SIERRA LEONE, AfDB PARTNER TO CURB ILLICIT RESOURCE FLOWS, BOOST ECONOMIC RESILIENCE

Sierra Leone and AfDB unite to curb illicit financial flows and improve natural resource governance, aiming to boost economic resilience and transparency.

Sierra leone Afdb Tackle illicit financial flows Economic resilienc Transparency Natural resource governance.
Sierra Leone and the AfDB  intensify efforts to tackle illicit financial flows (IFFs) and improve natural resource governance
Sierra Leone and the AfDB intensify efforts to tackle illicit financial flows (IFFs) and improve natural resource governance



Sierra Leone and the African Development Bank Group (AfDB) have intensified efforts to tackle illicit financial flows (IFFs) and improve natural resource governance, as part of a renewed strategy to enhance economic resilience and transparency.

At a four-day high-level seminar held at The Place Resort in Tokeh, over 70 participants, including government officials, civil society leaders, private sector stakeholders, and international experts, came together to develop policy responses to the estimated $90 billion lost annually across Africa through IFFs.

Themed “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development,” the seminar produced clear recommendations aimed at addressing illegal resource trade, improving transparency in resource-backed lending, and strengthening institutional oversight.

“This initiative can help us improve revenue from natural resources by blocking leakages through illegal natural resource trade and improved management of resource-backed lending,” said Sierra Leone’s Minister of Finance, Sheku Ahmed Fantamadi Bangura.

Participants emphasized that resource-backed lending (RBL), where future natural resource revenues are used to secure loans, should only be used as a last resort and under conditions of full transparency. It was agreed that such financing models must directly support the borrower’s repayment capacity and align with long-term development priorities.

The seminar featured technical presentations from global experts, including Bernd Schlenter of Rand Sandton Consulting Group, and discussions on findings from the Sierra Leone Country Diagnostic Report. The report highlighted patterns of illicit activity in the natural resource sector and institutional gaps that hinder accountability.

AfDB Country Manager for Sierra Leone, Halima Hashi, noted that the initiative aligns with the Bank’s Ten-Year Strategy (2024–2033) and its upcoming Natural Resources Management and Investment Action Plan (2025–2029).

The project is being implemented under the Governance of Natural Resources for Transparency and Accountability (GONAT) framework and is supported through AfDB’s Transitional Support Facility. It is structured around three pillars: policy analysis and diagnostics, capacity building, and high-level policy dialogue.

“Achieving transparent and equitable natural resource management is not merely a technical exercise; it is a strategic imperative for Africa’s future,” said Dr. Eric Ogunleye, Director of the AfDB’s African Development Institute.

The seminar concluded with a draft communiqué for national adoption, with participants committing to transform the recommendations into actionable reforms. Among the key proposals was the creation of national communities of practice to sustain dialogue and promote evidence-based policymaking on illicit financial flows.

Both Sierra Leone and the AfDB reaffirmed their shared commitment to using natural resource wealth as a foundation for sustainable growth, inclusive development, and stronger public finance systems.

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