14 Aug Rand Sandton Supports Natural Resource Governance in Sierra Leone under AfDB-GONAT Partnership
Freetown, Sierra Leone – July 2025
On July 11, 2025, Rand Sandton Consulting Group contracted by the African Development Bank (AfDB), co-facilitated a high-level Policy Dialogue at The Place Resort in Tokeh, Sierra Leone. Convened by the AfDB in collaboration with the Government of Sierra Leone, the event formed part of the Governing Natural Resource Outflows for Enhanced Economic Resilience (GONAT) initiative, an AfDB-funded program designed to strengthen governance, transparency, and institutional resilience in natural resource economies across fragile and transitional African states, including Sierra Leone.
The Dialogue followed a three-day capacity-building workshop and gathered 50 stakeholders, including senior government officials, parliamentarians, private sector leaders, civil society representatives, and community advocates. Discussions centred on curbing Illicit Financial Flows (IFFs) and improving governance of Resource-Backed Loans (RBLs), particularly in fragile contexts.
Strategic Importance
Africa loses an estimated $88 billion annually to IFFs, undermining public investment and long-term development. For Sierra Leone, a resource-rich but institutionally fragile nation tackling financial leakages is critical to protecting national wealth. The Dialogue aimed to build cross-sector consensus around transparency and responsible borrowing, contributing to GONAT’s broader goal of boosting domestic resource mobilization across six African countries.
Hon. Saa Emerson Lamina, Chair of the Parliamentary Committee on Mines, called for stronger legislative oversight and legal reforms to close corruption loopholes. He emphasized that Parliament must ratify transparent contracts and enforce compliance to prevent the erosion of national wealth.
Ms. Kenyeh Barlay of the Ministry of Planning and Economic Development underscored the centrality of addressing IFFs within Sierra Leone’s development strategy. She highlighted the potential of technologies like blockchain and artificial intelligence to enhance financial oversight, noting that their success hinges on skilled personnel and institutional coordination.
Finance Minister Sheku A. F. Bangura stated: “Sierra Leone has not yet entered into any Resource-Backed Loan agreements, and this gives us a valuable window to establish a strong policy framework before we even consider doing so. I believe any future RBL must have full public disclosure of terms, clear and fair valuation of the resource collateral, and proceeds should be directed to targeted infrastructure investments. We also intend to use Special Purpose Vehicles to manage loan inflows and repayments, ensuring transparency and financial control. Our approach is measured—we want to unlock value from our resources, but not at the cost of long-term debt sustainability.”
The Anti-Corruption Commission representative emphasized the role of citizen activism in promoting accountability. Advocacy from grassroots movements, civil society, and media was recognized as vital to demanding reform. The private sector stressed that corruption undermines fair competition and investor confidence, calling for streamlined regulations and greater transparency in licensing and procurement. Civil society groups championed inclusive governance, urging that local communities be informed and empowered to monitor resource revenue management.
Key Recommendations
Discussions throughout the training revolved around several themes. First, transparency must be institutionalized through public disclosure of contracts and loan terms, along with improved financial reporting systems. Second, cross-agency collaboration is essential to curb IFFs, and digital technologies should be leveraged for oversight, particularly in trade and procurement. Third, inclusive governance was emphasized as a foundation for sustained reform, requiring participation from civil society, communities, and marginalized voices. Lastly, the risks tied to RBLs were seen as urgent and preventable through safeguards, due diligence, and proper oversight mechanisms.
The event reaffirmed Rand Sandton’s commitment to strengthening governance reforms through the AfDB-GONAT partnership. By fostering inclusive and actionable dialogue, the initiative supports Africa’s efforts to convert natural resource wealth into long-term, equitable development.