28/08/2025
*$1.5 Billion Mineral Revenue in 2024: Sierra Leone Looks to Reinvest for Development*
Sierra Leone earned $1.5 billion from its mineral resources in 2024, but most of that wealth has yet to benefit the country’s schools, hospitals, or public infrastructure, according to Finance Minister Ahmed Bangura. Speaking at a government briefing in Freetown on Tuesday, he emphasized that despite the significant revenue generated from mining, the current system is failing to deliver the development and lasting benefits the nation needs.
According to Day Break newspaper, Bangura explained that poor agreements, limited oversight, and years of underinvestment in key institutions have allowed major revenues to leave the country with little impact at home. He said this pattern has continued for too long, and that the approach to managing the sector must change if the country wants to see real results from its natural resources.
Sierra Leone has deposits of diamonds, gold, bauxite, iron ore, rutile, lithium, and other minerals. These are spread across different regions of the country and are exported to international markets, generating large amounts of revenue every year. But from 2019 to 2024, while the sector earned nearly $4 billion, only about 5 percent of that amount went into national development. Bangura said this shows a clear gap between what the country earns and what it keeps.
One issue, he said, is the weak condition of the Geological Survey Department, which is supposed to manage the country’s resource data and protect its interests. The department has been left without proper support for years. As a result, it has struggled to do its job effectively. Without accurate data and strong oversight, Sierra Leone has been unable to negotiate from a strong position or monitor what mining companies are doing on the ground.
To improve results, Bangura pointed to changes under the Mines and Minerals Development Act of 2022. The law gives the government a 10 percent free sta
