Sierra Leone: Tasks Ahead for New Finance Minister, as Parliament Approves Nomination

Sierra Leone’s Parliament, yesterday, 20 August 2026, approved Karefa Ansuman Francis Kargbo as the country’s new Finance Minister

Tasks Ahead:

1. Maintain macroeconomic stability. Karefa is assuming office with vast experience in financial management. In the current global economic volatility, particularly in the current oil industry, his antecedents as financial controller in the country’s petroleum unit stand tall in sustaining economic stability. Sierra Leone is yet to commence commercial export of oil. Global oil prices drastically affect prices of goods and services.
2. ⁠Karefa must sustain cordial fiscal and monetary policy relationships
3. ⁠He must maintain robust local revenue mobilisation by the National Revenue Authority NRA. This is to lessen reliance on donor support that is fast declining due to global challenges
4. ⁠He should, as a matter of urgency, sustain the industrialisation drive, in partnership with the Ministry of Industry, particularly for Small and Medium Enterprises SMEs, where 70% of Sierra Leoneans are gainfully employed
5. ⁠Karefa should build upon his predecessor’s financial models

As the new Finance Minister, he is responsible for tailoring the country’s financial services in areas of fiscal management, public debt services, both domestic and international, prompt payment of salaries, pensions, and contractors’ obligations

With a good team at the Ministry of Finance, the tasks ahead are surmountable. The team has a record of sound performance in maintaining economic stability in previous global crises, like Ebola, COVID-19, and the current Middle East crisis