The International Monetary Fund (IMF) has held a crucial maiden engagement with the National Petroleum Regulatory Authority (NPRA), discussing key aspects of petroleum pricing, revenue generation, and industry regulations.
Led by Seydou Coulibaly, Technical Assistance Advisor in the Fiscal Affairs Department, the IMF delegation met with NPRA officials at the British Council Building in Freetown. The discussions focused on excise duties, retail petroleum pricing, import duties, and the evolving operational framework of the petroleum sector, particularly the transition from the Petroleum Regulatory Agency to NPRA.
NPRA Director General Brima Baluwa Koroma provided a detailed presentation on the agency’s regulatory role in ensuring efficiency, economic stability, transparency, and investor confidence in the petroleum industry. He acknowledged the significant contributions of the World Bank and IMF in modernizing outdated pricing formulas and strengthening industry reforms. Koroma emphasized that IMF recommendations have played a vital role in stabilizing petroleum pricing, maintaining revenue growth, and informing government policies on economic development.
According to Koroma, NPRA introduced a revised pricing formula in late 2024 in collaboration with stakeholders, leading to increased competition among Oil Marketing Companies (OMCs) and the expansion of gas stations across the country.
In response, IMF team lead Coulibaly praised NPRA’s management for its proactive approach and successful strategies, noting their impact on sound economic policies in Sierra Leone.
The engagement underscores ongoing efforts to enhance transparency and efficiency in the petroleum sector while fostering economic stability.
NPRA Media & PR Department
British Council Building, Tower Hill, Freetown