-service stress
Sierra Leone, by contrast:
• Did not default
• Maintained IMF program engagement
• Preserved access to concessional financing
• Avoided fiscal freefall
That outcome is not accidental. It is the direct consequence of disciplined macro-fiscal management under its finance minister, Sheku Bangura.
2. Inflation: What the Data Actually Shows
The Consortium asserts “poor inflation control” without acknowledging trajectory.
According to Bank of Sierra Leone (BSL) Monetary Policy Statements:
• Inflation peaked following global food and fuel shocks
• Subsequently declined through coordinated fiscal and monetary tightening
• Central bank financing of deficits was curtailed
The IMF Country Reports for Sierra Leone (2023, 2024) explicitly note:
“Improved fiscal discipline and reduced central bank financing have helped moderate inflationary pressures.”
In an economy that imports over 70 percent of its consumption basket (World Bank Country Diagnostic), inflation cannot be eliminated—it can only be managed. The correct benchmark is trend and containment, not wishful thinking.
By that standard, the Minister of Finance delivered.
3. Debt Sustainability: Facts Over Fiction
The Consortium claims reckless debt accumulation but ignores structure, composition, and sustainability metrics.
According to the IMF–World Bank Debt Sustainability Analysis (DSA):
• Sierra Leone remains at high risk of debt distress, but
• Debt is predominantly concessional
• Commercial borrowing has been restrained
• Debt management reforms have improved reporting and transparency
Crucially:
• No Eurobond exposure
• No hidden debt
• No debt-fueled populist spending spree
The alternative—unchecked borrowing to fund subsidies and wage hikes without revenue backing—would have triggered default. Bangura resisted that pressure.
That restraint is not political weakness. It is economic competence.
4. Fiscal Discipline and Supplementary Budgets
The criticism of supplementary budgets reflects a misunderstanding of public finance in shock-prone economies.
According to the IMF Government Finance Statistics Manual:
“Supplementary appropriations are standard instruments used to adjust fiscal policy in response to exogenous shocks.”
What matters is:
• Parliamentary approval
• Budget documentation
• Auditor-General oversight
All remain intact.
The Consortium offers no evidence of:
• Off-budget spending
• Extra-budgetary funds
• Illegal reallocation\
None.
5. Revenue Mobilization: The Real Constraint
Sierra Leone’s core problem is not excessive taxation; it is chronically low domestic revenue.
World Bank data shows:
• Domestic revenue averages 13–14% of GDP
• Below the 18–20% minimum required for basic state functionality
The IMF Article IV Consultation consistently emphasizes:
“Sustained revenue mobilization is essential to reduce aid dependence and finance development priorities.”
Tax reforms are politically painful but economically unavoidable. Minister Bangura chose realism over populism. That choice preserved macro stability.
6. Business Confidence and Policy Consistency
The Consortium conflates necessary fiscal adjustment with policy inconsistency.
According to the World Bank Enterprise Surveys:
• Businesses rank macroeconomic instability as a higher constraint than taxation
• Currency volatility and inflation are more damaging than modest tax increases
Fiscal consolidation enhances predictability. Bangura prioritized stabilization over short-term appeasement.
7. The Mineral Wealth Fund: Context Matters
The Mineral Wealth Fund Sierra Leone Limited (MWFSL) was created to professionalize mineral revenue management in a country with severe technical capacity constraints.
The World Bank Extractives Global Programmatic Support (EGPS) explicitly recommends:
• Independent fund structures
• External technical expertise
• Clear governance frameworks
If governance arrangements require improvement, that is a matter for reform—not sensational accusations. The Consortium has produced no evidence of corruption, illegality, or personal enrichment.
None!
8. Why Sheku Bangura Is Arguably the Best-Performing Minister
Measured against objective criteria used by multilateral institutions:
• Macroeconomic stability preserved
• IMF program credibility maintained
• Debt sustainability protected
• Inflation moderated
• Fiscal reporting improved
In the World Bank Sierra Leone Economic Update, the Ministry of Finance is consistently cited as central to stabilization efforts.
Bangura absorbed political costs to protect economic fundamentals. That is the mark of a serious Finance Minister.
9. The Real Danger: Populism in Policy Clothing
Calling for the dismissal of a Finance Minister during stabilization is not reform—it is risk creation.
Such action would:
• Spook investors
• Disrupt IMF and World Bank programs
• Signal policy incoherence
• Undermine institutional continuity
The IMF repeatedly warns that policy uncertainty is itself a macroeconomic shock.
Conclusion
Sheku Ahmed Fantamadi Bangura should not be dismissed. He should be supported, strengthened, and insulated from populist attacks masquerading as accountability.
Economic hardship is real. But hardship caused by global shocks must not be misrepresented as incompetence.
History will judge this period not by noise, but by outcomes. And by every serious policy metric—IMF compliance, debt sustainability, inflation trajectory, and macro stability—Sheku Bangura’s stewardship has been responsible, credible, and stabilizing during one of the most difficult global economic periods in decades.
Calling for his removal is not accountability.
It is policy vandalism.
The author is a Public Policy Expert, Political Economist, Governance and Development Analyst; University of Pennsylvania — Political Science, International Relations & Public Policy
(c) 2026 Copyright: Politico (23/01/26)
