Mineral Wealth Fund: New Hope for Sierra Leone

Most Sierra Leoneans are happy for the setting up of a Mineral Wealth Fund which is the country’s first sovereign wealth fund, that is committed to spearheading sustainable and equitable development in the mineral, metallurgic and associated sectors.

The team comprising Igor Silberud – Interim Chief Executive Officer (CEO), Board of Director in the persons of Governor Bank of Sierra Leone, Minister of Environment, Minister of Lands, Attorney General and Minister of Justice and last but not least the Minister of Mines and Mineral Resources to manage the embryonic stage of the MWF is dedicated to building an informative and user-friendly online experience that reflects a pioneering role in managing the nation’s mineral wealth.

PHOTO: Igor Silberud, Chief Executive Officer (CEO) an international financial guru to serve as Caretaker Manager of the MWF. With his vast international experience in such fields, Mr. Silberud will be very experimental and useful in expanding the development of the Mineral Wealth Fund.

It is important to note that the Mineral Wealth Fund, is a key driver of economic growth and sustainable development in Sierra Leone. This landmark initiative symbolizes President Julius Maada Bio’s dedication to optimizing our mineral resources for the lasting benefit of our nation. This marks a strategic move towards sustainable resource management, ensuring that our natural wealth translates into tangible prosperity and progress for all citizens. It’s a commitment to future generations, ensuring that today’s resources foster tomorrow’s opportunities.

At the same time, the Mineral Wealth Fund will actively forge connections with Sovereign Wealth Funds globally, a pivotal step in our growth. This initiative is centered on learning from global mineral wealth funds successes and understanding their investment strategies. This strategic approach will shape Sierra Leone’s own mineral wealth fund to align with global best practices and meet the needs of potential international partners, contributing to Sierra Leone’s sustainable economic future and positioning us on the world stage.

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In its commitment to trust and transparency, the Mineral Wealth Fund is laying the groundwork for a comprehensive audit and transparency framework. They are currently planning to partner with world-renowned auditors, ensuring Sierra Leone’s operations meet the highest standards of integrity and fiscal responsibility. This initiative reflects our dedication to transparent decision-making and investments. These proactive steps are key to building a future where our actions consistently earn and strengthen the trust of our stakeholders.

The primary focus of the Mineral Wealth Fund is on domestic investments that are crucial for national development. Their strategy includes diversifying Sierra Leone’s portfolio in sectors such as power generation, water management, environmental projects aimed at offsetting emissions, and various transportation infrastructures. This approach is designed not only to strengthen the MWF’s financial base but also to address and unlock economic bottlenecks, paving the way for comprehensive and sustainable economic growth in Sierra Leone.

MWF is deeply committed to nurturing and harnessing local talent. Their upcoming governance and capacity-building initiatives are strategically planned to empower Sierra Leoneans, equipping them with the skills and knowledge crucial for sustainable resource management. By focusing on both technical expertise and leadership development, these programs are designed to build a robust foundation of local professionals.