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The Minister of Finance, Mr. Sheku Fantamadi Bangura, has asserted that State participation in the mining sector is key to the growth of the national economy.
Speaking to a cross section of media practitioners in a press briefing last Friday at his George Street office in Freetown to clarify controversies swirling over the creation of the Mineral Wealth Fund (MWF) to enhance economic growth and sustainable development in Sierra Leone, the indefatigable Minister of Finance emphasized that the MWF is a significant driver of economic growth and sustainable development.

He said the creation of the MWF is an indication of His Excellency President Dr. Julius Maada Bio’s commitment to optimizing mineral resources to benefit the citizenry, adding that the establishment of the MWF is a strategic move towards sustainable resource management to ensure Sierra Leone’s mineral wealth translates into tangible prosperity and progress for the citizenry.

Mr. Sheku F. Bangura disclosed that the initiative was centered on learning from global mineral wealth funds’ successes and understanding their investment strategies, noting that they are working very hard to ensure government is involved in the mineral sector.

He averred that the strategic approach would be expected to shape the country’s mineral wealth fund to align with global best practices and meet the needs of potential international partners contributing to the country’s sustainable economic future and positioning the country on the world stage.

The Finance Minister lamented that though the country has increased export from the mineral sector since 2018, it is rather unfortunate that the government has been getting an outrageous pittance from the exportation in the last six years, noting that the government has therefore established the Sierra Leone Mines and Mineral Development Management Corporation (SLMMDMC) to follow the financial and commercial interests of the State in the mining sector.

He disclosed that the essence of SLMMDCM is to act as a holding company for the MWF which is managed by the Company’s Act of Sierra Leone, noting that that they structured it that way because they wanted the corporation to be off the balance sheet of the treasury.

Mr. Bangura assured that the MWF would protect the State’s interest for the mobilization of resources in the mining sector, noting that Sierra Leone is sitting on trillion Dollars of wealth and that as a government, they are ready to do the right thing in the interest of the citizenry.