By Alpha Abu
The Mineral Wealth Fund geared toward accruing more money from the Mining Sector when fully operational will change the entire face of Sierra Leone’s approach to benefits derived from its minerals, according to Minister of Finance, Sheku Fantamadi Bangura.
The Minister in an engagement with Journalists in Freetown said the wealth fund is a vision being propounded by President Julius Maada Bio which he is so passionate about that could define and serve as the foundation for the State’s participation in the mining sector so as to maximise benefit from the mining of Sierra Leone’s numerous minerals.
He said the country hasn’t gained much over the years from its mineral wealth and that with the establishment of the fund, more transparency will come into play as to how much should go into the fund from the operations of the various mining companies doing business in the country.
He said already the Government has hired the services of an expert Consultant who is working in earnest to get the necessary guidelines that would serve as the blueprint for the fund’s mode of operations.
The minister said there are loopholes in the laws governing mining in Sierra Leone and that there has not been enough robustness in raising capital for the government. Thus he said the services of an independent management firm is being secured that will work with the wealth fund-which will serve as the operational arm.
Bangura was very emphatic on the widely held view that Sierra Leone has really not truly benefited from its vast mineral wealth over the years, saying there are those with antagonistic tendencies ever since President Bio initiated the idea of the wealth fund, and insisted that it won’t be ‘’business as usual’’ anymore when the wealth fund is up and running.
He said the mining sector is supposed to be the heartbeat and mainstay of the country’s economy if well managed and is of the view that such a strategic sector will help oil the nation’s economy that generations yet to come, will stand to benefit from.
The mineral wealth fund which is yet to get cabinet approval is the brainchild of President Bio. It is expected to generate more revenue from mining that will support various development projects in the public sector.
Copyright © 2024 Politico (05/08/24)
