$ 1.19 Billion worth of Minerals Exported
Significant growth impacts Agriculture, Forestry and Fishing
Credible report from the Ministry of Finance 2024 Financial Bulletin has lent credence to the fact that Sierra Leone’s Mining Sector continues to make huge impacts on economic development, sending a direct message of the sector’s significance in the running of the country’s economy.
According to official records from the Ministry of Finance, the mining sector, particularly the extraction of iron ore, remains the primary growth driver in recent years. The Growth in the mining sector, though slowed in 2024, is estimated at 7.8 percent. The decline in growth, according to the report, was due to both domestic and external challenges, including growing energy costs, geopolitics, regulatory inconsistencies, operational issues such as temporary cessation, mining laws, labour strikes, environmental policy and persistent supply chain disruptions, and market volatility, that hinder shipments to destination nations.
The total value of mineral exports increased slightly by 4.5 percent in 2024 to NLeI.19 billion, from NLe1.12 billion recorded in 2023. In addition to the increase in export value, total revenue from the mining sector significantly increased, bolstered by non-tax revenue.
The Production of Gold increased significantly during the review period by 179.63 percent to 14.02 ounces, from 5.01 ounces recorded in 2023. The increase in gold production is due to significant rise in artisanal and small scale gold mining, surge in global gold price, and shift from alluvial mining to gold, as alluvial diamond deposits have become less abundant.
The report furthered that Iron ore production increased by 77.90 percent, whereas for Bauxite, Rutile, Zircon, and ilmenite, all decreased significantly, by 68.4 percent, 19 percent, 79.8 percent, and 6.1 percent, respectively, due to scaling down of operations by companies and challenges in accessing international markets for their products. The Diamond Production, according to the report, increase by 10.3 percent.
Merchandise Exports:
On the area of Merchandise Exports, the report outlined that the total value of merchandise exports for 2024 was estimated at US$1.55 billion, indicating a 16.7 percentage growth in export receipts, from US$I.33 billion recorded in 2023. The increase in export receipts was mainly driven by an increase in mineral and agricultural receipts. Receipts from mineral exports slightly increased by 4.5%, from US$I.14 billion in 2023 to US$I.19 billion in 2024, due to increased receipts from exports of Iron Ore, ilmenite, gold and other minerals. Receipts from agricultural exports also increased significantly by 208.9 percent, from US$94.24 million in 2023 to US$291.11 million in 2024. This increase was reflected in export receipts from coffee, cocoa, palm oil, fish and shrimp.
Figure 4.1 Growth Rate in Agriculture, Forestry and Fishing
Growth Rate in Agriculture, Forestry and Fishing
7.6
Crops livestock a Forestry • Fishing
Source: Stat SL
4.1.2. Mining
Table 5.1 Performance of Exports in US$ Millions
| CATEGORY | EXPORT
RECEIPTS FY |
EXPORT
RECEIPTS FY 2024 |
OF TOTAL
EXPORT VALUE |
GROWTH RATE |
| TOTAL
EXPORTS |
1,327.98 | 1,549.50 | 100.00 | 16.70 |
| MINERALS | 1,138.55 | 1,189.69 | 76.80 | 4.50 |
| iron ore | 755.12 | 830.02 | 53.60 | 9.90 |
| 138.53 | 84.10 | 5.40 | 39.3 | |
| diamonds | 99.31 | 102.33 | 6.60 | 3.00 |
| Bauxite | 32.64 | 10.15 | 0.70 | 68.9 |
| 12.39 | 12.92 | 0.80 | 4.30 |
| Zircom | 11.91 | 7.51 | 0.50 | 7. |
| Ilmenite | 9.48 | 12.11 | 0.80 | 27.70 |
| other minerals | 79.17 | 130.57 | 8.40 | 64.90 |
| AGRICULTURE | 94.24 | 291.11 | 18.80 | 208.90 |
| Cocoa | 59.56 | 144.91 | 9.40 | 143.30 |
| palm oil fish & | 20.53
10.72 |
95.01 | 6.10
2.1% |
362.80 |
| s s timber | 3.25 | 32.79
6.31 |
0.4% | 205.7%
94.00/0 |
| Coffee | 0.17 | 12.09 | 0.8% | 7057.1% |
| Others | 44.36 | 53.92 | 3.5% | 21.6% |
| RE-EXPORTS | 50.84 | 14.78 | 100.0% | -70.9% |
Source: Bank of Sierra Leone
14
Figure 5.2. Mineral Exports vs Agricultural Exports 2024
Source: Bank of Sierra Leone
5.1.2.2. Merchandise Imports
The total value of merchandise imports for 2024 was estimated at US$2.05 billion, up by 7.0 percent from US$I .92 billion recorded in 2023. The increase in the value of imports stemmed mainly from increases in payments for “Food” at US$446.22 million from US$429.39 million in 2023, mineral fuel and lubricants at US$747.02 million, from US$579.41 million in 2023, and miscellaneous commodities at US$29.76 million from US$7.37 million 2023. The marked increase in mineral fuel and lubricants imports reflects the expansion in mining and manufacturing activities.
Table 5.2 Performance of Imports in US$ Millions
|
Source: Bank of Sierra Leone