Reflections on 60 Years of Sierra Leoneâs independence
2 hours ago |
By Alhaji U. Nâjai
On April 27th, 2021, Sierra Leone as a nation turns 60. Celebrations across the country to mark Independence Day have become a usual tradition. There is nothing bad with fellow Sierra Leoneans celebrating Independence. After all, our colonial era began with the British Crown Colony establishment in 1808 and annexation of the entire country through establishment of a British Protectorate in 1896. Colonial era was a period of harsh, crude, and inhuman de-culturation of our people. All forms of resistance including Bai Bureh and many others were met and crushed with heavy force. So, in 1961, Sierra Leone gained independence, thanks in part to our deadly mosquitoes that made it unbearable for the British, and in part to the steadfast endeavors of our many ancestorâs nationalists from across the country, who organized themselves under the Sierra Leone Peopleâs Party (SLPP). T
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Are we on the cusp of an emerging market debt crisis?
Cornelia Meyer
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In November, the Institute of International Finance (IIF) came out with some chilling numbers: The global level of indebtedness rose by a staggering $15 trillion due to the cost the pandemic had inflicted on the global economy. The IIF expects global debt to exceed $277 trillion in 2020 or 365 percent of global gross domestic product (GDP). The 320 percent of global GDP it represented in 2019 already constituted a mountain of debt.
The situation looks particularly grim for emerging markets, where debt to GDP will reach 250 percent this year. While this might look like less compared to global standards, many of these countries do not have the financial wherewithal to sustain this debt, as an ever-growing part of their budgets and national incomes must go toward servicing this debt.