The Ministry of Finance has introduced a new standardized monitoring tool aimed at improving the oversight of State-Owned Enterprises (SOEs) in Sierra Leone. The initiative, managed by the Fiscal Risk Division, was presented to SOE representatives during a workshop held on August 7, 2025.
In remarks delivered on behalf of the Minister of Finance, Deputy Secretary Majid Sesay welcomed participants and highlighted the importance of the exercise. “The exercise is not just another item on the administrative calendar, but a significant step in strengthening the national governance architecture, enhancing accountability, and securing the long-term value of State-Owned Enterprises,” Sesay said.
Sesay also emphasized that the Ministry is responsible for prudent fiscal management across all public institutions. He stated, “The Ministry of Finance bears the responsibility for ensuring prudent fiscal management across all public institutions, which includes a clear, consistent, and transparent oversight of SOEs’ service delivery and economic development in Sierra Leone.”
He noted that SOEs play roles beyond economics. “From energy and transportation to financial services and industrial development, SOEs are not just economic units; they are also instruments of public value creation,” he added.
Sesay outlined plans for collaboration with other government entities. “The Ministry of Finance will collaborate with the National Commission for Privatisation, line ministries, and other designated entities in the government’s ownership and oversight functions in SOEs,” he said.
He stressed that performance reporting is central to engagement between SOEs and government. “Performance reporting is not a compliance formality; it’s the basis for engagement,” Sesay stated. He further noted that regular reports from SOEs would guide discussions: “The monthly, quarterly, and annual reports from SOEs will determine the agenda and tone of the dialogue, and these reports must be timely, accurate, and insightful.”
Alhaji Bangura, Acting Director of Fiscal Risk at the Ministry of Finance, explained that monitoring documents would help track financial outcomes such as profitability or losses among SOEs. This information will support budget planning processes.
During a presentation at the workshop, Senior Economists Catherine Esther and Aaron Pratt detailed how the framework covers various aspects including planning principles for SOEs, mandate definitions, governance structures, risk management practices, funding approaches, social responsibilities as well as requirements for monthly to annual reporting.