In previous episodes, we mentioned  how the United States Development Finance Corporation (DFC) issued more than US$500 million in debts between 2019 and 2023 to the Maada Bio regime through unscrutinized and non-transparent infrastructure and service related contracts awarded to shell companies registered and operating out of Lebanon, Turkey, United Arab Emirates, South Africa, Kenya, and elsewhere.

These non-transparent loan agreements include US$150 million to the Summa Group for the expansion of the Freetown airport, US$217 million to Milele Energy and TCQ Power for the supply of electricity to Freetown residents, and a US$100 million to Africell for mobile telecommunication services. These US-funded debts, in addition to about US$172.1 million extended credit facility from the International Monetary Fund (IMF) also issued in the last five years, have worsened Sierra Leone’s sovereign debt crisis.

In this episode, we assess how these non-transparent foreign debts and corruptly awarded international contracts lead to higher taxes and youth unemployment, and how the national debt burden undermines economic prosperity and contributes to drug abuse and worsening standards of living for regular citizens in Sierra Leone.

We also continue to highlight the role of Ernest Bai Koroma and Julius Maada Bio in these corrupt corporate agreements, and how the All Peoples Congress (APC) and Sierra Leone Peoples Party (SLPP) serve as proxies for British financed companies and United States-backed corporations exploiting Sierra Leone.

This episode is part of the VOICE FROM EXILE commentary series of the Africanist Press.