Sierra Leone’s Ministry of Finance has outlined new strategies to boost domestic revenue as the country faces reduced international aid and changing global economic conditions. At the FY2026 budget National Policy Hearing, Minister of Finance Sheku Ahmed Fantamadi Bangura presented plans to mobilize both traditional and innovative sources of funding for national priorities.
Bangura said that the fiscal year 2026 priorities are aligned with the Medium Term National Development Plan 2024-2030. The plan aims to finance what are known as the Big Five Game Changers, which include food security, building a skilled and inclusive workforce, and investing in infrastructure and technology.
The minister reported progress in stabilizing Sierra Leone’s economy, highlighting that inflation fell to 6.45% in July 2025. He attributed this improvement to a stable exchange rate, moderate global prices for food and energy, better domestic food production, and tighter monetary policy by the Bank of Sierra Leone combined with fiscal consolidation measures.
Bangura pointed out that while Sierra Leone is rich in minerals such as iron ore, diamonds, bauxite, and gold, current private sector extraction models have not provided equitable benefits for citizens. “Over the past six years, the value of mineral exports amounted to $4 billion, yet only $187 million(4.6 per cent), and in 2023 extractive exports reached $1.2 billion, but government revenue stood at a mere $48million,” he added.
He also noted that public debt remains a concern: Sierra Leone’s public debt-to-GDP ratio was 48.9% in 2024 with total debt stock rising. The ministry is committed to managing these levels effectively.
The International Monetary Fund (IMF) approved a 38-month arrangement for Sierra Leone in October 2024 with access to about $248.5 million; an initial disbursement of $46.6 million was made immediately after approval. “The implementation of the new program is fully on course, and we are taking corrective actions agreed with the Fund geared towards meeting all structural benchmarks and commitments by the end of November 2025. We are hopeful that the combined first and second reviews of the country’s economic performance under the program will lead to a second disbursement,” Bangura said.
Minister of Planning and Economic Development Kenyeh Ballay commented on shifting international financing trends affecting developing countries like Sierra Leone. She stressed that efficient development systems are declining globally while economies remain tough for nations reliant on external support.
Ballay urged ministries, departments, and agencies (MDAs) to focus on existing capital projects for 2026 due to lack of funding for new initiatives next year.
Vice President Mohamed Juldeh Jalloh addressed participants by noting how recent crises have forced developed countries to prioritize their own populations over foreign aid recipients. He emphasized digitalizing tax administration as a way to improve compliance and reduce leakages so more funds can be directed toward schools, hospitals, and infrastructure projects.
Jalloh advised broadening the tax base, rationalizing exemptions, increasing collections, and investing in technologies that minimize human involvement in revenue processes.
Ambros James—Chairman of the Program—and Honourable Kaisamba—Chairman of Parliament’s Finance Committee—echoed similar views during their remarks at the hearing.
Policy proposals for FY2026 aim to enhance traditional domestic revenue through better tax management using technology while exploring climate finance options such as carbon trading or debt swaps along with state participation in mining via a Mineral Wealth Fund.
Bilateral budget discussions between MDAs and stakeholders will continue from September 18th through September 27th at Ministry of Finance conference rooms.