President Julius Maada Bio has directed a major restructuring of how Sierra Leone manages its mineral wealth, ordering the wind-up of the Mineral Wealth Fund Sierra Leone Limited (MWFSL) and its withdrawal from the Tonkolili North Iron Ore project under the current arrangement.
The government says the decision does not affect state ownership of mineral assets, which remain under the Sierra Leone Mines and Minerals Development and Management Corporation on behalf of the people.
Officials describe the move as a change in structure, not in policy direction. The government remains committed to establishing a sovereign wealth fund, but one that is more transparent, better governed, and aligned with international standards.
Work will now begin on creating a new Sierra Leone Sovereign Wealth Fund to serve as the country’s main investment vehicle, guided by global best practices including the Santiago Principles.
The government says the goal is to turn mineral resources into long-term national wealth that supports economic stability, development, and future generations.
Details of the new framework are expected to be announced later.
