Sierra+Leone+Economics

Sierra Leone Economics Many people think "Diamonds" as soon as they hear "Sierra Leone." While the association is an accurate one, the economy is much more complex than that. Below is some information that outlines some of the reasons Sierra Leone has struggled economically. Check out the HISTORY page for more info on why this might be so. This is an image of a diamond miner holding a precious find in Sierra Leone. Image from [|Uniosil]
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- The currency is Sierra Leone is called the Leone, and was introduced in 1964 when it replaced the British pound.

-One U.S. Dollar would equal about 4354.4751 Sierra Leonean Leone at this time! The above information is from [|Iraqi Dinar] and [|Wikipedia.]

-Rich in minerals, Sierra Leone has relied on the mining sector in general, and diamonds in particular, for its economic base.

-Sierra Leone is a major producer of gem-quality diamonds.

-Chronic electricity shortages have hampered Sierra Leone’s development and recovery from the country’s civil war.

-Much of Sierra Leone’s formal economy was destroyed in the civil war.

-Besides mineral deposits, Sierra Leone has sizeable marine and timber resources. Both sectors are threatened by limited management and overexploitation.

<span style="color: #252525; font-family: Arial,Helvetica,sans-serif; font-size: 130%; line-height: 20px;">-About two-thirds of the population engages in subsistence agriculture, which accounts for 49% of national income. The government is trying to increase food and cash crop production and upgrade small farmer skills.

<span style="color: #252525; font-family: Arial,Helvetica,sans-serif; font-size: 17px; line-height: 20px;">-In October 2000, a UN-approved export certification system for exporting diamonds from Sierra Leone was put into place that led to a dramatic increase in legal exports.

<span style="color: #252525; font-family: Arial,Helvetica,sans-serif; font-size: 17px; line-height: 20px;">-Sierra Leone must depend on donations from outside economies to survive. Corruption in the government and abuse of power and resource is a major issue that still plagues the country. <span style="color: #252525; font-family: 'Lucida Grande',Arial,Verdana,sans-serif; font-size: 12px; line-height: 20px;">The above information is from the [|U.S. Department of State]

<span style="color: #0000ff; font-family: 'Arial Black',Gadget,sans-serif; font-size: 20px; line-height: 20px;">Below is a graph from the [|World Bank] that depicts Sierra Leone's GNP over time. <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">As you can tell from the above information, the people of Sierra Leone struggle economically. In fact, families must survive on the average income of only $220 US dollars per person! <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">The above information is from [|World Vision].