The Monetary Policy Rate (MPR) has stabilized at 24.7 percent . Monetary Policy Committee (MPC) of the Central Bank’s (Bank of Sierra Leone) decision at pegging the rate aligns with global economic realities as world economies grapple with inflationary pressures stemming from post-pandemic adjustments and ongoing geopolitical conflicts.

Economists highlighted that maintaining the interest rate is a strategic move needed to achieve balance between the promotion of economic growth and control of inflation at this period. Governor of the Bank Dr Stevens pointed out that global trends have led to lower import costs, ‘which has helped to alleviate some of the external vulnerabilities that the country has faced’. He however acknowledged that potential risks (associated with geopolitical uncertainties), escalating trade tensions that disrupting supply chains and increase commodity prices are presenting challenges to the nation's economic recovery.

The MPC reported a significant decline in inflation rate, which dropped from 54.2 percentage point in November 2023 to 15.4 percentage point in the one year period to November 2024. The decline has been credited to the implementation of macroeconomic policies, the stabilization of exchange rates, and significant improvements in domestic food production.

The Governor emphasized the importance of sustaining this downward trend in inflation, reiterating the determination of BSL to bring inflation down to the medium-term target of single digits. The commentary reflects the bank's cautious optimism while reiterating the necessity for vigilance in monetary management. However, he warned that achieving long-term economic stability requires ongoing macroeconomic reform and structural adaptations to the economy, suggesting that the path to recovery is fraught with challenges that demand strategic planning and execution.

He further reassured stakeholders that the MPC is prepared to revise its policies in light of any new economic developments impacting inflation or other key indicators. The unchanged MPR of 24.75 percent signals the committee's commitment to navigating Sierra Leone's evolving economic landscape effectively. By focusing on inflation control and sustainable growth, the central bank aims to foster an environment conducive to recovery and development.