A Nation Gone Wrong: Currency Redenomination Law and Regulatory Failure in Sierra Leone

This study critically examines Sierra Leone’s currency redenomination through a combined legal, regulatory, and socio-economic lens. Using a descriptive cross-sectional design, the study employed a digitally administered questionnaire to collect empirical data from a wider population; however, only 114 respondents were reachable and returned usable responses. These data were used to evaluate whether Sierra Leone’s currency redenomination reform has achieved its stated objectives of monetary stability, transactional efficiency, and the restoration of public confidence, as enunciated by the Bank of Sierra Leone. While it is justified that the Bank of Sierra Leone acted within its statutory mandate pursuant to the Bank of Sierra Leone Act of 2019 and other statutory instruments toward the redenomination of the Leones, substantive outcomes of the process remain contested. The data illustrate that high public awareness of the redenomination; however understanding and trust were limited; and 63% of the respondents deemed sensitization inadequate; and 51% expressed no trust in the process while 95% point out that the absence of coins, despite statutory provision for its circulation, creates transactional inefficiencies and price distortions during daily transactions. The findings further reveal the reform’s substantive shortfalls in economic impact, governance transparency, and implementation capacity. This is supported by comparative insights from other jurisdictions by underscoring that redenomination succeeds when embedded in broader macroeconomic reforms and supported by robust regulatory governance. However, the study is limited by its reliance on a relatively small, digitally accessed sample, which may not fully capture the experiences of unconnected or rural populations and therefore constrains the generalizability of the findings. The study concludes that Sierra Leone’s redenomination reflects progress in form but deficiency in substance; and therefore creates room for lessons for future monetary reforms in the country and other fragile economies; thereby recommending stronger parliamentary oversight, better public education, coin circulation, price monitoring, and integration with economic stability measures.