Sierra Leone is fast gaining interest from investors as a strong mining jurisdiction – and becoming a competitor for its African neighbours. “We have strengthened public financial account management and closed off loopholes for fraud, waste and abuse of public funds,” said Sierra Leone President Julius Maada Bio. “Multilateral institutions, including the World Bank and the IMF, have re-engaged the government. The macroeconomic foundation is once more strong and we are working to make the economy more resilient and shock proof.”At present, all laws and regulations relating to mining are under review with the intent being to remove regulatory duplications and inconsistencies.“We believe that a “one document-oneinterpretation” approach is in everyone’s best interests because it increases transparency and predictability about the investment relationship, obligations and responsibilities,” said Bio who emphasised the value that mining held for African countries’ development.He said creating certainty about ever y thing from institutional reform and capacity-building to research and development was intended to create an environment where these transactions could develop and ultimately thrive.“We are not interested in players who merely speculate against international f luctuations in mineral prices. We have had our experience with f ly-by-night and briefcase investments that made huge profits but promptly collapsed when market forces hit a short lull,” said Bio. “We are not interested in investors who speculate against changes in government know ing that Party A is amenable to taking bribes and can rush through shoddy legislation that cedes to them mining lease agreements that they themselves know are untenable.”Bio indicated that Sierra Leone was working towards change and was keeping an eye on developments in other countries while learning from mistakes.
INSERT: We have strengthened public financial account management and closed off loopholes for fraud, waste and abuse of public funds.– Julius Maada Bio