Freetown, 8th January, 2026- In a landmark policy directive, His Excellency President Julius Maada Bio has ordered a sweeping transition in the management of Sierra Leone’s mineral wealth, signalling a bold step toward safeguarding the nation’s economic future.
The announcement, issued on Thursday, confirmed the government’s decision to wind up the operations of the Mineral Wealth Fund Sierra Leone Limited (MWFSL), terminate its management arrangements, and withdraw the Fund’s participation in the Tonkolili North Iron Ore Project under its current structure.
Officials emphasized that the move does not affect the State’s ownership of mineral assets, which remain under the custodianship of the Sierra Leone Mines and Minerals Development and Management Corporation (SLMMDMC) on behalf of the people.
“This is a change in vehicle, not a change in vision,” the statement declared, underscoring the government’s commitment to building a stronger, more transparent sovereign wealth framework.
The transition paves the way for the establishment of the Sierra Leone Sovereign Wealth Fund, envisioned as the country’s apex investment vehicle. According to the directive, the new framework will be legally grounded and professionally managed, aligned with international best practices, including the Santiago Principles and integrated with national economic policy, ensuring long-term benefits for Sierra Leoneans.
The central goal, government stressed, is to transform finite natural resources into sustainable wealth that supports economic stability, national development, and intergenerational equity.
The decision reflects what State House described as a “patriotic commitment to responsible stewardship” of Sierra Leone’s mineral assets. By strengthening governance and transparency, the administration aims to ensure that the country’s vast mineral wealth is managed in the national interest and for the benefit of future generations.
Further details on the structure and operationalization of the new sovereign wealth framework are expected to be released in the coming weeks.
