Housing Finance in Sierra Leone
Overview
This profile is also available in French here.
To download a pdf version of the full 2020 Sierra Leone country profile, click here.
The Republic of Sierra Leone has a total population estimated at 7 650 154 in 2020. The capital city of Freetown has one of the highest population densities in the world with 8 450 people per km2, and a high proportion of informal settlements accounting for 35 percent of the city’s inhabitants. Sierra Leone has a fragile economy still recovering from a decade of civil war. The overall inflation rate was recorded at 15.47 percent in May 2020. While the unemployment rate remained at 4.3 percent in 2020, the job market remains fragile. The COVID-19 pandemic has adversely impacted economic activity, with economic growth rate projected to shrink by -3.1 percent in 2020 compared to the pre-COVID-19 projection of 4.1 percent growth.
Acute poverty associated with poor living conditions, overcrowding, and poor public policies in housing finance adversely affect the ability of poor people to earn
enough and afford decent housing. The major challenge is that construction companies and banks are reluctant to engage low income earners as they prefer to target high earners.
Although government programmes have opened a Housing Finance Scheme
through the HFC Bank, the housing built is high-end and out of the financial reach
of many. There is a housing gap of 464 051 houses. Land administration in Sierra Leone is complicated. There are two types of land tenure, colonial land or freehold land, and customary land or leasehold land. Foreigners cannot own land under either of these systems but can lease for up to 99 years. There is no land titling system to validate ownership, so lease rights are hard to secure. Furthermore, there is no orderly housing finance policy in Sierra Leone.
There is a crucial need for investment in housing in the form of upgrading or renovation of existing houses, construction of traditional and low-cost housing, and the building of conventional and luxury houses.
Find out more information on the housing finance sector of Sierra Leone, including key stakeholders, important policies and housing affordability:
- Macroecoomic Overview
- Access to Finance
- Affordability
- Housing Supply
- Property Markets
- Policy and Regulation
- Opportunities
- Availability of data on housing finance
- COVID-19 responses
- Additional sources
- Webistes
Each year, CAHF publishes its Housing Finance in Africa Yearbook. The profile above is from the 2020 edition, which has up-to-date profiles for 55 African countries.
Download yearbookSierra Leone
Macroecoomic Overview
The Republic of Sierra Leone has a total population estimated at 7 650 154 in 2020.[1] The urban population growth rate is 42.1 percent associated with a population density of 106 inhabitants per km2.[2] The capital city of Freetown has one of the highest population densities in the world with 8 450 people per km2, and a high proportion of informal settlements accounting for 35 percent of the city’s inhabitants. These are major challenges to preventive measures against the spread of COVID-19, as physical distancing and restrained movement may be difficult to practice in informal settlements.[3] Migration from rural to urban cities also puts pressure on authorities to address the housing crisis in the country. Freetown needs 280 000 housing units, or 19 000 houses a year by 2028.[4]
Sierra Leone has a fragile economy still recovering from a decade of civil war. The macroeconomy is mainly dependent on diamond production and has been unstable over the last few years. Its gross domestic product (GDP) is valued at Le42 993 116.254 (US$4.4 billion) with a GDP per capita estimated at Le5 442 538 (US$557).[5] The overall inflation rate was recorded at 15.47 percent in May 2020.[6] Government gross debt culminated at 65.4 percent of GDP.[7] According to World Bank development indicators, the lending interest rate in Sierra Leone was reported to be 17.92 percent in 2019.[8] While the unemployment rate remained at 4.3 percent in 2020, the job market remains fragile.[9]
The COVID-19 pandemic has adversely impacted economic activity, with economic growth rate projected to shrink by -3.1 percent in 2020 compared to the pre-COVID-19 projection of 4.1 percent growth.[10]
Since the onset of COVID-19, the Federation of the Urban and Rural Poor (FEDURP) and the Centre of Dialogue on Human Settlement and Poverty Alleviation (CODOHSAPA) have taken action to curb its spread.[11] However, the slums and informal settlements remain largely ignored by state institutions.[12] In April 2020, the federation put together a COVID-19 response plan aligned with the objectives of Sierra Leone Slum Dwellers International (SDI) Alliance for COVID-19.[13] This includes monitoring and advocacy activities at settlement and civil society level to minimise threats of eviction and counterproductive closures of essential informal services during periods of lockdown.[14] The COVID-19 response plan put together by FEDURP and CODOHSARA in collaboration with the Freetown City Council, which aligns with SDI’s objective to fight the pandemic, includes:
- Providing community owned and validated settlement profile; and
- Monitoring and advocacy of activities to minimise the threat of evictions.[15]
[1]Société Générale des Banques (2020). Presentation of Sierra Leone: Geography. Delivered June 2020. https://import-export.societegenerale.fr/en/country/sierra-leone/presentation-geography (Accessed 24 July 2020).
