Sierra Leone’s Minister of Finance, Karefa Ansumana Francis Kargbo, has been prominently featured in the October/November 2026 edition of Forbes Africa, where he outlined the Government’s economic reform agenda, achievements in macroeconomic stability and ambitious plans to attract foreign investment, strengthen public financial management and position Sierra Leone for sustainable economic growth.
The special Sierra Leone edition, published under the Africa Undiscovered series, profiles key Government and business leaders contributing to the country’s development. It also examines investment opportunities and strategic partnerships aimed at transforming Sierra Leone’s abundant natural resources into lasting economic value through infrastructure development, industrialization and human capital investment.
In an extensive interview titled “Securing Stability and Unlocking Sierra Leone’s Potential,” the Finance Minister discussed his approach to economic management, highlighting fiscal discipline, domestic revenue mobilisation, international financial cooperation and private sector development as essential pillars of the country’s economic transformation.
Karefa Ansumana Francis Kargbo, who assumed office in August 2026, explained that restoring macroeconomic stability is among his immediate priorities, particularly as Sierra Leone continues to confront economic pressures arising from global uncertainties and longstanding domestic development challenges.
Reflecting on Sierra Leone’s 65 years of independence, he acknowledged that the country’s economic progress had been affected by successive crises, including the civil war, Ebola outbreak, COVID-19 pandemic, Russia-Ukraine conflict and instability in the Middle East.
Despite those challenges, the Minister maintained that Sierra Leone had demonstrated resilience and remains determined to establish stronger economic foundations capable of supporting sustainable development.
He identified improved domestic revenue mobilisation, prudent expenditure management and implementation of the Medium-Term Revenue Strategy as important interventions introduced to strengthen Government finances.
According to him, those measures have contributed to improvements in fiscal performance, including a narrowing budget deficit and a shift in the primary fiscal balance from a substantial deficit to a surplus.
“The budget deficit narrowed and the primary fiscal balance shifted from a sizeable deficit to a surplus, reflecting significant fiscal adjustment,” Karefa Ansumana Francis Kargbo stated.
The Minister also highlighted improvements in inflation, explaining that the rate declined to single digits in April 2025 before falling to 4.4 percent in December 2025.
He attributed the progress to responsible fiscal management and monetary policy measures implemented by the Bank of Sierra Leone, which also contributed to exchange-rate stability and declining domestic Treasury bill rates.
Another major achievement highlighted during the interview was Sierra Leone’s continued engagement with the International Monetary Fund (IMF) through the Extended Credit Facility (ECF).
Karefa Ansumana Francis Kargbo disclosed that the IMF Executive Board approved a new economic and financial programme in November 2024, with expected disbursements of approximately US$253 million between 2024 and 2027.
The first and second programme reviews were completed in December 2025, resulting in disbursements totaling approximately US$79.8 million.
In June 2026, the IMF completed its third review, making an additional US$31.72 million immediately available to Sierra Leone.
The country also secured approval for a Resilience and Sustainability Facility arrangement worth approximately US$211.45 million, intended to strengthen its capacity to withstand climate-related economic shocks.
On domestic revenue generation, Karefa Ansumana Francis Kargbo explained that the Ministry of Finance, working closely with the National Revenue Authority (NRA), is implementing tax policy and administrative reforms aimed at broadening the revenue base without imposing unnecessary financial burdens on ordinary citizens and small businesses.
He described digitalization as an important instrument for improving transparency, efficiency and accountability in public revenue management.
Among the initiatives highlighted were the Electronic Cash Register for Goods and Services Tax administration, the Integrated Tax Administration System for income taxes and ASYCUDA World for customs management.
Other interventions include electronic invoicing, automated tax clearance certificates, the Electronic Single Window and digital technologies for monitoring telecommunications transactions.
According to the Minister, those innovations are helping to improve compliance, reduce administrative delays and create a more efficient environment for businesses.
Karefa Ansumana Francis Kargbo also discussed progress in financial inclusion, disclosing that the proportion of Sierra Leoneans with bank accounts increased from 29 percent in 2021 to 39 percent in 2024.
He cited the automation of the Credit Reference Bureau and the establishment of a Collateral Registry as initiatives designed to improve access to credit, particularly for small and medium-sized enterprises.
However, he acknowledged that affordable financing remains a significant challenge for businesses, stressing the importance of financial literacy, credit readiness and stronger financial institutions.
The Finance Minister further emphasized the importance of Sierra Leone’s partnerships with international financial institutions, including the IMF, World Bank Group, African Development Bank Group, European Union and Arab Coordination Group.
He explained that those relationships continue to provide financial and technical support for investments in infrastructure, healthcare, agriculture and education.
The Government, he added, is also exploring innovative financing arrangements, including debt-for-health and debt-for-education swaps, to mobilize additional resources for essential public services while managing fiscal pressures.
Addressing foreign direct investment, Karefa Ansumana Francis Kargbo presented Sierra Leone as an increasingly attractive destination for investors seeking opportunities in agriculture, mining, energy, manufacturing and infrastructure.
“Sierra Leone is open for business. We have created a favorable investment climate through anti-corruption measures, policy incentives and infrastructure improvements,” he declared.
He disclosed that United States institutions had committed nearly US$1 billion to energy and airport projects, while international partners, including the United Kingdom and China, continue to demonstrate investment interest.
The Minister identified Sierra Leone’s mineral wealth, particularly diamonds, gold, bauxite and iron ore, as an important foundation for economic expansion.
Nevertheless, he stressed that the country must move beyond dependence on raw material exports towards mineral processing, manufacturing and other value-added industries capable of creating employment and increasing export earnings.
Agriculture also featured prominently in his long-term economic vision.
With more than 5.4 million hectares of arable land, Karefa Ansumana Francis Kargbo believes Sierra Leone possesses considerable opportunities for commercial agriculture, agro-processing and food production.
He maintained that increased investment in agricultural productivity, electricity, transportation and manufacturing would strengthen the country’s competitiveness, improve export capacity and reduce dependence on imported products.
Looking towards the next decade, the Finance Minister said economic diversification would remain central to the Government’s development strategy.
“Our agenda over the next decade is to diversify the economy by shifting away from raw material extraction and heavy import dependence toward value-added industrialization, macroeconomic stability and long-term global competitiveness,” he stated.
Karefa Ansumana Francis Kargbo further emphasized that meaningful economic transformation requires continuity, institutional accountability and consistent implementation of development policies beyond the tenure of individual Ministers and administrations.
The Forbes Africa feature brings international attention to Sierra Leone’s economic ambitions at a time when the country is seeking greater investment, stronger domestic production and expanded opportunities for its citizens.
Although the economic improvements highlighted by the Minister represent encouraging developments, significant challenges remain, particularly in employment creation, access to affordable credit, public service delivery and translating fiscal stability into improved household living standards.
The sustainability of those reforms will ultimately depend on effective implementation, responsible public expenditure, stronger domestic production and the extent to which economic opportunities reach ordinary Sierra Leoneans.
For Karefa Ansumana Francis Kargbo, the central objective remains establishing a resilient, diversified and competitive economy capable of generating sustainable growth, attracting long-term investment and creating lasting prosperity for present and future generations.
