Look at were Sierra Leone Currency Ranks at the World’s Most Depreciated Currencies

According to the currency watchlist by Steve H. Hanke at Johns Hopkins University, the legal tender of Sierra Leone, the Leone, has now become the fifth most depreciated currency. Since January 1, 2022, it has lost -53.41% of its value against the US Dollar. Other currencies that have suffered greater depreciation than the Leones include the Zimbabwean Dollar, Venezuelan Bolivar, Lebanese Pound, and Cuban Peso.

A number of African currencies have also plummeted in value against the US Dollar, including the Egyptian Pound, Ghanaian Cedi, Malawian Kwacha, Nigerian Naira, and South Sudanese Pound. Despite acknowledging the underperformance of the legal tender, the previous Governor of Sierra Leone's Central Bank, Professor Kabineh Kallon, failed to halt the currency's devaluation, and basic commodity prices continue to soar in the local market.

Inflation in Sierra Leone has been fueled by several foreign dynamics, according to the Acting Bank Governor, Stevens. The country recently saw a rise in flour prices, leading to an increase in the cost of the nation's second staple food, bread.

Sierra Leone is set to hold a multi-tier election on June 24, and experts believe that the economy will be a top priority for many voters.