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Friday, July 10, 2020

Sierra Leone’s Finest Economist Warns Against Tax Increases

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ByPrince Jacob Macauley

One of Sierra Leone’s finest Economist, Prince Jacob Macauley warns against tax increases and advised government to look into the SME businesses for the country’s economy to have a turnaround. The manner in which the tax has increased in this short period of time, will affect the poor people and also the bread and butter issues will become more difficult, he averred.

He also advised on the injection of money into the systems, which he said was a wrong practice, as the rate is skyrocketing and the rate of foreign investment in the country is low, according the to present statistics, due to the increase of taxes.

The increase of taxes is good for revenue generation, but also hinders the growth of the economy, he said. “This coming Christmas will be one that the poor will remember for a long time in the history of the country. Government needs to look into serious issues in the private sector within the country.

Kissy industries which will be one of the best refinery for palm oil and vegetable oil in Africa, is also facing a challenge of land disputes in the country, a factory with the potential of creating over thousands of empowerment and also large exportation that will help the country’s foreign exchange rate instead of injecting money into the system, rather than goods and services. Mirani, a 80 year old business is moving over to Liberia for survival.

He also advised the country against IMF policies. Sierra Leone, he maintains, needs to stay away from IMF DUE TO THEIR outdated policies against the third world countries. Sierra Leone’s free education also may affect the economy greatly and the prompt introduction of the free education.

As an economist I feel so many consultations and feasibility studies should have been undertaken, so that would have helped with details of the number of school facilities that are available and plans to put a proper strategy that can enable the process to go smoothly with a roadmap in the education sector.

©The Calabash Newspaper

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