[2] Société Générale des Banques (2020). Presentation of Sierra Leone: Demography. Delivered June 2020. https://import-export.societegenerale.fr/en/country/sierra-leone/presentation-geography (Accessed 24 July 2020).
[3] ACAPS. (2020). Sierra Leone Covid-19 Outbreak. Delivered 2 April 2020. https://www.acaps.org/sites/acaps/files/products/files/20200409_acaps_start_fund_anticipatory_note_covid_sierra_leone.pdf (Accessed 24 July 2020).
[4] Home Leone. Housing. https://homeleone.org/impact/freetowns-housing-situation/ (Accessed 1 August 2020).
[5]Société Générale des Banques (2020). Presentation of Sierra Leone: Economy. Delivered June 2020 https://import-export.societegenerale.fr/en/country/sierra-leone/presentation-economy (Accessed 24 July 2020).
[6] Trading Economics. Sierra Leone Inflation Rate. https://tradingeconomics.com/sierra-leone/inflation-rate (Accessed 25July 2020).
[7] Société Générale des Banques (2020). Presentation of Sierra Leone: Economy. Delivered June 2020. https://import-export.societegenerale.fr/en/country/sierra-leone/presentation-economy (Accessed 24 July 2020).
[8]Trading Economics. Sierra Leone Unemployment Rate. https://tradingeconomics.com/sierra-leone/interest-rate (Accessed 25July 2020).
[9] Trading Economics. Sierra Leone Unemployment Rate. https://tradingeconomics.com/sierra-leone/unemployment-rate (Accessed 25July 2020).
[10] Bank of Sierra Leone (2020). Monetary Policy Statement 2020. 2 July 2020. http://www.bsl.gov.sl/Monetary%20Policy%20Statement.pdf (Accessed 26 July 2020). Pg.1
[11] SDI (2020). Sierra Leone SDI Alliance Response to Covid-19. 2 June 2020. http://knowyourcity.info/2020/06/sierra-leone-sdi-alliance-response-covid-19/ (Accessed 26 July 2020).
[12] SDI (2020). Sierra Leone SDI Alliance Response to Covid-19. 2 June 2020. (http://knowyourcity.info/2020/06/sierra-leone-sdi-alliance-response-covid-19/ (Accessed 26 July 2020).
[13] SDI (2020). Sierra Leone SDI Alliance Response to Covid-19. 2 June 2020. https://knowyourcity.info/2020/06/sierra-leone-sdi-alliance-response-covid-19/ (Accessed 26 July 2020).
[14] SDI (2020). Sierra Leone SDI Alliance Response to Covid-19. 2 June 2020. http://knowyourcity.info/2020/06/sierra-leone-sdi-alliance-response-covid-19/ (Accessed 26 July 2020).
[15] SDI (2020). Sierra Leone SDI Alliance Response to Covid-19. 2 June 2020. (http://knowyourcity.info/2020/06/sierra-leone-sdi-alliance-response-covid-19/ (Accessed 1 August 2020).
