By Josephine Sesay
Chief Minister, Dr. David Moinina Sengeh, took to the airwaves on December 12, 2024, to address widespread misconceptions surrounding foreign direct investment (FDI) in the country. In his 42nd audio message, Dr. Sengeh sought to set the record straight about the nature of foreign aid, its management, and its impact on Sierra Leone’s development, particularly focusing on the investments made by international development partners like the U.S. Government’s Development Finance Corporation (DFC) and the Millennium Challenge Corporation (MCC).
The Chief Minister explained that while significant sums of money are being invested in Sierra Leone, there is a pervasive misunderstanding that these funds are channeled into government coffers, often leading to fears of mismanagement and political corruption. Dr. Sengeh emphasized that these investments are primarily aimed at funding private sector-led projects designed to foster economic growth and infrastructure development, rather than directly benefiting the government or political elites.
Dr. Sengeh recently returned from a trip to the United States, where he met with officials from the DFC, a government agency dedicated to supporting economic development in emerging markets through private sector initiatives. According to the Chief Minister, both the DFC and the MCC have committed a combined $1 billion to finance private sector projects in Sierra Leone. However, he clarified that these funds would not be deposited into the government’s accounts, but rather used to support projects that will directly benefit the population.
One of the flagship projects, Dr. Sengeh explained, is the Nant Energy initiative, which has received $413 million in funding from the DFC. The project, set to deliver 108 megawatts of electricity to Sierra Leone, will surpass the output of the Bumbuna Hydro Energy project, which currently generates just 50 megawatts. The new energy supply, which will be delivered through Liquefied Natural Gas (LNG), is expected to significantly alleviate the country’s power shortages and create job opportunities, particularly in the eastern part of Freetown, where the project will be based.
Dr. Sengeh also highlighted the importance of the new airport terminal in Lungi, which has been funded by the DFC and has already contributed to an increase in flights and tourism to Sierra Leone. The Chief Minister noted that under President Julius Maada Bio’s economic leadership, Sierra Leone’s reputation as an investment-friendly country has been reinforced, attracting significant international interest.
Furthermore, Dr. Sengeh discussed the role of the MCC’s $450 million investment in building a nationwide transmission line network over the next five years. This project, aimed at addressing the chronic electricity shortages in Sierra Leone, will help improve access to electricity across the country, supporting the development of businesses, industries, and households.
In his address, Dr. Sengeh credited the positive shift in Sierra Leone’s economic landscape to President Bio’s strategic engagement in international forums, which has positioned the country as an attractive destination for foreign investment. The Chief Minister pointed out that Sierra Leone is currently receiving one of the highest levels of FDI in relation to its population size, which is fueling development projects aligned with President Bio’s “Big Five” development agenda.
Dr. Sengeh concluded his remarks by reassuring the public that the foreign investments are being managed transparently and effectively to ensure they benefit the nation. He urged citizens to see these investments as opportunities to build long-term prosperity, rather than viewing them through the lens of scepticism or fear of mismanagement.
In sum, the Chief Minister’s message was clear: Sierra Leone’s economic future is being shaped by strategic foreign investments, which will not only improve infrastructure but also create jobs and enhance the standard of living for Sierra Leoneans.
