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The Government of Sierra Leone has announced a major policy shift in the management of the country’s mineral assets, following directives issued by President Julius Maada Bio aimed at safeguarding the nation’s long-term economic interests.
In a public notice issued on Thursday, January 8, 2026, by the Ministry of Information and Civic Education, the President directed the orderly wind-up of the Mineral Wealth Fund Sierra Leone Limited (MWFSL), alongside the termination of its associated management arrangements. The directive also includes the cessation of the Fund’s participation in the Tonkolili North Iron Ore project under its existing structure.
According to the government, the transition will be carried out strictly in accordance with the law and established government processes. It emphasized that the decision does not affect state ownership or custodial control of Sierra Leone’s mineral assets, which remain vested in the Sierra Leone Mines and Minerals Development and Management Corporation (SLMMDMC) on behalf of the people.
“This decision represents a change in vehicle, not a change in vision,” the notice stated.
The government reaffirmed its commitment to the establishment of a sovereign wealth fund for Sierra Leone, noting that the new framework will be better governed, more transparent, and fully integrated into national economic policy. President Bio’s directive, the statement explained, reflects the need for a stronger and more nationally anchored structure that ensures Sierra Leoneans derive lasting benefits from their natural resources.
As part of the transition, work will now advance toward the creation of a Sierra Leone Sovereign Wealth Fund, envisioned as the country’s apex investment vehicle. The proposed fund will be legally grounded, professionally managed, and guided by internationally recognised best practices, including the Santiago Principles. It will also operate in harmony with existing statutory institutions responsible for the ownership and management of state mineral assets.
The overarching objective of the new framework is to convert Sierra Leone’s finite natural resources into sustainable wealth that supports economic stability, national development, and intergenerational equity.
The government described the move as a demonstration of patriotic responsibility and sound stewardship, stressing that Sierra Leone’s mineral wealth belongs to its people and must be managed transparently, accountably, and in the national interest.
Authorities assured the public that further details on the structure and operationalisation of the new sovereign wealth framework will be communicated in due course.