Access to Finance
Despite the government’s commitment to narrow the gap between banks’ credit supply and households’ demand for loans in the housing industry, the financial sector remains difficult to access for Sierra Leoneans. As of 2018, the banking industry and non-banking sector include 14 commercial banks, 17 community banks, 11 insurance companies, 68 exchange bureaus, 25 credit only microfinance institutions, 95 financial service associations, and two mobile financial service providers in the country among other financial service providers.[1]
The financial sector is dominated by commercial banks with a share of Le8.5 trillion, accounting for 24.4 percent of GDP.[2] The microfinance industry expanded in 2018, becoming a major financial service provider of funds for low income earners. This was mainly the result of government efforts to promote financial inclusion as a tool to promote growth and long-term investments to boost the housing development and finance industry.
Despite a larger geographical presence of microfinance institutions in comparison to commercial banks, use of personal loans to cover housing demand is limited. There are no data on special policy measures by the government to improve housing conditions for the poor during the COVID-19 pandemic. However, the Monetary Policy Committee (MPC) of the Bank of Sierra Leone (BSL) decided to keep the monetary
policy rate unchanged at 15 percent in July 2020 because of an increasing outlook of inflation.[1] Because of the lockdown imposed by the government, prices for food and other essential commodities have been the sources of inflation pressure in Sierra Leone.[2]
The economic downturn resulting from the pandemic continues to constrain credit growth in Sierra Leone and the MPC expects that this credit shortening will be moderated by the BSL Special Credit Facility of Le500 billion to support specific activities such as production and distribution of essential commodities.[3] This facility does not mention the housing finance sector. In the meantime, the interest rate remains high, with potential adverse implications for investments.[4] The fiscal deficit has worsened because of increased government spending against the pandemic.[5]
In summary, the banking sector remains relatively stable according to BSL. This is illustrated by the improvement in all key Financial Soundness Indicators (except the non-performing loan ratio of 12.2 percent, above the required prudential limit of 10 percent).[6]
[1] Bank of Sierra Leone (2020). Monetary Policy Statement 2020. 2 July 2020. http://www.bsl.gov.sl/Monetary%20Policy%20Statement.pdf (Accessed 26 July 2020).
[2] Bank of Sierra Leone (2020). Monetary Policy Statement 2020. 2 July 2020. Pg.1. http://www.bsl.gov.sl/Monetary%20Policy%20Statement.pdf (Accessed 26 July 2020).
[3] Bank of Sierra Leone (2020). Monetary Policy Statement 2020. 19 March 2020. http://www.bsl.gov.sl/Rules_for%20_Administering_the_Bank_of_Sierra_Leone’s_Special_%20Credit_%20Facility_for_the_%20COVID-19_Pandemic.pdf (Accessed 26 July 2020). Pg. 1
[4] Bank of Sierra Leone (2020). Monetary Policy Statement 2020. 2 July 2020. http://www.bsl.gov.sl/Monetary%20Policy%20Statement.pdf (Accessed 26 July 2020).
[5]Bank of Sierra Leone (2020). Monetary Policy Statement 2020. 2 July 2020. Pg. 2 http://www.bsl.gov.sl/Monetary%20Policy%20Statement.pdf (Accessed 26 July 2020).
[6] Bank of Sierra Leone (2020). Monetary Policy Statement 2020. 2 July 2020. http://www.bsl.gov.sl/FSR_2018.pdf (Accessed 26 July 2020). Pg. 10.
[1] Bank of Sierra Leone (2020). 2018/20 Financial Service Report. http://www.bsl.gov.sl/FSR 2018.pdf (Accessed 25 July 2020). Pg. 13.
[2] Bank of Sierra Leone (2020). 2018/20 Financial Service Report. http://www.bsl.gov.sl/FSR 2018.pdf (Accessed 25 July 2020). Pg. 31
Affordability
Acute poverty associated with poor living conditions, overcrowding, and poor public policies in housing finance adversely affect the ability of poor people to earn enough and afford decent housing. The prevailing political and economic uncertainty combined with the pandemic make it difficult for banks to provide funding to low income households to purchase or rent affordable houses. A large majority of Sierra Leoneans therefore cannot afford decent housing.
