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Summary Edexcel Economics A Sierra Leone Case Study £3.89
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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Economics A
  6.  
  7. Unit 4 - A global perspective (9EC0)

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Summary Edexcel Economics A Sierra Leone Case Study
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A detailed rundown of the current economic situation in Sierra Leone, ideal for using to get an A* in exams. Key economic metric such as unemployment and inflation are mentioned and the whole document is linked to factors to promote/factors which constrain growth and development. Written by a st...

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  • June 11, 2023
  • 3
  • 2022/2023
  • Summary

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Sierra Leone🇸🇱
GENERAL INFO

• Sierra Leone has a population of 8.4 • The current GDP of Sierra Leone is
million people, this number has in- $4.04 billion but GDP hasn’t really
creased by 4 million (almost half) since grown since 2018 when it was $4.09 bil-
the new millennium. lion.
• It borders Guinea to the North and • Real GDP increased by 4.1% in 2021
Liberia to the South-East but the entire which was vital given how badly the
Western coast of the country is coastal, country has been hit by external
this is also where the capital city, Free- shocks. The ebola virus caused a monu-
town, is located. mental 20.6% contraction in the econ-
• The official language of Sierra Leone is omy in 2016 and the economy con-
English but there are many other di- tracted by 2% in 2020 due to the Covid-
alects, such as Krio, which are more 19 virus.
widely spoken. • Sierra Leone has an HDI value of 0.477
• It had an 11 year long civil war from putting it 181st out of 191 countries us-
1991-2002 in which there were 70,000 ing the index.
deaths and 2.5 million internally dis- • From 1990 to 2021 GNI per capita has
placed people, thus completely wreck- shrunk by 8.1%.
ing the economy. • However life expectancy at birth has
• Sierra Leone is naturally blessed with risen by 16 years to 59.76 whilst the
mineral reserves. It has large amounts mean years of schooling increased by
of diamond, bauxite, iron ore and gold 2.7 years over the same period.
and there is also potential for petroleum • The country is also massively struggling
to be extracted. This should mean that, with inflation with CPI inflation being at
if it can maintain some political stabil- 32.24% in November 2022 meaning
ity, Sierra Leone would be well placed that the value of the Leone is decreas-
to grow in the future. ing massively.
• Horrible maternity mortality rate. 1,360 • Unemployment is at suboptimal levels
mothers die for every 100,000 live being at 5.33% in 2021, but the econ-
births. omy faces bigger challenges.
•

GOVERNMENT POLICIES (INFRASTRUCTURE, ER/INFLATION, PRIVATISATION, JOINT
VENTURES)
• The government are making a big push in order to develop energy infrastructure.
They’ve spent over $200 million since Covid to subsidise energy.
• The government is currently working to solve its inflation problems as it increased
the bank rate to 17% in October 2022 but this seems to be having very little effect
on inflation. It represents a tricky phase for the economy where a period of auster-
ity may need to be observed in order to curb consumption and investment in order
to keep the price level at a reasonable point.
• Sierra Leone have recently privatised their main telecommunications company,
Sierratel. 90% of shares are being sold and the gvt. is expected to gain $15 million
in revenue. There are concerns over whether the private firm taking over has suffi-
cient knowledge to be able to operate.
• The Sierra Leone government entered into a joint venture with Gerald Group in May
2021. They are jointly mining iron ore in the Marampa site in Lunsar. It put an end
to a 2 year trade dispute between the parties.


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