Sierra Leone: economy

What is the inflation rate in Sierra Leone?

Consumer prices in Sierra Leone were 15.66% higher in August 2026 than a year earlier, up from 14.89% in July, according to Statistics Sierra Leone (Stats SL). Prices rose 2.19% in the month. Food and non-alcoholic beverage inflation was 5.82%, while non-food inflation was 23.54%.

The index is based on December 2021 = 100 and covers all regions. Among the regions, the Western Area and Northern region had rates above the national figure, while the Southern (4.25%) and North-west (1.82%) regions were in single digits. The Bank of Sierra Leone's September 2026 policy statement notes that inflation had been 10.24% in March 2026.

Official sources: Statistics Sierra Leone (Stats SL) · September 2026 policy statement

What is Sierra Leone's GDP growth rate?

Sierra Leone's real GDP grew 4.4% in 2024, to NLe 65,009 million at constant 2018 prices, after 5.7% growth in 2023, according to the Statistics Sierra Leone (Stats SL) GDP report.

The figures follow a rebasing of GDP to 2018 prices and a review of the series from 2019 to 2023. GDP fell 1.3% in 2020 during the COVID-19 pandemic and recovered by 5.9% in 2021. For later years, the Bank of Sierra Leone's September 2026 policy statement gives growth of 4.8% in 2025 and a projection of 4.0% for 2026; these are not yet Stats SL figures.

Official sources: Statistics Sierra Leone (Stats SL) GDP report · September 2026 policy statement

What is the Bank of Sierra Leone interest rate?

The Bank of Sierra Leone's Monetary Policy Rate is 17.25%, after an increase of 0.25 percentage points recommended by the Monetary Policy Committee on 24 September 2026 and approved by the Bank's Board on 28 September, according to the Monetary Policy Statement.

The Monetary Policy Rate is the Bank's main policy rate. The Bank of Sierra Leone home page also shows the Standing Deposit Facility at 11.75% and the Standing Lending Facility at 21.25%. The statement says the Committee judged the risks to inflation to be tilted to the upside.

Official sources: Monetary Policy Statement · Bank of Sierra Leone home page

How large are Sierra Leone's foreign reserves?

Sierra Leone's gross international reserves covered 1.8 months of imports in the second quarter of 2026, down from 2.1 months in the first quarter, according to the Bank of Sierra Leone's Monetary Policy Statement of September 2026.

Import cover measures how many months of imports the central bank's reserves could pay for. The statement says reserves rose moderately during the quarter but not as fast as import demand, and that they remained below the three-month threshold. It describes the foreign exchange market as broadly stable, with low exchange-rate volatility.

Official sources: Monetary Policy Statement

How big is Sierra Leone's economy?

Sierra Leone's GDP was NLe 142,969.2 million at current prices in 2024, up from NLe 136,482.0 million in 2023, according to the Stats SL GDP report for 2024. The report puts the population at 8,137,470 in 2024.

Current-price GDP includes the effect of inflation, so it rises much faster than real output; real GDP grew 4.4% in 2024. The figures are in new leones (NLe). Nominal GDP was NLe 65,748 million in 2020 and NLe 100,007 million in 2022, so its size in leones more than doubled in four years.

Official sources: Stats SL GDP report for 2024

What are the main sectors of Sierra Leone's economy?

Agriculture, forestry and fishing produced 32.1% of Sierra Leone's GDP in 2024, industry 23.9% and services 42.2%, according to the Stats SL GDP report for 2024. Wholesale and retail trade alone accounted for 24.4%.

Mining and quarrying made up 9.0% of GDP in 2024, down from 10.1% in 2023, and iron ore 6.3%. The report shows mining and quarrying growing 7.8% in 2024, after 48.3% in 2023. Within agriculture, crops were 12.9% of GDP. The shares are of GDP at current prices, so they also move with relative prices.

Official sources: Stats SL GDP report for 2024

What is GDP per person in Sierra Leone in dollars?

GDP per person in Sierra Leone was US$846 in 2025 in current dollars, according to the World Bank. It was US$807 in 2024, US$758 in 2023 and US$885 in 2021.

The figure converts GDP to US dollars at market exchange rates and divides it by the population. Because it is in current dollars, it moves with the exchange rate as well as with output. It fell from US$885 in 2021 to US$758 in 2023 before rising again. Stats SL put the population at 8,137,470 in 2024.

Official sources: World Bank

What is Sierra Leone's current account balance?

Sierra Leone's current account deficit was 14.1% of GDP in 2024, according to the World Bank. It was 7.9% in 2023, 6.3% in 2022 and 7.3% in 2021.

