By Sallieu S. Kanu
Sierra Leone – January 8, 2026: The Government of Sierra Leone has announced a major policy shift in the management of the nation’s mineral assets, following directives from President Julius Maada Bio. The move involves the winding up of the Mineral Wealth Fund Sierra Leone Limited (MWFSL) and the termination of its management arrangements, including its participation in the Tonkolili North Iron Ore project.
Officials emphasized that this transition does not affect the State’s ownership of mineral resources, which remain vested in the Sierra Leone Mines and Minerals Development and Management Corporation (SLMMDMC) on behalf of the people.
A Change in Vehicle, Not in Vision
According to the Ministry of Information and Civic Education, the decision represents a shift in the institutional framework rather than a change in national vision. The government reaffirmed its commitment to establishing a sovereign wealth fund that is better governed, more transparent, and aligned with international best practices, including the Santiago Principles.
The new Sierra Leone Sovereign Wealth Fund will serve as the country’s apex investment vehicle, designed to convert finite natural resources into sustainable wealth that supports economic stability, national development, and intergenerational equity.
The SLMMDMC was established in 2023 through the Sierra Leone Mines and Minerals Development and Management Corporation Act. It was created to manage the nation’s mineral resources and negotiate mining deals both locally and internationally. The Corporation also holds full ownership of the Mineral Wealth Fund, which is now being wound up.
The SLMMDMC is overseen by a Board of Directors comprising five government ministers, the Governor of the Bank of Sierra Leone, and three presidential appointees. Day-to-day operations are managed by the Executive Director, who acts as the Chief Executive Officer.
The Corporation’s mandate includes:
- Managing Sierra Leone’s mineral wealth on behalf of citizens.
- Facilitating state participation in mining ventures.
- Ensuring transparency and accountability in mineral resource management.
National Interest at the Core
Government officials stressed that the transition underscores a patriotic commitment to responsible stewardship of Sierra Leone’s assets. “Sierra Leone’s mineral wealth belongs to its people, and it must be managed transparently, accountably, and in the national interest,” the statement read.
Further details on the structure and operationalization of the new sovereign wealth framework are expected to be communicated in the coming months.