Following His Excellency President Julius Maada Bio’s directives, Sierra Leone’s government has announced a strategic overhaul of the country’s mineral resource management practices. The President has instructed the orderly wind-down of the Mineral Wealth Fund Sierra Leone Limited (MWFSL), termination of its management arrangements, and cessation of the Fund’s participation in the Tonkolili North Iron Ore project.
Officials claim that these measures are taken in strict accordance with the law and established government procedures. Importantly, the actions have no effect on the State’s ownership or custodial responsibilities for the mineral assets. These assets continue to be held by the Sierra Leone Mines and Minerals Development and Management Corporation (SLMDMC) on behalf of the Sierra Leone people.
According to government sources, this is a change in vehicle rather than a change in purpose. The Presidency has reaffirmed its commitment to developing a sovereign wealth vehicle that will better capture and preserve the value of the nation’s limited natural resources. The Sierra Leone Sovereign Wealth Fund is intended to be the country’s primary investment vehicle, with legal backing, professional management, and integration with national economic policy.
Officials said the new framework will be developed to align with international best practices and globally recognized standards, such as the Santiago Principles. It is designed to work alongside existing statutory institutions in charge of mineral asset ownership and management, rather than replacing or undermining them. Strengthened governance, increased transparency, and greater national anchoring of resource management will be prioritized.
The policy shift is centered on a stated goal of transforming Sierra Leone’s mineral wealth into long-term prosperity that supports macroeconomic stability, national development priorities, and intergenerational equity. The President’s directive was written to reaffirm patriotic stewardship: Sierra Leone’s mineral wealth belongs to its people and must be managed in a transparent, accountable, and squarely national interest.
The government has indicated that the transition will be carried out in an orderly and legally compliant manner.
