Sierra Leone must confirm to the IMF in writing by the end of November that its customs service alone will inspect, classify and value imports at destination from February 1, 2027, under a benchmark set in its July program memorandum. Customs and excise receipts reached 2.71bn SLE (€106mn) in the first nine months, 49.4% of the annual budget target.
Analysis: The benchmark addresses the revenue category furthest behind schedule. Customs had collected less than half its annual target by September, against about two-thirds for revenue overall. The government tied the change to risks identified in a governance and corruption diagnostic. Bringing inspection in-house would give customs direct control of the values that set import duties. For importers and clearing agents, the change could alter who inspects cargo and how valuations are challenged. However, the memorandum does not say who performs the work now. The IMF's fourth review, available from November 15, should report on progress.
Source: International Monetary Fund, IMF Country Report No. 26/168, MEFP ¶12 and Table 2 (SB13), From February 1, 2027 (benchmark due end-November 2026); 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); International Monetary Fund, IMF Country Report No. 26/168, Table 7 (Schedule of Disbursements Under the ECF Arrangement, 2024-27), Available from November 15, 2026
Sierra Leone's annual inflation rose to 17.08% in September from a revised 15.75% in August, the highest rate since September 2024, statistics agency Stats SL said in a release posted online on November 9. Housing and utility prices climbed 93.48% from a year earlier and transport costs rose 50.02%. Meanwhile, food prices increased 6.21%. The agency raised August's rate from the 15.66% first published after correcting a compilation error.
Analysis: Inflation has risen every month this year, from 6.38% in January. The rate now sits only 0.17 point below the 17.25% policy rate, by our calculation, after the central bank raised that rate in September. Housing, utilities and transport drive the increase, which points to fuel and power costs. Meanwhile, food inflation stays near 6%. The pressure is concentrated in the capital. Western Area, which includes Freetown, reached 24.87%, the only region above the national rate. The central bank's Monetary Policy Committee is scheduled to meet on December 10, and October's index should show whether the climb continues.
Source: Statistics Sierra Leone (Stats SL), Statistics Sierra Leone, Consumer Price Index Press Release September 2026, September 2026 and August 2026 and September 2024; Bank of Sierra Leone, BSL, Approved Dates for the MPC Meetings and Publication of Statements for 2026 (5 March 2026), Q4 2026; Statistics Sierra Leone (Stats SL), Stats SL, Consumer Price Index Press Release August 2026, August 2026; Bank of Sierra Leone, Bank of Sierra Leone homepage, 'Monetary Policy Rates' table, Q3 2026 MPC (24 September 2026); Bank of Sierra Leone, BSL Monetary Policy Statement, September 2026 (scanned PDF, read by OCR), Q3 2026 MPC (24 September 2026); Statistics Sierra Leone (Stats SL), Stats SL, CPI Press Release August 2026, August 2026
Sierra Leone will offer 59mn SLE (€2.31mn) of two-year Treasury bonds on November 13, about half the 115mn SLE (€4.51mn) it offered on October 22, the Bank of Sierra Leone said. That October sale raised 100mn SLE (€3.92mn). At its November 5 auction, the government sold 678mn SLE (€26.6mn) of one-year bills, 29% more than offered, at a yield of 17.03%.
Analysis: Demand differs by debt maturity. Investors have bought more one-year bills than offered for three straight weeks. Meanwhile, the two-year bond sold 13% less than offered in October. The central bank offered no reason for the smaller bond offer. A smaller sale could, however, spare the government from paying more than the 18% it accepted on the bond in October, against about 17% on one-year bills. The cost is more debt to refinance within a year. The November 13 auction should show whether the smaller offer is fully taken up.
Source: Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement (5 11 2026), Auction of 5 November 2026 and Auction of 13 November 2026 and Auction of 12 November 2026; Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement (29 10 2026), Auction of 5 November 2026 and Auction of 29 October 2026; Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement (22 10 2026), Auction of 22 October 2026; Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement (15 10 2026), Auction of 22 October 2026; Bank of Sierra Leone, BSL Treasury Bills and Bond Announcement, 15 October 2026, Auction of 22 October 2026; Bank of Sierra Leone, BSL Q4 FY2026 Treasury Securities Auction Calendar, Auction of 29 October 2026
Farms in Sierra Leone's World Bank-funded food system resilience program produced 119,634 metric tons of paddy rice on 47,100 hectares, the finance ministry said in its first-half 2026 reform report. Yields rose to 2.54 tons per hectare from 2.18 after the farms received improved seed and 4,550 tons of fertilizer, the ministry said.
Analysis: The program's starting yield equals the national average of 2.18 tons per hectare, by our calculation, so the 16.5% gain is a fair measure of what better seed and fertilizer can add. Yet the supported farms grow only about 8% of national paddy, by our calculation from the agriculture ministry's survey, which limits the effect on rice imports. The figures come from the program itself, and the report does not say which season they cover. Sierra Leone's two official surveys also disagree on the size of the 2025 harvest. The next agricultural survey should show whether the gain spreads beyond supported farms.
Source: Ministry of Finance, Government of Sierra Leone, Ministry of Finance, Public Financial Management Reform First Half Progress Report 2026, Project to date (H1 2026 report) and Baseline; The Calabash, MAFS 2025 Crop Production Survey (with Stats SL), as reported, 2025; The Calabash, The Calabash Newspaper: Rice Production Rises by 4.2% as Sierra Leone Moves Closer to Food Self-Sufficiency (June 29, 2026), 2025
Sierra Leone held 11.2mn liters of petrol in the week of November 4, enough for 2.1 weeks, the petroleum regulator NPRA's weekly table shows. The regulator projected that stocks would run out on November 19 if no cargo arrives. Diesel stocks of 28.3mn liters covered 5.2 weeks. Meanwhile, jet fuel and kerosene covered 4.1 weeks.
Analysis: Petrol stocks are most constrained. It has 2.1 weeks of cover against 5.2 weeks for diesel, although both sell about 5.4mn liters a week, by our calculation. The regulator rates petrol and jet fuel supply as "tight". That matters for filling stations and airlines, because a delayed cargo could show up at the pump within days. The table names no expected vessel arrivals, so it remains unclear whether a cargo is already booked. The regulator's next weekly table, and any cargo arrival before November 19, should show whether the projection holds.
Source: National Petroleum Regulatory Authority, Sierra Leone, NPRA homepage, weekly stock projection, Reporting week of November 4, 2026
Chart of the week
Sierra Leone annual consumer price inflation, %, Stats SL, September 2025–September 2026
Year-on-year change in the national consumer price index, as published by statistics agency Stats SL. August is shown at the revised 15.75%, which replaced the 15.66% first published after the agency corrected a compilation error. September's 17.08% is the highest rate since September 2024.. Source: Statistics Sierra Leone (Stats SL), Stats SL, Consumer Price Index Press Release August 2026, September 2025 and October 2025 and November 2025 and December 2025 and January 2026 and February 2026 and April 2026 and May 2026 and July 2026; Bank of Sierra Leone, BSL Monetary Policy Statement, September 2026 (scanned PDF, read by OCR), March 2026 and June 2026; Statistics Sierra Leone (Stats SL), Statistics Sierra Leone, Consumer Price Index Press Release September 2026, August 2026 and September 2026.
In Alama Pro this week
Deep dive: Why Sierra Leone's banks lend to the state before firms
10 stories with workings, from customs, inflation, Treasury auctions and public debt to rice yields, petrol stocks, land offices, the IMF review and the .sl domain
Five key figures, from inflation and the policy rate to the one-year Treasury bill yield and the leone, and every open tender in our records
