Remittances from Sierra Leoneans abroad reached $141.95mn in the second quarter of 2026, 16.0% more than a year earlier, according to chart data in the Bank of Sierra Leone's September monetary policy report. Inflows fell 10.8% from $159.17mn in the first quarter, a decline the central bank linked to cost-of-living pressures and weaker job markets for migrants in the United States and Europe.
Analysis: Quarterly transfers can fluctuate sharply, making the annual comparison more informative. In the first half, remittances rose 23.5% to $301.12mn, equivalent to about 36% of merchandise export receipts, by our calculation. That makes overseas earnings an important source of foreign currency and household purchasing power. However, consumer prices were 15.66% higher in August than a year earlier, while the leone barely moved against the dollar, reducing what a fixed dollar transfer can buy locally. The central bank has not scheduled publication of its next report on remittance trends.
Source: Bank of Sierra Leone, Bank of Sierra Leone, Monetary Policy Report, September 2026, Q2 2026 and Q2 2025 and Q1 2025 and Q1 2026; Bank of Sierra Leone, BSL Monetary Policy Report June 2026, 2026Q1; Statistics Sierra Leone (Stats SL), Stats SL, Consumer Price Index Press Release August 2026, August 2026; Bank of Sierra Leone, Bank of Sierra Leone, Indicative Exchange Rates, 30 October 2026, 30 October 2026; Bank of Sierra Leone, BSL October 2025 monthly exchange rates (mid-rates), October 2025
Sierra Leone's government collected 14.6bn SLE (€566mn) in domestic revenue in the first nine months of 2026, 13.7% more than a year earlier and 65.7% of the full-year budget, the finance ministry's September fiscal report shows. Customs and excise receipts reached 49.4% of their annual target, while budget support grants totaled 369mn SLE (€14.3mn), or 9.8% of the amount budgeted.
Analysis: Collections grew only modestly faster than average consumer inflation of around 11.7% in January–August, implying roughly 2% real growth, by our calculation. The government collected 67.7% of its revised annual target in nine months and now needs about 2.3bn SLE (€89.9mn) each month through December, compared with an average of 1.6bn so far. Customs and excise are below half their targets, while no budget-support grants have been recorded since the first quarter. Continued weakness could constrain payments to suppliers and public projects. No publication date has been announced for October's fiscal figures.
Source: Ministry of Finance, Sierra Leone, Ministry of Finance, Statement of Fiscal Operations (Consolidated Fund) for the month ended 30th September 2026 (The Fiscal Report for September 2026), January-September 2026 and FY2026 (budget column); Ministry of Finance, Sierra Leone, Ministry of Finance, Statement of Fiscal Operations (Consolidated Fund) for the month ended 30 September 2025, January-September 2025; Sierra Eye, FY2026 Supplementary Budget, as reported, FY2026; Bank of Sierra Leone, Bank of Sierra Leone, Monetary Policy Report, September 2026, Q2 2026; Statistics Sierra Leone (Stats SL), Stats SL, Consumer Price Index Press Release August 2026, January 2026 and February 2026 and April 2026 and May 2026 and July 2026 and August 2026; Bank of Sierra Leone, BSL Monetary Policy Statement, September 2026 (scanned PDF, read by OCR), March 2026 and June 2026
Sierra Leone's core inflation, a central bank estimate that excludes food and energy, rose to 25.61% in August 2026 from 21.89% in June and 17.32% in March, the Bank of Sierra Leone said in its September monetary policy report, published on October 30. Headline consumer price inflation was 15.66% in August, 9.95 points lower.
Analysis: The wide gap indicates substantial price pressure outside food and energy. The central bank cited higher costs in housing, clothing, restaurants, personal services, alcohol and tobacco, while better domestic food production helped restrain headline inflation. It now expects the headline rate to reach the low-20% range by year-end, above the IMF's October projection of 19%. Persistently high underlying inflation could influence wage negotiations and business pricing into 2027. September consumer price figures had not appeared by October 31, and the central bank's calendar sets its next rate-setting meeting for December 10.
Source: Bank of Sierra Leone, Bank of Sierra Leone, Monetary Policy Report, September 2026, August 2026 and June 2026 and March 2026 and End-2026 (forecast); Statistics Sierra Leone (Stats SL), Stats SL, Consumer Price Index Press Release August 2026, August 2026; International Monetary Fund, IMF World Economic Outlook, October 2026 (DataMapper), December 2026
Sierra Leone's petrol pump price of 40 SLE (€1.55) a liter is 2.23 SLE (€0.09) above its cost under the official pricing formula, while diesel at 45 SLE (€1.75) still carries a subsidy of 1.01 SLE (€0.04) a liter, the petroleum regulator NPRA said in a price schedule effective October 28. Kerosene edged up to 44.24 SLE (€1.72) from 44.10 SLE under the previous schedule of September 24, the regulator's website shows.
