TWO-TONGUE FINANCE MINISTER EXPOSED

Fantamahdi Bangura must come out clean

By Thaimu Thullah

Sierra Leone’s Minister of Finance, Sheku Ahmed Fantamahdi Bangura, has flooded the media with controversies, inconsistencies and inaccuracies, as he tried to malign other government institutions, making it appear as if he is the Alpha and Omega under the SLPP led-government of President Julius Maada Bio.

Since appointed as Minister of Finance, Fantamahdi Bangura, has been projecting himself as the only patriotic Sierra Leonean appointed by President Julius Maada Bio to manage the country’s finances, when in actual reality there are quite a good number of presidential appointees doing well for the running of the state.

Few days ago, Minister Fantamahdi Bangura addressed journalists at the usual government press conference stating that out of $1.5 billion worth of minerals exported only $16 million dollars came into the National Treasury. According to the minister’s statement, it appears as if all the revenues collected are not paid into the Consolidated Revenue Fund, when we all know that it is the duty of the National Revenue Authority, as mandated by law, to collect all revenues. Therefore, one would like to know about the payment of mining royalties, if not into the Consolidated Revenue Fund (CRF)? Where are those monies being paid?

According to official government policy, which is in public domain, all revenue generated by government are paid into the CRF, through the government Single Treasury Account. Therefore, it is still a pipedream for one to believe that taxes on minerals are paid to the Mines Ministry and that of the National Minerals Agency.

As part of their official mandate, Mines Ministry and NMA are only responsible for the issuance of mining licenses after taxes have been fully paid to the National Revenue Authority. NRA, as the government revenue generation body, is being supervised by the Ministry of Finance.

Investigation uncovered at the Finance Ministry have it that the Ministry of Mines and that of NMA do not handle payments, hence exonerating both institutions of anything connected to missing revenue paid to NRA, if the allegation put forward by the Finance Minister is anything to go by.

Financial Experts who spoke to this medium expressed that the statement of Finance Minister to cast blame on both institutions for the loss of revenue was scapegoated for the failure and inefficiency of the Finance Ministry.

What made the whole thing comical is the fact that the same Finance Minister has been showering laurels on the effective performance of Mines Ministry and NMA over the years, but was quick to change, making him appear to look like a two-tongue Finance Minister.

In his recent Supplementary Budget presentation to Parliament, Minister Fantamahdi Bangura recognized the contribution made by the Mining sector. What led to this change of narrative from positive to negative about both institutions is the biggest question that need an answer.

However, official government data confirms that the mining sector remains one of the country’s strongest economic pillars. According to the Ministry of Mines and Mineral Resources (MMMR), Sierra Leone exported minerals valued at USD 1.12 billion in 2024, a slight dip from USD 1.16 billion in 2023, but accompanied by substantial revenue growth for the state.

It could be recalled that recently Minister Sheku Ahmed Fantamadi Bangura claims that Sierra Leone exported $1.5 billion worth of minerals, but that only $16 million was recorded in the Treasury, a statement dismissed by the Mines Ministry as misleading and inconsistent with official records.

Official records also confirmed that the 2024 Mines and Mineral Sector Update presented at the Economic Management Team Meeting, displays a picture of resilience in the face of global headwinds.

Government revenues surged, while total export value fell by 3.78%—largely due to global diamond price declines, financing constraints, and technical adjustments at major mines.

It shows that non-tax revenues increased by 34%, reaching USD 49.4 million, up from USD 31.9 million in 2023.

License fees doubled to USD 21.4 million, fueled by large-scale mining operations.

Royalties rose to USD 27.9 million, with iron ore, diamonds, and rutile leading the charge.

During the period under review, Iron ore exports dominated, accounting for 70.3% of total mineral trade, followed by diamonds (9.2%), heavy mineral concentrates (8.9%), and rutile (5.0%).

Export & Production Breakdown

Iron Ore: 11.76 million WMT produced, 10.98 million DMT exported, valued at USD 784.5 million at an average of USD 74/DMT.

Diamonds: 554,191 carats produced, 580,084 carats exported worth USD 102.3 million. Artisanal miners contributed significantly, fetching higher per-carat values.

Gold: 5,825 ounces produced, 5,755 ounces exported at USD 11.5 million.

Other Minerals: Rutile (USD 55.8M), Ilmenite (USD 16.5M), Zircon (USD 34.4M), Bauxite (USD 10.1M), Coltan (USD 1.7M).

Historical data show Sierra Leone’s mineral exports rising from USD 0.31 billion in 2020 to a peak of USD 1.16 billion in 2023, before the marginal 2024 decline. However, the revenue trajectory remains upward, highlighting reforms in license administration, royalty collection, and compliance monitoring.

Employment & Community Development

The mining sector employed 15,929 workers in 2024, of whom over 93% were Sierra Leoneans. Female participation reached 24.8% in company roles, reflecting gradual progress in gender inclusion.

Meanwhile, the Community Development Fund (CDF) received over USD 1.66 million and NLe 56.2 million in contributions, mainly from Kingho Mining and Marampa Mines, directly supporting local communities in mining regions.

Major Mining Operations: Updates

Kingho Mining: Advanced its Numbara and Simbili projects, commissioned a 49 MW thermal plant, and is on track to finish a 30 million ton magnetite plant in 2025.

Marampa Mines: Upgraded to 3.75 MTPA processing capacity, with power expansion and fleet upgrades.

Sierra Rutile: Continued rutile, ilmenite, and zircon operations despite water challenges.

Sierra Minerals: Restarted after a six-month suspension, targeting 1.2 million tons of bauxite exports in 2025.

Meya Mining: Paused due to global diamond slumps, expected to resume in 2025.

Gold Lion & FG Gold: Expanded gold processing and infrastructure, preparing for larger-scale production.

Policy & Economic Significance

From 2010–2023, the mining sector consistently contributed between 7.3% and 21.6% of National Revenue Authority (NRA) collections, peaking at 12.4% of revenues in 2023. In GDP terms, mining has accounted for 1–3% annually.

Despite global pressures and operational hurdles, Sierra Leone’s mining sector remains robust, transparent, and a cornerstone of the national economy. With export earnings of USD 1.12 billion in 2024, growing non-tax revenues, and new investments in energy and processing facilities, the sector is poised for sustained growth through 2028.