Sierra Leone has positioned itself as a key financial partner in the country’s push to transform its mining sector, as government officials and industry leaders courted investors at a major global mining conference in Canada.
The bank was highlighted as one of the strategic partners supporting Sierra Leone’s efforts to move beyond raw mineral exports and develop domestic value addition, during engagements at the Prospectors and Developers Association of Canada (PDAC) convention in Toronto.
Mines and Mineral Resources Minister Julius Daniel Mattai said Sierra Leone is seeking stronger collaboration with financial institutions and investors to unlock opportunities in mineral processing, refining and manufacturing.
“The choice before us is stark: Will Africa remain the world’s raw material warehouse, or will we become the 21st century’s manufacturing powerhouse?” Mattai told delegates at an industry event.
Officials said partnerships with institutions such as Ecobank Sierra Leone would be critical in addressing financing constraints that have long hindered mining development in the country and across Africa.
Mattai noted that high borrowing costs and limited access to capital remain major barriers, with African businesses often paying significantly higher interest rates than counterparts in developed markets.
Sierra Leone is promoting a range of projects aimed at increasing local beneficiation, including a proposed gold refinery, diamond polishing facilities, mineral processing plants and a planned critical minerals special economic zone.
Ecobank Sierra Leone’s involvement is expected to support financing and investment structuring for such projects, as the country seeks to attract both local and international capital.
The minister said Africa holds about 30% of the world’s known mineral reserves and could play a central role in diversifying global supply chains for critical minerals used in the energy transition.
He also pointed to reforms aimed at improving governance and investor confidence, including a new mining law enacted in 2023 and compliance with transparency standards under the Extractive Industries Transparency Initiative (EITI).
Despite these efforts, Mattai said investor perceptions of African markets continue to lag behind reality, limiting investment flows into the sector.
“The global energy transition cannot be built on Africa’s perpetual underdevelopment,” he said, calling for more equitable partnerships between African countries and international investors.
Sierra Leone’s delegation, which included senior officials from the National Minerals Agency, held meetings with mining companies, financiers and development partners during the conference to present investment opportunities across the sector.
Officials said the country is seeking to position itself as a reliable and competitive destination for mining investment, with support from financial partners such as Ecobank Sierra Leone expected to play a central role in delivering its strategy.
