‘‘Fuel Increment will destabilize the country’s economy for the next 12 months’’
-Economist Prince Jacob Macauley
www.thetimessierraleone.com
One of Sierra Leone’s finest economists, Prince Jacob Macauley, has said that the increment on the pump price of fuel from Le 8,500 per liter to Le 9,500 will add more burden on the lives of the masses.
Macauley who is also Chief Executive Officer of the Integrity Scorecard, an organization that is grading government ministries, departments, and agencies on their performances, said the Bio government should endeavor to consider the plight of the people, especially at a very difficult time like this, and should consider the decision as a very bad one, which will upset the masses. Macauley added that his advice to the government is to see reason and consider another option that will see the government subsidizing fuel, rice, and other commodities, which he strongly believes could be the possible option to address the plight of the masses. He expressed that the present state of affairs in the country is not encouraging for the government to put any increment on the prices of fuel, as this will have a corresponding impact on other commodities.”My advice to the government is to see reason to take up part of the burden from the people by subsidizing fuel other than inflicting more pain on them. What we want to see is a situation wherein the people are happy and not make them live in tears and pain” Macauley added.
This new increment, Macauley stressed, will not only add more burden on the lives of the masses, but will dwindled the economy for the next 12 months, adding that it is a contradiction in this case, especially when the Bank Governor, Prof Kelfala Kallon, recently told Sierra Leoneans that the inflation rate has dropped and that it is now a single digit. “How can you increase fuel price when you already have an inflation rate at a single-digit, which could have been used to subsidize the fuel and other commodities. Don’t you think this decision is coming at the wrong time and will as well create more hardship and difficulties for our people?” He queried. Sierra Leone, he said, is not ready for any increment at this point, especially when people are finding it very difficult to even have one meal a day. This decision, he said, is not good for the government as well as for the masses. How can you increase fuel at a time like this when prices of commodities in the country are running faster than the world’s fastest runner Husein Bolt. The Bio Government must go back to the drawing board to address this miscalculation of decision, which will not only affect them in the coming election 2023, but will send a signal to the masses that this current government is unable to manage the economy. If they want to see a better economic status in the country, the government should also endeavor to reverse most of the decisions that have caused serious duplications of duties and responsibilities through the establishment of certain ministries, department, and agencies, whose functions and responsibilities are also being undertaken by others, which is a duplication of functions, as well as causing more pressure on the government wage bill. He added that the bloated cabinet of the Bio government is also a major cause of some of the economic challenges in the country, adding that he sees no reason or reasons why a government, while in opposition, was objecting to certain decisions of the previous government, but is now doing the worse.
@The Times SL Newspaper
