Some Sierra Leone Government ministers and politicians have been revealed to be owing two Banks a whopping 100 Billion Leones, with one minister owing the Rokel Bank 16 Billion Leones.
This comes in wake of recent report by the International Monetary Fund (IMF) that: “Sierra Leone’s economic growth is estimated to slow down to 5.6 percent in 2017, from 6.3 percent in 2016, mainly on account of reduced activities in the non-mining sector, whilst inflation rose to 18 percent in August.”
Global Times reports that the government’s Commercial Bank and the Rokel Bank are both in serious financial trouble, and are facing collapse with five months to go before general and presidential elections are held in Sierra Leone.
It was gathered that the Koroma government needs the IMF loan so as to meet its financial obligations, such as payment of public workers’ salaries as well as public contractors. Many teachers have not been paid in the last three months as the government runs out of cash.
Reports say that some senior ruling party politicians have borrowed Billions of Leones from cash deposited into these two state managed banks, and are refusing to pay back the loans. Both Banks are believed to have been brought under the control of the country’s Central Bank.
Meanwhile, a senior Road Maintenance Department official is also believed to owe about 30 Billion Leones.