Tokeh, September 5, 2023 – The Ministry of Finance recently wrapped up a three-day Strategic Planning retreat at The Place Resort in Tokeh, culminating in the unveiling of a transformative Strategic Plan for the years 2024 to 2026.
The retreat, which took place from August 31st to September 2nd, saw the participation of key figures in the Ministry, including the Minister and Deputy Ministers, Financial Secretary, and senior officials.
In his opening statement, Matthew Dingie, the Financial Secretary and chairman of the event, emphasized that the forthcoming Strategic Plan would play a pivotal role in reshaping the Ministry’s vision, mission, and organizational structure over the next three years.
He underlined the plan’s significance in aligning the Ministry’s operations with the Government’s commitments outlined in the 2023 People’s Manifesto, especially the Strategic Big Five Initiatives.
Minister of Finance, Sheku Ahmed Fantamadi Bangura, delivered a keynote address highlighting the Ministry’s vital role, as defined by the Public Financial Management Act of 2016 and existing laws. Minister Bangura stressed the importance of adapting to global challenges and crises affecting developing economies like Sierra Leone.
He outlined several key initiatives aimed at boosting revenue, including the implementation of the Medium-Term Revenue Strategy, strengthening collaboration with the National Revenue Authority, exploring innovative financing options such as climate finance, and maximizing Foreign Direct Investment.
Furthermore, Minister Bangura announced plans to enhance budgetary processes, including efficient management of the Wage Bill, addressing subsidies, and ensuring realistic capital spending to promote growth and development.u
A pivotal aspect of the Minister’s statement was the commitment to enhance the recording, accounting, and reporting of public accounts, addressing audit concerns, and bolstering oversight of State-Owned Enterprises, all aimed at managing fiscal risks.
The creation of the Private Sector and Climate Finance Units received commendation for their potential to support innovative financing and development goals. Additionally, the establishment of a Transformational Development Fund to manage natural resource revenues for transformative projects garnered attention.
Deputy Ministers of Finance 1 and 2, Madam Jeneba Bangura and Bockarie Kalokoh, respectively, stressed teamwork, effective planning, and support for the Government’s broader agenda during the retreat.
Key discussions during the event encompassed expanding collaborations with development partners, reinforcing corporate governance, utilizing research and evidence in policy decisions, and presenting a draft Disaster Risk Financing Strategy.
In closing, Financial Secretary Matthew Dingie revealed plans to develop a Results Monitoring Framework to track progress on the Strategic Plan’s deliverables over the next three years. He emphasized the importance of professionalism and staff commitment in successfully implementing the plan and supporting the Government’s overarching goals.
The Ministry of Finance appears poised for a transformative period with its ambitious Strategic Plan.
