By Joe Turay
President Julius Maada Bio has ordered a transition in the management of Sierra Leone’s mineral wealth, signalling a move to overhaul the country’s sovereign wealth arrangements and strengthen long-term economic governance.
In a statement issued on Thursday, the government said it would wind up the operations of Mineral Wealth Fund Sierra Leone Limited (MWFSL), terminate its existing management arrangements, and withdraw the fund’s participation in the Tonkolili North Iron Ore Project under its current structure.
“This is a change in vehicle, not a change in vision,” the statement said, stressing the government’s continued commitment to safeguarding national mineral resources through a more transparent and accountable sovereign wealth framework.
The transition is part of broader efforts by the Bio administration to reform the management of extractive revenues, which play a critical role in Sierra Leone’s economy.
Further details on the new framework and its governance structure were not immediately disclosed.
