The Ministry of Finance (MoF) and it’s partners at a recent three-day workshop in Freetown undertook a critical review of Sierra Leone's Public Debt Management Act, to reflect significant changes in both the domestic financial landscape and the global economic environment.

Santigie Conteh, deputy director of the Public Debt Management Division, underscored that the Act has been in force since 2011, even as market dynamics have evolved.

Conteh noted that changes over the years particularly the emergence of new divisions within the Ministry of Finance (MoF) have driven a broad review of the Public Financial Management (PFM) framework to strengthen public-sector governance and debt management.

The initiative acknowledges substantial shifts in the global concessional financing arena and alterations in the country's creditor structure, both domestically and internationally.

The briefing highlighted a broader push to align debt policy with newer legislation and regional norms, reflecting shifts in the external concessional financing landscape and the structure of local and international creditor, as review seeks to harmonize the Act with other regional laws and incorporate international best practices.

Mamoud Turay, national economist specialist for UNDP, praised the workshop's organizers and reaffirmed UNDP's commitment to supporting the MoF in financing the National Development Plan and achieving the Sustainable Development Goals (SDGs). Turay highlighted that the workshop tackled not only debt-related issues but also broader financial management topics crucial for economic stability.

The Acting Director of the Legal Affairs Division, Cyrus Lusani reiterated that the review seeks alignment with international standards to enhance debt sustainability and create fiscal space for inclusive growth and development.

Civil society voices, represented by Abu Bakarr Kamara of the Budget Advocacy Network (BAN), pressed for greater transparency in public borrowing, stressing that citizens have a right to know how public funds are borrowed, managed, and spent. Kamara warned that opacity can fuel corruption, reinforcing support for the Act’s strengthening elements, including transparency.

Dr. Thullah, assistant director of the Public Debt Management Division, presented the review’s focal areas: borrowing purposes, debt sustainability, approvals, transparency, and the governance of guarantees, including potential implications for local councils’ borrowing. The session underscored consensus on enhancing governance frameworks to support prudent debt management and inclusive development.

The overarching theme: modernizing Sierra Leone’s debt architecture to withstand external shocks and to support credible fiscal management. This prospective reforms could influence future debt issuance strategy, debt-service planning, and the maturity mix of domestic and external obligations.