The high cost of housing limits access to decent housing for low income earners. Experts estimate the cost of building a three-bedroom house at between Le146.6 million (US$15 000) and Le439 740 000 (US$45 000).[1] A typical bungalow with five rooms, built on 1.39 town lots in Wellington in Freetown is priced at Le1.5 billion (US$140 000). A four-bedroom bungalow built on two town lots, located off Airport Ferry Road in Freetown is estimated at Le1.8 billion (US$180 000).[2] Sierra Leone Property Solutions provided different property prices on its website, with the cheapest price of a two-storey building constructed on 1.1 town lot estimated at Le928 260 465 (US$95 000).
The major challenge is that construction companies and banks are reluctant to engage low income earners as they prefer to target high earners.[1]
[1] The Herald (2019). Construction firms join forces. 2 July 2019. https://www.herald.co.zw/construction-firms-join-forces/ (Accessed 1 August 2020).
[2] Sierra Leone Property Solutions. Properties for sale. https://www.sierraleonepropertysolutions.com/properties-for-sale/ (Accessed 26 July 2020).
Housing Supply
Sierra Leone faces challenges in providing decent affordable housing for the poor. Although government programmes have opened a Housing Finance Scheme through the HFC Bank, the housing built is high-end and out of the financial reach of many. This scheme is based in part on a “city-competitive” model to make Freetown look like other modern cities.[1]
In the absence of long-term public policies, poor people continue to produce poor quality houses nationwide. The 2015 Population and Housing Census analysed housing conditions of the population and revealed that the total stock of houses in the country was 801 417 and that there are 1 265 468 households.[2] This indicates a housing gap of 464 051 houses.
The rebels’ invasion in 1999 in Sierra Leone completely decimated approximately 5 932 homes with major destruction in the country. National statistics estimate that almost 300 000 homes were destroyed by 2001.[3] As a result, housing supply continues to be a major challenge for the Sierra Leonean government. To meet these challenges, the Deputy Minister for Lands, Housing and the Environment led an investment mission to Zimbabwe in July 2019 to finalise a housing deal with a local developer, Enhanced Mortgaging and Housing Africa (EMHA).[4] A Memorandum of Understanding was signed between EMHA and the Sierra Leone Housing Corporation (SALHOC) in February 2020 in Freetown. According to the deal, the two parties will work together under the Housing Development Partnership to construct more than 100 000 social houses in both countries.[5] This project is expected to kick off with the initial phase of constructing at least 50 000 accommodations in five years.[6] In addition, in August 2019, the Mayor of Freetown announced that Sierra Leone was set to begin the construction of 5 000 housing units in Freetown as part of an affordable housing project to ease the plight of city dwellers in uncongenial habitations and poor housing
conditions.[1] Despite these efforts, the list of homeseekers continues to grow each year because of the increased costs of purchasing a piece of land.
While older two-storey wooden houses have been replaced by structures built using concrete blocks with corrugated iron roofing in Freetown, village houses are traditionally made of sticks with mud walls and thatch or grass roofing.[2]
[1] Oni, Y. (2019). Sierra Leone to commence construction of 5 000 affordable housing units 16 August 2019. Construction Review Online By Africa for Africa. https://constructionreviewonline.com/2019/08/sierra-leone-to-commence-construction-of-5000-affordable-housing-units/ (Accessed 31 July 2020).
[2] Oni, Y. (2019). Sierra Leone to commence construction of 5 000 affordable housing units 16 August 2019. Construction Review Online By Africa for Africa. https://constructionreviewonline.com/2019/08/sierra-leone-to-commence-construction-of-5000-affordable-housing-units/ (Accessed 31 July 2020).
[1] Urban Gateway. A New Kind of Private-Public Partnership for Housing in Sierra Leone (2020). https://www.urbangateway.org/dialogue/new-kind-private-public-partnership-housing-sierra-leone (Accessed 28 July 2020).
[2]Statistics Sierra Leone (2017). Sierra Leone 2015 Population and Housing Census: Thematic Report on Housing Conditions. October 2017. https://www.statistics.sl/images/StatisticsSL/Documents/Census/2015/sl_2015_phc_thematic_report_on_housing_conditions.pdf (Accessed 31 July 2020). Pg. 11.