The current account records trade in goods and services, income flows and transfers such as remittances; a deficit means the country spends more abroad than it earns and has to be financed by borrowing or investment. The World Bank also records total reserves of US$433 million at the end of 2024, down from US$946 million in 2021.

Official sources: World Bank · 433 million

How much money do migrants send home to Sierra Leone?

Personal remittances received in Sierra Leone were 4.6% of GDP in 2024, according to the World Bank. The share was 4.6% in 2023, 4.1% in 2022 and 2.6% in 2021.

Remittances are money sent home by people working abroad, along with income of residents working briefly in other countries. The figures cover recorded flows through formal channels such as banks and money transfer firms, so money carried by hand is not included. Their share of GDP almost doubled between 2021 and 2024.

Official sources: World Bank

How many businesses are there in Sierra Leone?

Sierra Leone had 165,514 business establishments in 2022, according to Stats SL's 2022 Census of Business Establishments. 117,215 of them, 70.82%, were informal irregular businesses, and 28,398, or 17.16%, were formal regular businesses.

Trade, including the repair of motor vehicles and motorcycles, accounted for 70.61% of establishments. Western Area Urban, which includes Freetown, had 52,686 establishments, or 31.83% of the total. The census counted fixed business premises, so it gives a picture of how small and informal most firms are.

Official sources: 2022 Census of Business Establishments

How many people in Sierra Leone have a bank or mobile money account?

9.4% of adults aged 15 and over had an account at a bank or other financial institution or with a mobile money provider in 2019, according to the 2019 Demographic and Health Survey (13.0% of men and 5.8% of women).

A later survey by Stats SL, the 2024 Women's Empowerment and Nutrition Survey, found that 38% of women in agricultural households used mobile money or bank accounts, compared with 55% of men, and that use was lowest in the North, at 30%. The two surveys cover different populations and use different questions, so their figures cannot be compared directly.

Official sources: 2019 Demographic and Health Survey · 2024 Women's Empowerment and Nutrition Survey

How fast is Sierra Leone's economy growing?

The latest figure from the World Bank, for 2025, is 4.6%. Its high point since 2005 was 2013, at 14.7%; its low point was 2014, at -7.8%. Sub-Saharan Africa median: 4.6%; Sierra Leone is 23rd highest of 46. Of 180 countries with 2025 data, 51st highest.

How rich is Sierra Leone per person?

In 2025, GDP per person in Sierra Leone was $846, according to the World Bank. Its high point since 2005 was 2014, at $1,118; its low point was 2005, at $463. Across Sub-Saharan Africa the middle value was $1,351, and Sierra Leone placed 38th highest of 46. Worldwide: 172nd of 180.

What is Sierra Leone's GDP per person adjusted for prices?

The latest figure from the World Bank, for 2025, is $3,717 in international dollars. That is the highest since at least 2005. Across Sub-Saharan Africa the middle value was $4,425 in international dollars, and Sierra Leone placed 28th highest of 46. World rank, highest first: 159th of 179.

How big are Sierra Leone's exports?

20.9% of GDP: that is exports of goods and services in Sierra Leone for 2025, according to the World Bank. Its high point since 2005 was 2023, at 21.0% of GDP; its low point was 2008, at 7.8% of GDP. Across Sub-Saharan Africa the middle value was 26.1% of GDP, and Sierra Leone placed 25th highest of 38. World rank, highest first: 106th of 133.

Does Sierra Leone have a current account surplus or deficit?

The latest figure from the IMF, for 2024, is -14.1% of GDP (a deficit). The peak was -2.9% of GDP in 2006 and the low -39.4% of GDP in 2011. Sub-Saharan Africa median: -4.2% of GDP; Sierra Leone is 34th highest of 36. Worldwide: 150th of 162.

How much foreign direct investment goes into Sierra Leone?

The latest figure from the IMF, for 2025, is 2.4% of GDP. The peak was 19.6% of GDP in 2011 and the low 0.8% of GDP in 2020. It is 20th highest of 46 in Sub-Saharan Africa, where the median is 2.0% of GDP. World rank, highest first: 81st of 179.

What are bank lending rates in Sierra Leone?

According to the IMF, the average bank lending rate in Sierra Leone was 21.4% in 2025. Its high point since 2005 was 2007, at 25.0%; its low point was 2017, at 15.7%. It is 5th highest of 16 in Sub-Saharan Africa, where the median is 17.6%. Of 73 countries with 2025 data, 7th highest.