By Amin Kef (Ranger)
President Dr. Julius Maada Bio has officially commissioned the permanent headquarters of the West African Insurance Companies Association Reinsurance Corporation (WAICA Re) PLC in Freetown, describing the development as a major boost to Sierra Leone’s growing reputation as a regional center for finance, investment and economic cooperation in West Africa.
The commissioning ceremony, held on Tuesday 31 March 2026 at 4A Alshek Crescent, Hill Station, brought together senior government officials, Members of Parliament, representatives of the diplomatic and consular corps, stakeholders in the insurance and financial services sector, and regional business leaders. The event marked the formal opening of a landmark institution that has become central to strengthening insurance and reinsurance capacity across the West African sub-region.
Delivering his keynote address, President Julius Maada Bio said the occasion represented much more than the unveiling of a modern office complex, stressing that it symbolizes Sierra Leone’s credibility, the strength of regional cooperation and Africa’s growing ability to build durable financial institutions.
He described the commissioning as a significant milestone in the collective effort to establish resilient institutions capable of supporting economic growth, mitigating risk and promoting deeper regional integration.
According to the President, Sierra Leone remains proud to host WAICA Re since its establishment in 2011, noting that the institution has evolved into a strategic pillar in enhancing the insurance and reinsurance landscape across West Africa.
He said the fulfillment of the commitment to establish the permanent headquarters demonstrates the enduring value of trust, continuity and respect for agreements among African nations and institutions.
President Bio reaffirmed his government’s commitment to providing a stable legal, regulatory and investment environment that allows credible institutions to grow and thrive.
He emphasized that the Headquarters Agreement signed years ago remains a solemn obligation of the State and assured the corporation’s leadership that Sierra Leone will continue to honor its responsibilities in ways that strengthen investor confidence and deepen the country’s reputation as a dependable destination for business and finance.
The President assured regional partners and the leadership of WAICA Re that Sierra Leone remains open to credible long-term investment, adding that his government will continue to protect institutional rights, strengthen the rule of law and create the enabling conditions necessary for sustainable business growth.
He noted that the significance of WAICA Re extends far beyond the insurance industry, describing it as a symbol of Africa’s capacity to create strong regional institutions that address local realities, pool shared strengths and reduce dependence on external financial systems.
At a time when global uncertainties continue to shape economic realities, President Bio said resilient African financial institutions such as WAICA Re are increasingly important for ensuring economic stability and effective risk management.
He commended the leadership of the corporation for their strategic foresight, dedication and perseverance in transforming the long-held vision of a permanent headquarters into reality.
The President further stated that the new headquarters reinforces Sierra Leone’s broader development agenda centered on economic diversification, private sector growth and international competitiveness.
According to him, the presence of the institution in Freetown strengthens the country’s profile as a hub for regional finance, commerce and investment, while complementing government’s efforts to attract more multinational and regional institutions into Sierra Leone.
Speaking in his capacity as Chair of the ECOWAS Authority of Heads of State and Government, President Bio said he was especially pleased that the project reflects the spirit of regional cooperation and shared prosperity that ECOWAS continues to champion.
He stressed that the future prosperity of West Africa depends on institutions that transcend borders, build trust and foster collective resilience among member states.
President Bio called on African nations to continue investing in institutions that embody solidarity, innovation and shared purpose, adding that the WAICA Re headquarters should stand as a lasting symbol of what African countries can achieve when they work together in unity.
On behalf of the corporation, Group Managing Director and Chief Executive Officer, Abiola E. Ekundayo, expressed appreciation to the Government and people of Sierra Leone for the sustained support provided since WAICA Re’s establishment in 2011.
He said the new headquarters symbolizes the institution’s growth, operational stability and long-term confidence in Africa’s economic future.
According to him, WAICA Re’s footprint continues to expand across the continent and beyond, reflecting the trust placed in the corporation as a reliable reinsurance partner.
Also speaking, Group Chairman of WAICA, Kofi Duffuor, commended the Government of Sierra Leone, Parliament and the people of the country for hosting the institution and ensuring that the headquarters agreement has been honored.
He praised President Bio’s leadership and commitment to sustaining the agreement, describing it as a demonstration of confidence in building enduring regional institutions that can support Africa’s financial transformation.
The commissioning of the WAICA Re headquarters is widely regarded as a major step in consolidating Sierra Leone’s role as a strategic destination for regional financial services and strengthening economic cooperation among West African states.
The development is also expected to further elevate Freetown’s status as a preferred destination for regional institutions seeking a stable and credible operational base.
With the formal opening of the headquarters, Sierra Leone has once again reaffirmed its readiness to host major regional organizations and deepen its contribution to Africa’s evolving financial architecture.