[3] Oni, Y. (2019). Sierra Leone to commence construction of 5 000 affordable housing units 16 August 2019. Construction Review Online By Africa for Africa. https://constructionreviewonline.com/2019/08/sierra-leone-to-commence-construction-of-5000-affordable-housing-units/ (Accessed 31 July 2020).
[4] The Herald (2019). Construction firms join forces. 2 July 2019. https://www.herald.co.zw/construction-firms-join-forces/ (Accessed 1 August 2020).
[5] The Herald (2019). Construction firms join forces. 2 July 2019. https://www.herald.co.zw/construction-firms-join-forces/ (Accessed 1 August 2020).
[6] The Herald (2019). Construction firms join forces. 2 July 2019. https://www.herald.co.zw/construction-firms-join-forces/ (Accessed 1 August 2020).
Property Markets
Land administration in Sierra Leone is complicated. There are two types of land tenure, colonial land or freehold land, and customary land or leasehold land. Foreigners cannot own land under either of these systems but can lease for up to 99 years. There is no land titling system to validate ownership, so lease rights are hard to secure.[1] In the World Bank 2020 Doing Business indicators, Sierra Leone is ranked 163 out of 190 countries. It takes 56 days to register a property while it takes 51.6 days in Sub-Saharan African countries. The cost of registering property is 10.6 percent of the property value in Sierra Leone compared to 7.3 percent in Sub-Saharan African countries.[2]
On average, land prices vary in relation to land size and locations. A typical town lot (piece of urban land upon which housing can be built) in Freetown is 3750 square feet (348 m2). A land size of six town lots is priced at Le107.5 million (US$11 000).[3] The least expensive land for sale, located at Juba Hill is priced at Le117.3 million (US$12 000) per town lot.[4]
[1] Global Property Guide (2007). Sierra Leone: Overview. https://www.globalpropertyguide.com/Africa/Sierra-Leone (Accessed 26 July 2020).
[2] World Bank Doing Business. Ease of Doing Business in Sierra Leone (2020) https://www.doingbusiness.org/en/data/exploreeconomies/sierra-leone#DB_rp (Accessed 26 July 2020).
[3] Sierra Leone Property Solutions. Properties for sale. https://www.sierraleonepropertysolutions.com/properties-for-sale/ (Accessed 26 July 2020).
[4] Sierra Leone Property Solutions. Properties for sale. https://www.sierraleonepropertysolutions.com/properties-for-sale/ (Accessed 26 July 2020).
Policy and Regulation
There is no orderly housing finance policy in Sierra Leone. The Sierra Leonean legislation governing housing issues is weak. In Sierra post-conflict, there have not been major reforms in the housing industry and the legislative framework is outdated. However, the fast rate of urban population growth in Sierra Leone is putting pressure on government to undertake housing policy reforms. The 1960 Freetown Improvement Cap 66 was promulgated to control building construction in Freetown. In 1982, the Government of Sierra Leone (GoSL) established SALHOC to promote housing access in the country. It was expected that SALHOC could produce at least 6 500 houses for sale, lease and develop building materials, and establish training centres.[1]
Established before the 1990s, Sierra Leone land rights include the Non-Citizens (Registration, Immigration and Expulsion) Act of 1965, the The Protectorate Land Ordinance of 1927, the Imperial Statutes Act, the Town and Country Planning (Amendment) Act No. 3 of 2001 and the Summary Ejectment Act No.6 of 2006.[1] Land is classified as state, private or communal. However, most land is governed by customary tenure in a chieftaincy system with chiefs as custodians.[2] The Local Government Act No. 1 of 2004 gives local councils the right to acquire and hold land. The 2005 National Land Policy of 2005 promotes equal opportunity to protect property and preserve the existing rights of private ownership.[3]
The increase in epidemics combined with rapid urbanisation is set to exert enormous pressure on city authorities to provide more land for housing.[4] The Sierra Leone housing finance market is not dynamic.[5] As a result of the population density growth, the number of persons per room has increased throughout the country. Successive governments have tried to tackle this. Like Ghana, the GoSL has used retirement funds to invest in housing.[6] The National Security and Insurance Trust has also channeled money into home financing and supports the Home Finance Company to provide mortgage funds for poor people.
