The Millennium Challenge Corporation (MCC) has commended Sierra Leone for making significant progress toward the activation of its long-anticipated Compact program, a milestone widely seen as a vote of confidence in the country’s governance and reform agenda.
The commendation came during a high-level meeting in Washington, D.C., where MCC Acting Managing Director for Compact Operations, Carrie Monahan, applauded the government’s efforts, particularly the establishment of the Millennium Challenge Authority Sierra Leone (MCA-SL). She emphasized the importance of concluding remaining fiscal and administrative requirements to enable the “Entry into Force” stage the final step before full Compact implementation.
Representing Sierra Leone, Finance Minister Sheku Ahmed Fantamadi Bangura reiterated the government’s firm commitment to the process under the leadership of Julius Maada Bio. He outlined key reforms aimed at strengthening the country’s energy sector and improving the investment climate.
Among these reforms is the establishment of a dedicated revenue collection account and ongoing efforts to liberalize electricity distribution, opening the sector to private sector participation. According to the minister, these measures are intended to boost efficiency, ensure financial sustainability, and enhance service delivery.
In a further step to attract investment, Cabinet has approved Sierra Leone’s membership in the Africa Trade and Investment Development Insurance (ATIDI). The move is expected to reduce investment risks and increase foreign direct investment inflows into key sectors of the economy.
Also speaking at the engagement, MCC Director of Policy and Evaluation, Naureen Haque, praised Sierra Leone’s steady performance on the MCC scorecard. She, however, encouraged authorities to sustain progress in areas such as economic freedom, electoral reforms, and national cohesion.
Minister Bangura responded by reaffirming the government’s resolve to deepen stakeholder engagement, particularly in implementing the national unity agreement and advancing electoral reform recommendations.
Officials at the meeting described Sierra Leone as an emerging MCC “success story,” with both parties expressing optimism about the future of the partnership. The Finance Minister was accompanied by a high-level delegation, including Energy Minister Cyril Grant, Ambassador to the United States Amara Sowa, Financial Secretary Matthew Dingie, Central Bank Governor Ibrahim Stevens, Chief Economist Alimamy Bangura, and Technical Adviser Franklin Sisabu Bendu.
The developments mark a critical juncture in Sierra Leone’s economic reform journey, with the MCC Compact expected to unlock substantial investments in infrastructure and energy sectors vital to the country’s long-term growth.