The leone, denoted by SLL, is the official currency of Sierra Leone, a country on the West African coast. One leone is further divided into 100 cents, which only comes in denominations of 100 and 50. A floating exchange rate regime began in June 1986 in order to correct a constant over-valuation of the leone.
Sovereign Ratings for Sierra Leone
Sierra Leone is not rated.
What does it look like?
Sierra Leone is a republic containing an executive president and a multi-party system of government. The President is limited to two five-year terms and is elected by the people. The President appoints the Ministers of State along with the approval by the House of Representatives. The legislative branch is made up of a unicameral Parliament containing 124 seats; 112 are elected by popular vote, while the other 12 are filled by paramount chiefs who are elected in separate elections (all members serve five-year terms). The judicial branch consists of a Supreme Court, Court of Appeal, and a High Court. The President appoints the judges taking into account the advice of the Judicial and Legal Service Commission and with the approval of the Parliament.
Chief of State President Ernest Bai KOROMA (since 17 September 2007); note - the president is both the chief of state and head of government
Head of Government President Ernest Bai KOROMA (since 17 September 2007)
Cabinet Ministers of State appointed by the president with the approval of the House of Representatives; the cabinet is responsible to the president
Elections president elected by popular vote for a five-year term (eligible for a second term); election last held on 11 August 2007 and 8 September 2007 (next to be held in 2012)
Election Results second round results; percent of vote - Ernest Bai KOROMA 54.6%, Solomon BEREWA 45.4%
Key Economic Factors
The African nation of Sierra Leone is exceptionally poor and contains a great amount of inequality in income distribution. Although it has considerable mineral, agricultural and fishery resources, its economic development is slow due to underdeveloped economic and social infrastructure and severe social disorders. Subsistence agriculture employs about two-thirds of the workforce. The main source of hard currency earnings continues to be diamond mining. Sierra Leone's future relies on upholding domestic peace as well as persistent foreign aid, which is needed to help the severe trade imbalance and add to government revenues.
Diamonds mining, small-scale manufacturing (beverages, textiles, cigarettes, footwear), petroleum refining and small commercial ship repair.
Rice, coffee, cocoa, palm kernels, palm oil, peanuts, poultry, cattle, sheep, pigs and fish.
Major Trading Partners:
Belgium, Germany, UK and the US.
Diamonds, rutile, cocoa, coffee and fish.
Foodstuffs, machinery and equipment, fuels and lubricants and chemicals.