Prince Jacob Macauley Calls for Stronger World Bank, IMF Support to Boost Revenue and Create Jobs

By Staff Writer

Sierra Leonean economist Prince Jacob Macauley has called on the World Bank Group, the International Monetary Fund (IMF) and other development partners to provide stronger financial and technical support to Sierra Leone to boost domestic revenue, ease debt-servicing pressures, create jobs and restore economic stability.

In a statement titled “Global Support for Sierra Leone: Strengthening Domestic Revenue, Restoring Economic Stability, Creating Jobs, and Building a Resilient Sierra Leone,” Macauley outlined a series of proposals aimed at strengthening the country’s public finances, expanding productive investment and improving the living standards of Sierra Leoneans.

He argued that although efforts to stabilise the economy have recorded progress, the country continues to face significant challenges, including limited domestic revenue, high debt-servicing obligations, infrastructure deficits, high business costs and vulnerability to global economic shocks.

According to Macauley, these challenges constrain the government’s ability to invest adequately in critical sectors such as education, healthcare, agriculture, energy, water and employment.

He stressed the need for sustained international cooperation to help Sierra Leone mobilise sufficient domestic resources to finance its development priorities while protecting low-income households and other vulnerable groups.

Calls for Stronger Domestic Revenue Mobilisation

Macauley identified domestic revenue mobilisation as one of Sierra Leone’s most urgent priorities, calling for international assistance to strengthen tax administration and improve the collection of revenue owed to the state.

He recommended modernising tax administration through digital systems, electronic invoicing and improved taxpayer registration, alongside measures to tackle tax evasion, customs leakages, illicit financial flows and the misuse of tax exemptions.

He also called for improved revenue collection from mining, fisheries, telecommunications, property and other productive sectors.

Macauley further emphasised the importance of transparency and accountability in mining contracts, royalties, licences and other natural-resource revenues.

He said strengthening the institutional capacity of the National Revenue Authority and other relevant public institutions would help Sierra Leone collect revenue more effectively without imposing excessive burdens on ordinary citizens, small businesses, farmers and low-income households.

Debt Sustainability and Affordable Development Financing

The economist also raised concerns about the pressure of debt-servicing obligations on the government’s ability to finance essential public services and development projects.

He urged the World Bank, IMF and bilateral development partners to expand access to grants and highly concessional financing with longer repayment periods.

He also advocated prudent debt management, greater transparency in public borrowing and constructive engagement with creditors where debt-service obligations threaten fiscal sustainability.

Macauley proposed exploring debt-for-development and debt-for-climate arrangements where they could deliver measurable financial and developmental benefits.

He maintained that development financing should expand Sierra Leone’s productive capacity rather than merely postpone existing fiscal pressures.

He further stressed the need for predictable and timely disbursement of agreed development assistance, backed by transparent implementation and effective accountability mechanisms.

Six Priority Areas for International Support

Macauley identified six strategic sectors where stronger support from international financial institutions and development partners could accelerate Sierra Leone’s economic transformation.

1. Agriculture and Food Security

He called for increased investment in irrigation, improved seeds, agricultural mechanisation, storage facilities, rural roads, extension services and agro-processing.

Such investments, he argued, would help increase farmers’ incomes, reduce dependence on food imports, improve food security and expand agricultural exports.

2. Energy and Infrastructure

Macauley urged development partners to support reliable and affordable electricity, renewable energy, electricity transmission and distribution, transport infrastructure and access to clean water.

He noted that high energy and logistics costs continue to undermine business productivity and economic competitiveness.

3. Youth Employment and Private-Sector Development

He advocated improved access to finance for small and medium-sized enterprises, expanded vocational and technical training, support for digital entrepreneurship and increased investment in labour-intensive industries.

He stressed that creating meaningful economic opportunities for young people should remain central to Sierra Leone’s development agenda.

4. Education and Healthcare

Macauley called for the protection of essential public spending on schools, teachers, healthcare facilities, essential medicines, maternal health, nutrition and skills development.

