Reforming Sierra Leone’s mining sector for economic growth

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Adam Smith International (ASI) web reports say “has taken the lead in installing an international standard mining sector institutional and legal framework, and is transforming Government capacity to ensure effective mining sector governance.”
The report claims “The resulting stability, institutional effectiveness and transparency has had, and continues to have, significant impact on investor confidence, economic development of the sector and corporate compliance.”

“The National Minerals Agency was established legally in April 2012 with the enactment of the National Minerals Agency Act 2012. The organisation is set up to be efficient in enforcing the laws, high-performing to international standard and staffed with technically qualified professionals.”
As a result the report states “The impact of all this has been enormous. GDP has doubled since 2006, with world-leading GDP growth of 34% to reach $3.8bn in 2012, according to the IMF. This is largely attributable to development of the mining sector.
“The sustainable impact on Sierra Leone’s long-term financial independence is no less impressive. The Government and the IMF estimate that by 2015, annual revenues from mining should reach £130m, or 29% of all Government revenue.
“This would mean that in just a short space of time, mining revenues will far exceed the total support provided by DFID across all aid projects in 2012 of some £50 million.
“This is a good example of how effective support to the extractives sector, focusing on good governance, proper regulation, transparency and institutional strengthening, can transform a country’s economic position.