Finance Minister Ahmed Bangura on Tuesday said Sierra Leone earned $1.5 billion from its mineral resources in 2024 but warned that revenues must be invested more strategically to drive long-term national development.

Speaking at the government’s weekly press briefing in Freetown, Bangura said the country’s mineral wealth has long been poorly managed, with limited returns flowing into critical sectors like education, health and infrastructure.

“Sierra Leone is blessed with many mineral resources, yet these have not been fully entrusted to, nor managed effectively by, our Geological Survey Department,” Bangura said. “For too long, government neglect has left the institution underfunded and underutilized.”

He noted that Sierra Leone’s resources fall into three broad categories: precious minerals such as diamonds and gold, bulk minerals like bauxite, iron ore, rutile and heavy mineral sands, and critical minerals including lithium, which is in high global demand.

Despite this wealth, Bangura said, historical mismanagement and weak agreements dating back to the 1980s caused Sierra Leone to lose significant revenues. In the last five to six years, the sector generated nearly $4 billion, but only about five percent was channeled into critical investments.

To reverse this trend, Bangura pointed to reforms under the Mines and Minerals Development Act of 2022, which allow the government a 10% free-carried interest in new mining projects. He also announced the creation of the Sierra Leone Mining and Mineral Resources Corporation (SLMMRC), a state-owned entity to safeguard data, protect strategic assets, and ensure Sierra Leone receives fair value from its mineral wealth.

“This is the structure we are putting in place—a structure where government participation, resource-backed financing, and responsible oversight can work hand in hand,” Bangura said. “With these reforms, Sierra Leone will be better positioned to turn its mineral wealth into sustainable national wealth.”