[1] USAID (2010). Country Profile. Property Rights and Resource Governance Sierra Leone. https://www.land-links.org/wp-content/uploads/2016/09/USAID_Land_Tenure_Sierra_Leone_Profile.pdf (Accessed 28 July 2020). Pg. 5
[2] USAID (2010). Country Profile. Property Rights and Resource Governance Sierra Leone. https://www.land-links.org/wp-content/uploads/2016/09/USAID_Land_Tenure_Sierra_Leone_Profile.pdf (Accessed 28 July 2020). Pg. 6.
[3] USAID (2010). Country Profile. Property Rights and Resource Governance Sierra Leone. https://www.land-links.org/wp-content/uploads/2016/09/USAID_Land_Tenure_Sierra_Leone_Profile.pdf (Accessed 28 July 2020).
[4] Macarthy, J. and Yusuf, Y. (2020), Sierra Leone Urban Research Centre. Supporting informal settlements and the specific needs and risks to consider in relation to COVID-19: Lessons from the Ebola outbreak in Freetown, Sierra Leone. Sierra Leone Urban Research Centre. https://www.slurc.org/uploads/1/0/9/7/109761391/slurc_policy_brief_covid19_informal_settlements.pdf (Accessed 28 July 2020).
[5] Urban Gateway. A New Kind of Private-Public Partnership for Housing in Sierra Leone. https://www.urbangateway.org/dialogue/new-kind-private-public-partnership-housing-sierra-leone (Accessed 28 July 2020).
[6] Urban Gateway. A New Kind of Private-Public Partnership for Housing in Sierra Leone. https://www.urbangateway.org/dialogue/new-kind-private-public-partnership-housing-sierra-leone (Accessed 28 July 2020). Pg. 1.
Opportunities
Housing Investment offers major investment opportunities that can boost GDP if the GoSL can develop an adequate policy tool to drive foreign and domestic investments in the housing industry in Sierra Leone.
Despite economic gains in the last decade, Sierra Leone struggles to provide basic needs such as housing. There is a crucial need for investment in housing in the form of upgrading or renovation of existing houses, construction of traditional and low-cost housing, and the building of conventional and luxury houses.[1] The GoSL therefore encourages investors to get involved in housing development in the country. The delivery of housing for the vulnerable is under the authority of SALHOC. To tackle the problem and make
cities and human settlements inclusive, safe, resilient and sustainable, SALHOC encourages smart spending on low-cost housing.[1]
The GoSL should create incentives to renovate and construct new houses.[2] The GoSL should also use tax credits to encourage a broader range of investors to build houses for sale and private rental at affordable costs.[3]
The cost of land is prohibitive and the GoSL and local councils are trying to remove unnecessary regulations in land acquisition and provide finance for projects.[4]
[1] Kargbo, R.A. (2017). Reducing poverty: The Role of Housing in Sierra Leone-2017. https://fr.slideshare.net/RashidOrtoleKargbo/reducing-poverty-the-role-of-housing-in-sierra-leone-74373581 (Accessed 1 August 2020). Pgs. 2-4.
[2] Kargbo, R.A. (2017). Reducing poverty: The Role of Housing in Sierra Leone-2017. https://fr.slideshare.net/RashidOrtoleKargbo/reducing-poverty-the-role-of-housing-in-sierra-leone-74373581 (Accessed 1 August 2020). Pgs. 2-4.
[3] Kargbo, R.A. (2017). Reducing poverty: The Role of Housing in Sierra Leone-2017. https://fr.slideshare.net/RashidOrtoleKargbo/reducing-poverty-the-role-of-housing-in-sierra-leone-74373581 (Accessed 1 August 2020). Pgs. 2-4.
