The Ministry of Finance is a Key arm of the Government of Sierra Leone mandated to formulate and implement sound economic policies and public financial management, ensure efficient allocation of public resources to promote stable economic growth and development in the context of a stable macroeconomic environment. A robust, effective and efficient Ministry of Finance with demonstrable capacity to efficiently manage public resources, ensure stable economic environment and attain the highest rate of economic transformation and poverty reduction worthy of emulation by other developing economies.
Our vision is a robust, effective and efficient Ministry of Finance with demonstrable capacity to efficiently manage public resources, ensure stable economic environment and attain the highest rate of economic transformation and poverty reduction worthy of emulation by other developing economies
The Ministry exercises its mandate in accordance with the principles of responsible financial management in order to ensure prudent, efficient, effective and transparent use of public funds and is guided by the following principles of responsible financial management:
- Formulate and implement fiscal policies to achieve macroeconomic stability;
- Achieve and maintain prudent levels of outstanding debt of the general government so as not to impose an inequitable burden on future generations and manage prudently the fiscal risks faced by Sierra Leone;
- Achieve and maintain an appropriate balance between revenues and expenditures of the general government;
- Manage extractive industries revenues in accordance with Part VI in order to contribute to transformational development and the fiscal responsibility principles specified in this section; and
- Provide timely, reliable, and adequate information to the public on fiscal objectives, policies, data, and risks to ensure transparency in the budgetary and financial management of the general government and public enterprises.
Strategic objective 1: To increase domestic revenue mobilisation from 12.6% of GDP in 2017 to 20% by 2023
Strategic Objective 2: To improve on Expenditure Management and Control
Strategic objective 3: To strengthen fiscal risk management and fiduciary oversight of MDAs, SOEs and public sector projects
Strategic Objective 4: To Strengthen Research capability of MOF and policy formulation processes
Strategic Objective 5: Improve public debt management
Strategic Objective 6: To improve on the processes of budget preparation, execution and payment system
Strategic Objective 7: To Strengthen the Administrative, HR Management, ICT capability of the Ministry of Finance for effective service delivery.
Strategic Objective 8: To strengthen Fiscal Decentralization for improved service delivery at the sub-national level
- Macro Fiscal Policy
- Debt Management
- Revenue Policy
- Research & Development
- Portfolio Management
- Project Fiduciary Management Unit
- Public Financial Management
- Budget Management
- Fiscal Decentralisation
- Fiscal Risk Management
- Procurement Unit
- Human Resources
- Media & Communication
- Admin & General Services
- Pay Roll & Severance Benefit
- Expenditure Control
- Financial Management Accounts
- Admin & Central Services
- Cash Management
- M & E
The structure of the Ministry of Finance is broadly categorized into two levels: (i) policy and (ii) technical management levels.
At policy level the Minister heads the Ministry of Finance, assisted by a Deputy Minister and a Financial Secretary. At the technical management level, of the Ministry is organized along functional departments: (i) Economic Policy Management Department, (ii) Project Fiduciary Management and Coordination Department, (iii) Fiscal Operations Department, (iv) Corporate Services Department and (v) Public Accounts Services Departments. The Principal Deputy Financial Secretary leads the technical arm of the Ministry assisted by the Senior Deputy Financial Secretary, the Accountant General, the Chief Economist and one Deputy Financial Secretary Administration. There are 23 divisions in the Ministry and five Units under the Office of the Minister.