By Mustapha Ezekiel Dumbuya
The Dollar exchange rate has aversely increased in Sierra Leone as economic hardship is on the increase and this has made businesses in the country to go slow over the years.
Sahid Salim Kamara a business man from Goderich Street in Freetown told Public Review that the increase of the US dollar exchange to Leones’ rate is currently affecting their businesses and that the US dollar exchange rate is increasing every day.
Mr. Kamara added that they are losing almost five hundred and sixty thousand Leone (NLE 560) for every one hundred dollar ($100) they buy.
He explained that because one hundred dollar ($100) has cost them at the rate of one Million four hundred and sixty thousand old Leones (NLE160) and they are selling it at the cost of nine hundred thousand (900) Fran Guinee’ in our neighboring country Guinea.
“The increase in the dollar exchange rate started from 2020 and there is a differences of five hundred thousand Leones (Le500,000) for every one hundred US dollar ($100),” he said.
Mr. Kamara advised government to try hard as possible to control the increase of dollar exchange rate which is currently affecting their businesses.
“Business is too hard for us as I speak, especially when government refuses to stabilized the dollar exchange rate which has hindered our business” he said.
Alfred Kelley Conteh a synthetic businessman at Malama Tomas Street in Freetown intimated to this medium that as a senior businessman, he has no doubt as to why the US dollar to our Leones is on the increase,
Mr. Coteh explained that Sierra Leone exporting rate is very low that it is very difficult for investors to bring in dollars in the Country which will help to stabilized the economy,
“There is not enough companies that will invest or produce more goods which the country will export and bring more dollars in Sierra Leone” he said.
He continued to say that they as business people have suffered a lot especially the increase of transportation and the custom rate at the Guinea border.
He appeal to the government and the minister of trade to find ways on how they can able to stabilize the dollar exchange rate as it has disturbed their businesses.