Economy in Sierra Leone
The Sierra Leone civil war destroyed the national economy, making it one of the poorest countries in the world. The civil war that ravaged the small west African nation from 1991-2002 was the impetus for a huge displacement of people within Sierra Leone, leading to a downturn in the economy that left almost 75% of the population living in extreme poverty.

Sierra Leone’s main export is diamonds. Diamonds have created a significant wealth gap in Sierra Leone that has benefited the rich and paralyzed the poor for decades. The country’s dependence on this single mineral resource impedes economic growth. In order for Sierra Leone to lift itself out of abject poverty, the economy must diversify. Economic diversification is exceptionally difficult, however, with around 50% of the adult working population working in subsistence agriculture. Luckily, the IMF set up a program in 2010 to deliver $45 million to Sierra Leone through 2013.

Over the last few years, Sierra Leone has developed its offshore oil resources as another source of income. This, however, does not negate the enormous need for international aid to power the development process and prevent increased in inequalit in Sierra Leone. In order for the economy to stabilize, foreign aid must be delivered on a consistent basis and domestic peace must be preserved at all costs.

– Josh Forgét
Source: BBC News, Rural Poverty Portal, CIA World Factbook
Photo: Human Trafficking Movie Project

Microfinance Blogs
Blogs are a great way to hear a variety of voices and experience an issue from diverse perspectives, and there are a variety of sites full of information, opinions, and more. Below are 10 interesting blogs that present unique perspectives on the topic of microfinance.

  1. The Consultative Group to Assist the Poor (CGAP) Microfinance Blog discusses the benefits and challenges of various tools used in microfinance and provides a forum to learn more about new microfinance initiatives. There is a variety of contributing writers who share their expertise on the nuances of microfinance, and CGAP also presents fact-based blog entries in addition to opinions on how to improve the industry.
  2. The Nicholas D. Kristof blog is a favorite of many readers of The New York Times. This blog is not directly related to microfinance but discusses many of the world problems that microfinance addresses.  It tackles many development issues around the world and discusses issues ranging from hunger to education to women’s rights.
  3. A Grameen Foundation blog (Creating a World Without Poverty) discusses Grameen’s work in microfinance and showcases thoughts and feelings from the organization’s volunteers in the field. It provides a variety of voices experiencing microfinance in action around the world.
  4. The Wall Street Journal’s India Real Time blog provides a “daily pulse for the world’s largest democracy.” This blog is not solely about microfinance or poverty eradication but it does provide many articles related to daily life and the economic growth of India. It offers regular comments and critiques of the Indian microfinance industry.
  5. The Center for Financial Inclusion blog from ACCION International covers and comments on the many new ventures currently in progress in the field of microfinance. It also discusses methods for how to enable more people to access microfinance services in the future.
  6. Defeat Poverty provides reviews on current books in the field of development and microfinance, in addition to covering many other issues related to poverty eradication.
  7. The India Microfinance blog discusses the issues and triumphs of the microfinance industry in India. It discusses many specifics on the financial tools used. India’s microfinance industry is critiqued by many and this blog provides voices that speak on either side of the issue.
  8. Banking with the Poor Network blog discusses microfinance in Asia and around the world, with a focus on a wide variety of organizations.
  9. The MF Transparency blog deals with some of the challenges faced by for-profit and nonprofit microfinance organizations and offers information and resources that encourage transparent pricing.
  10. The myKRO blog serves as an online community where microfinance organizations can raise awareness about their work, offering and receiving commentary about their actions with other players in the field.

 – Katie Brockman

Source: Opportunity International
Photo: Fairview High School