- Sierra Leone proposes to set up national practical communities, implement institutional reforms and to improve transparency in through resources supported.
- Experts agree that RBLs, which are often used to use the natural resources for loans, must be a final resort, only used with maximum transparency and connected to investments that reinforce reimbursement capacity.
Sierra Leone takes decisive action to reverse the $ 90 billion bleeding that Africa suffers from illegal financial flows every year, together with the African Development Bank (Department) to strengthen the board of natural resources.
On a forum that met more than 70 stakeholders from the government, the civil society, the private sector and international organizations, Sierra Leone maps its way to transparency and economic resilience.
The dialogue, with theme “Harness of Africa’s Wealth: Burbing Illicit Financial Flows for Resilient Growth and Development”, produced policy recommendations to protect the natural wealth of the continent.
Sierra Leone leads a collaboration carrier for reform
The forum, held in Freetown, brought together a diverse coalition to tackle one of the most urgent economic challenges in Africa: illegal financial flows (IFFs). Participants suggested to set up national practical communities, implement institutional reforms and to improve transparency in resources supported by resources (RBL).
They agreed that RBLs, which are often used to use the natural resources for loans, must be a final resort, only used with maximum transparency and connected to investments that reinforce the reimbursement capacity.
“This initiative can help us improve income from natural resources by blocking leaks through illegal trade in natural resources and improved management of lodging,” Sierra Leone’s Minister of Finance, Sheku Ahmed Fantamadi Bangura, who emphasizes the urgency of reform.
Deepening the board by expertise
Workshop sessions had discussed the identification of IFF patterns, managing RBLs and developing transparent administrative mechanisms. Participants have assessed the diagnostic report of Sierra Leone Country that lacunes exposed in institutional capacity and illegal trade in natural resources.
International expert Bernd Schlenter from Rand Sandton Consulting Group provided technical insights and offered policy recommendations to curb IFFs. The sessions, enriched with practical case studies, promoted cooperation and stakeholders with tools to strengthen supervision and accountability in Resource Management.
Coordination with a broader vision
The initiative, part of the Governance or Natural Resources and Transparency (Gonat) project (Gonat) project, corresponds to the bank’s ten-year strategy (2024-2033) and its natural resource management and investment action plan (2025-2029).
The Gonat project, funded by the transitional facility of the AFDB, is based on three pillars: policy analysis and diagnostics, capacity reinforcement and high-level policy dialogue.
“Reaching transparent and fair management of natural resources is not only a technical exercise – it is a strategic necessity for the future of Africa,” said Dr. Eric Ogunleye, director of the African Development Institute of the AFDB. Halima Hashi, AfDB Country Manager for Sierra Leone, emphasized the role of the project in optimizing the natural wealth of the nation for inclusive prosperity.
A PATH For
The results of the forum are ready to have lasting impact. Participants have drawn up a communique for national adoption and commit themselves to transform policy recommendations into concrete reforms.
These include promoting the practical communities to maintain dialogue, reform institutions to close gaps and give priority to transparency in financial transactions that are linked to natural resources. By tackling the systemic issues that have been emphasized in the country, Sierra Leone wants to curb illegal trade and improve income retention, establishing a model for other African countries.
A MOdel for Africa oneConomic REsilience
The efforts of Sierra Leone indicate a broader movement in Africa to reclaim wealth that has been lost due to illegal financial flows. The annual loss of $ 90 billion undermines development, but initiatives such as the Gonat Project offer hope.
By building up local expertise and promoting cooperation between sector, Sierra Leone lays the basis for a transparent, fair resource economy. The forum’s emphasis on practical solutions-such as robust supervision of RBLs and capacity buildings for institutions-Wijst in the country as a leader in this fight.
As Sierra Leone moves to implement these reforms, cooperation with the AFDB emphasizes the power of partnerships in tackling complex economic challenges. The concept communicique, set for national adoption, is an obligation to use usable change, from improving transparency at street level to strengthening the institutional frameworks.
With the strategic support of the AFTB, Sierra Leone not only protects its natural resources, but also inspires a continent urge for resilient, inclusive growth. This initiative marks a crucial step in the direction of an Africa that use his wealth for his people.
Also read: South -Africa Eyes October Exit of illegal flows dirty list
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