Small-Small Boys Parading With Mining Licenses …Finance Minister Implicates Ministry of Mines
Sierra Leone Finance Minister, Sheku Ahmed Fantamahdi Bangura has in a Press Conference last Friday revealed in what he referred to as small-small boys that are parading with mining licenses in the country.
The Minister of Finance made this statement when he was talking about the Mineral Wealth Fund which according to him will bring immense benefits to the country.
He explained that the Mineral Wealth Fund is the vision of President Julius Maada Bio which they will execute, noting that he has been heading the vision even when the two last Finance Ministers were in Office.
He explained that the vision came after a geophysical survey in the mining sector and that they have created a special purpose vehicle that can help this government to harness the resources in the country.
He revealed that since 2018, the country increased export from $329M to $1.1B but at the same time government revenue has dwindled from 7% to 1%, pointing out that $4B has been exported in the same period but government only benefited 126Million Dollars.
He said that government is supposed to participate 10% and increase it but they don’t do that and that government is not actively participating in the sector.
He explained that they have created the Sierra Leone Mines and Minerals Development Management Corporation which is under his Ministry’s supervision, adding that, the Mineral Wealth Fund is also a corporation and it is manage by the company’s act.
He said that for now the fund is empty and that they have done studies on the geophysical survey and set up a project company, revealing that they are going for Tonkolili North.
“We have already developed a joint partnership with China Railway. The fund will pay full taxes and when we mine, the government gets greater shares,” he said.
The Minister of Finance said that the country is seating on trillions of dollar wealth and that they are ready to do the right thing and open.
When asked about the relationship with his colleague the Minister of mines, he said that they have a good relationship.
