Sierra Leone’s domestic revenue saw a steep decline in July 2024, according to the latest Fiscal Report from the Accountant General’s Department. Total revenue for the month dropped to SLe 1.18 billion, a sharp reduction of SLe 481.63 million (29.1%) from June’s SLe 1.66 billion.
Key areas of decline included Income, Profits & Capital Gains Taxes, which plunged by 41.8% to SLe 373.41 million, and Goods and Services Tax (GST), which fell by 43.5% to SLe 161.42 million. Taxes on International Trade & Transport also dropped by 38% to SLe 138.4 million, while Customs and Excise Income declined 17.7% to SLe 79.58 million.
However, Other Non-Tax Revenue increased by 5.3% to SLe 298.06 million, providing a small positive note in an otherwise concerning trend.
Compared to previous months, July’s total revenue was significantly lower than both May’s SLe 1.36 billion and February’s peak of SLe 1.87 billion. The government faces challenges in addressing the causes of these declines, such as potential economic slowdowns, regulatory shifts, and changes in consumer behavior, while seeking more consistent revenue collection strategies to navigate future challenges
