President Bio Orders Transition to New Sovereign Wealth Framework
By Osman Marah
President Julius Maada Bio has ordered the dissolution of Mineral Wealth Fund Sierra Leone Limited (MWFSL), directing a transition toward a new sovereign wealth framework aimed at strengthening governance, transparency, and long-term management of the country’s mineral assets.
In a public notice issued by the Ministry of Information and Civic Education, the President instructed the orderly wind-up of MWFSL, the termination of its associated management arrangements, and the cessation of the entity’s participation in the Tonkolili North Iron Ore project under the existing structure.
Government officials emphasized that the decision does not affect state ownership or custodial control of Sierra Leone’s mineral resources. The assets remain vested in the Sierra Leone Mines and Minerals Development and Management Corporation on behalf of the people, the notice said.
Describing the move as “a change in vehicle, not a change in vision,” authorities reaffirmed the government’s commitment to establishing a sovereign wealth fund that is better governed, professionally managed, and aligned with international best practices.
Once established, the new framework is expected to function as the country’s apex investment vehicle, operating under a clear legal mandate and harmonized with existing statutory institutions responsible for mineral asset ownership and management. Officials said it will be guided by globally recognized standards, including the Santiago Principles.
The overarching objective, the government said, is to transform finite natural resources into sustainable wealth to support economic stability, national development, and intergenerational equity.
The Ministry added that further details on the structure and operationalization of the new sovereign wealth framework will be announced in due course.
