President Julius Maada Bio has directed a major restructuring of how Sierra Leone manages its mineral assets, ordering the orderly wind-up of Mineral Wealth Fund Sierra Leone Limited (MWFSL) and the transition to a new sovereign wealth framework aimed at strengthening transparency, governance, and national benefit.
The directive includes the termination of MWFSL’s existing management arrangements and the cessation of the Fund’s participation in the Tonkolili North Iron Ore project under its current structure. Government officials said the process will be carried out in line with the law and established state procedures.
The Government stressed that the decision does not alter state ownership of Sierra Leone’s mineral resources. Custodial management of the assets remains with the Sierra Leone Mines and Minerals Development and Management Corporation (SLMMDMC), which holds them in trust for the people of Sierra Leone.
Officials described the move as a change in institutional vehicle rather than a shift in policy direction. The Government reiterated its commitment to establishing a sovereign wealth fund that is better governed, more closely integrated with national economic policy, and aligned with international best practice.
Work is now expected to begin on the establishment of a Sierra Leone Sovereign Wealth Fund, envisioned as the country’s apex investment vehicle. According to the Government, the new framework will be legally grounded, professionally managed, and guided by internationally recognised standards, including the Santiago Principles. It will also operate in coordination with existing statutory institutions responsible for mineral asset ownership and management.
The stated objective of the new framework is to convert Sierra Leone’s finite natural resources into sustainable wealth that supports economic stability, national development, and intergenerational equity.
The Government said the transition reflects a commitment to responsible stewardship of national assets, emphasizing that mineral wealth belongs to the people and must be managed transparently, accountably, and in the national interest.
Further details on the structure and operationalisation of the proposed sovereign wealth fund are expected to be released in due course.