He warned that economic adjustment measures should not undermine the services and opportunities needed to secure the future of the country’s younger generations.

5. Mining Governance and Economic Diversification

He urged Sierra Leone to secure greater value from its mineral resources through transparent contracts, stronger environmental safeguards, increased local employment and domestic value addition.

He also stressed the importance of diversifying the economy to reduce excessive dependence on a narrow range of commodities.

6. Climate Resilience and Disaster Preparedness

Macauley called for increased access to concessional climate financing to support flood protection, coastal defences, resilient infrastructure, climate-smart agriculture and improved disaster-risk management.

He argued that investments in climate resilience would help protect communities, infrastructure and economic activities from environmental shocks.

Proposes Fiscal Recovery and Economic Transformation Framework

To coordinate these efforts, Macauley proposed the establishment of a fiscal recovery and economic transformation framework involving the Government of Sierra Leone, the World Bank Group, the IMF and other development partners.

The proposed framework would establish measurable targets for improving domestic revenue collection, strengthening tax compliance and reviewing tax exemptions, public expenditure, procurement practices and government arrears.

It would also prioritise essential social spending, targeted assistance for vulnerable households and increased concessional financing for agriculture, energy, infrastructure, healthcare and education.

Other recommendations include strengthening public financial management, improving independent oversight and publishing regular progress reports.

Macauley said the framework should be assessed against clear performance indicators, including revenue mobilisation, job creation, private investment, food production and improvements in essential public services.

He emphasised that international support should reflect Sierra Leone’s institutional capacity and development needs while balancing fiscal discipline with productive investment and improvements in living standards.

Emphasises Accountability and National Responsibility

While calling for stronger international support, Macauley acknowledged that Sierra Leone must also take responsibility for improving governance and the management of public resources.

He advocated stronger anti-corruption measures, improved public procurement, reduced waste, transparent fiscal reporting and greater accountability in the use of public funds.

However, he argued that countries with narrow revenue bases and substantial development needs cannot meet all their obligations through domestic taxation and expenditure cuts alone.

He therefore urged development partners to provide predictable financing, technical expertise and institutional support while helping create opportunities for private investment and trade.

According to him, the ultimate objective should be to enable Sierra Leone to strengthen its capacity to finance its own priorities, expand productive sectors, create decent jobs and improve the welfare of its citizens.

Three Immediate Priorities for the World Bank and IMF

Macauley outlined three immediate areas in which he believes the World Bank and IMF should strengthen their engagement with Sierra Leone.

The first is fiscal capacity, through targeted assistance to improve domestic revenue mobilisation, public financial management and the effective use of public resources.

The second is development financing, with increased access to grants and affordable long-term funding for projects that promote productivity, resilience and employment.

The third is people-centred economic reform, ensuring that macroeconomic stabilisation is accompanied by protection for essential public services, targeted social assistance and greater opportunities for young people and small businesses.

He also encouraged the World Bank and IMF to work closely with Sierra Leonean institutions to develop a transparent financing and reform roadmap with clearly defined milestones and regular public reporting.

Calls for Practical Results from International Partnerships

Macauley stressed that Sierra Leone should not be defined solely by its fiscal challenges, but also by its human capital, agricultural potential, mineral wealth, entrepreneurial spirit and opportunities for sustainable economic growth.

He argued that the success of international partnerships should be measured not simply by the number of programmes approved or the amount of financing announced, but by their impact on revenue collection, debt sustainability, productive investment, job creation and citizens’ living standards.

He called for renewed commitment to practical solutions that strengthen public finances, make development funding more affordable, improve infrastructure, promote accountable institutions and create meaningful opportunities for young people.

Macauley’s proposals centre on the need for international support that helps transform economic vulnerability into productive capacity, natural-resource wealth into shared prosperity, and international solidarity into measurable improvements in the lives of Sierra Leoneans.