[4] Kargbo, R.A. (2017). Reducing poverty: The Role of Housing in Sierra Leone-2017. https://fr.slideshare.net/RashidOrtoleKargbo/reducing-poverty-the-role-of-housing-in-sierra-leone-74373581 (Accessed 1 August 2020). Pgs. 2-4.
Availability of data on housing finance
Data collection and data availability in housing development and finance is fraught with difficulties in Sierra Leone. This makes it impossible for investors and decision-making authorities to provide a stock of housing for the most vulnerable people. The following institutions are the major sources for data in Sierra Leone:
The Bank of Sierra Leone, responsible for the monetary policy, populates data on credit and interest rate, supervises and stimulates the banking system to loan out money to the people. However, specific data on mortgage and mortgage rate in the housing sector is not available.
Commerce and Mortgage Bank, and First Bank Sierra Leone also collect data associated with home loan mortgage finance, but this data is not disaggregated and is kept confidential by these financial institutions.
Sierra Leone Property Solutions and Global Property Guide records data on properties and sale. Most of the data can be found on these entities’ websites.
Urban Gateway and Construction Review registers data on public private partnerships in the housing sector and addresses the housing backlog in the country.
Sierra Leone Urban Research Centre records data associated with informal settlements during the period of COVID-19 pandemic.
COVID-19 responses
The COVID-19 pandemic was confirmed to have reached Sierra Leone on 31 May 2020. By the end of April, 124 people had tested positive and seven had died. The government announced a three-day lockdown on 5 April, and subsequently, additional measures were imposed. On 3 May, another lockdown was announced.[1]
The BSL did not use an expansionary monetary policy to reduce borrower’s costs during the pandemic, because of fear of inflationary pressure that could further disrupt the economic variables.[2] In the absence of public policy towards a moratorium on evictions, FEDURP and Freetown Municipality put together a strategy to prevent and quell the spread of the virus. They engaged in monitoring and advocacy activities at settlement and city levels to minimise threat of evictions and counterproductive closures of essential informal services during the lockdown.[3]
Because of the health emergency and planners’ limited understanding of the fluidity of informal settlements, the preventive measures prescribed by the government did not consider the key challenges faced by the residents of these settlements.[4] The mayor engaged with informal communities to understand their day-to-day constraints. As a result, the mayor considers informal settlement upgrading and relocation as a potential solution.[5]
[1] Cham, K. (2020). Sierra Leone: Country to go into Second Lockdown as COVID-19 spirals. 2 May 2020. Daily Motion. https://allafrica.com/stories/202005040237.html (Accessed 29 July 2020).
[2] Bank of Sierra Leone (2020). Monetary Policy Statement 2020. 2 July 2020. http://www.bsl.gov.sl/Monetary%20Policy%20Statement.pdf (Accessed 29 July 2020).
[3]Know Your City (2020). Sierra Leone SDI Alliance Response to COVID-2019. 4 June 2020. http://knowyourcity.info/2020/06/sierra-leone-sdi-alliance-response-covid-19/ (Accessed 31 July 2020)
[4] Know Your City (2020. Sierra Leone SDI Alliance Response to COVID-2019. 4 June 2020. http://knowyourcity.info/2020/06/sierra-leone-sdi-alliance-response-covid-19/ (Accessed 31 July 2020)
[5] Know Your City (2020). Sierra Leone SDI Alliance Response to COVID-2019. 4 June 2020. http://knowyourcity.info/2020/06/sierra-leone-sdi-alliance-response-covid-19/ (Accessed 31 July 2020)
Additional sources
Zenith Bank https://www.zenithbank.com.sl/corporate-banking/investment-loans/
Airbnb https://www.airbnb.com/sierra-leone/stays
Global Property Solutions https://www.globalpropertyguide.com/Africa/Sierra-Leone/squaremeter-prices
Webistes
Société Générale des Banques www.import-export.societegenerale.fr
ACAPS Sierra Leone www.acaps.org
Trading Economics www.tradingeconomics.com
International Monetary Fund www.imf.org
Sierra Leone Access Bank www.sierraleone.accessbankplc.com
Bank of Sierra Leone www.bsl.gov.sl
Know Your City www.knowyourcity.info