Analysis: Based on the government's September cost formula, petrol moved from selling 1.04 SLE (€0.04) a liter below calculated cost to 2.23 SLE above it. The diesel subsidy narrowed by approximately two-fifths, by our calculation. That eases pressure on public finances after fuel support the government put at about $8.3mn over the preceding three months. Yet the formula uses an exchange rate of 23.86 SLE per dollar, 4.6% above the central bank's mid-rate, which raises the local-currency cost assigned to imports. The regulator has not announced when prices will next be reviewed.
Source: National Petroleum Regulatory Authority, Sierra Leone, NPRA industry oversight page: current pump prices and pricing formula components, Price regime labeled effective 28 October 2026; Bank of Sierra Leone, Bank of Sierra Leone, Indicative Exchange Rates, 30 October 2026, 30 October 2026; Premier Media, Government statement on new pump prices (September 2026), as published by Premier News, September 2026 and June–August 2026 (approx.); National Petroleum Regulatory Authority, Sierra Leone, NPRA archive page, "Current fuel prices" banner, Price schedule labeled effective 24 September 2026
Sierra Leone's government ran a cash deficit of 7.1bn SLE (€277mn) in the first nine months of 2026, 61.7% more than the 4.4bn SLE budgeted for the whole year, the finance ministry's September fiscal report shows. Spending on goods and services reached 133% of its annual allocation and transfers to agencies 216%, while only 37% of the capital budget had been spent.
Analysis: The main shortfall is in receipts rather than overall expenditure: revenue and grants reached only 57.6% of their annual budget, compared with 73.4% for payments, by our calculation. Spending on goods, services and transfers ran ahead of plan while capital projects lagged. The reported deficit also exceeds the 2.8%-of-GDP objective in July's supplementary budget, although the budget and cash statement may treat donor-funded projects differently. Published financing entries do not explain how the entire gap was covered. Suppliers and lenders face uncertainty pending the next fiscal report and the 2027 budget.
Source: Ministry of Finance, Sierra Leone, Ministry of Finance, Statement of Fiscal Operations (Consolidated Fund) for the month ended 30th September 2026 (The Fiscal Report for September 2026), January-September 2026 and FY2026 (budget column); Ministry of Finance, Sierra Leone, Ministry of Finance, Statement of Fiscal Operations (Consolidated Fund) for the month ended 30 September 2025, January-September 2025; Bank of Sierra Leone, Bank of Sierra Leone, Monetary Policy Report, September 2026, Q2 2026; Premier Media, FY2026 Supplementary Budget statement to Parliament (31 July 2026), as reported by Premier News, FY2026; International Monetary Fund, IMF Country Report No. 26/168, Table 1, 2026
Chart of the week
Sierra Leone diaspora remittance inflows, US$ million per quarter, 2024–2026
Quarterly inflows from the data labels of Figure 30 in the Bank of Sierra Leone's September 2026 Monetary Policy Report; the fourth quarter of 2025 and the first and second quarters of 2026 also appear in the text of the June and September reports. Third-quarter 2026 data have not been published. The chart shows the series behind this week's lead number.. Source: Bank of Sierra Leone, Bank of Sierra Leone, Monetary Policy Report, September 2026, Q1 2024 and Q2 2024 and Q3 2024 and Q4 2024 and Q1 2025 and Q2 2025 and Q3 2025 and Q2 2026; Bank of Sierra Leone, BSL Monetary Policy Report June 2026, Q4 2025 and 2026Q1.
Tender of the week
Medical equipment for hospitals and health hubs in four districts
Buyer
Ministry of Health, Integrated Health Projects Administration Unit (IHPAU)
Scope
Supply of stethoscopes, thermometers, blood pressure apparatus, adult scales, hospital beds, pillows and other items for hospitals and spoke facilities in Falaba, Western Rural, Bonthe and Tonkolili districts, delivered within 120 days to the National Medical Supplies Agency stores in Freetown; international competitive bidding, two-envelope process, rated criteria weighted 20% and price 80%.
Value
Not published
Funding
World Bank (IDA-D9380, TF-C8629, TF-B7266), Quality Essential Health Services and Systems Support Project (P172102)
Closes
Friday, November 13, 2026
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In Alama Pro this week
Deep dive: Electricity drives Sierra Leone inflation, with relief a year away
12 stories with workings, from remittances, revenue, inflation and interest costs to Treasury bills, fuel prices, the deficit, bank balance sheets and shipping
Five trackers, from inflation and the policy rate to Treasury bill yields and the leone, the tender of the week and every open tender we follow, with deadlines
