Four of the world's 20 largest diamonds ever discovered came from Sierra Leone's soil. Ironically, despite sitting atop vast deposits of diamonds, gold, rutile, bauxite, iron ore and other minerals, this West African nation remains among the world's poorest — a textbook case of the resource curse.
Now, more than two decades since the end of a civil war that torn the country apart, Sierra Leone is mounting an ambitious campaign to transform its mineral bounty into a sustainable source of economic prosperity for its population.
The latest chapter in this effort unfolded in Istanbul at the end of May, where the Sierra Leone government organised a trade and investment conference to attract international investors, particularly from Türkiye. Investors from other parts of Europe, Africa and Asia, including many already doing business in Sierra Leone, were also in attendance.
"Sierra Leone is a fully functioning democracy, which makes our country a viable investment environment in which your investment is protected," the country's ambassador to Türkiye, Timothy Musa Kabba, told attendees.
The May 30 seminar, organised by the Sierra Leonean Embassy in Ankara, represented more than diplomatic outreach; it signalled Sierra Leone's effort to rewrite a narrative that has long been defined by civil war, disease and poverty.
Organisers of the forum say the aim was to establish new pathways between Sierra Leone and international investors, with a focus on sustainability, infrastructure and long-term partnerships.
Weight of history
Sierra Leone's path to the Istanbul conference was paved with unimaginable hardship. The seemingly unending civil war that ravaged the country from 1991 to 2002 left more than 50,000 dead and 2.5 million displaced, which are staggering numbers for a nation of just 4.5 million at the time.
By 1991, Sierra Leone was ranked among the poorest countries in the world, by the World Bank.
The conflict, primarily funded by "blood diamonds" that became synonymous with human suffering, destroyed not just infrastructure but even its societal fabric. Many clinics that the government had established were completely demolished.
An entire generation of youth, denied education when the school system collapsed, became fodder for rebel armies.
Just as the country was finding its footing, another crisis struck. The 2014-2016 Ebola outbreak devastated an already fragile economy. By 2016, the World Bank had scaled down its growth forecast for Sierra Leone to 0.3%, drastically down from pre-Ebola projections of robust expansion. 2014-2015 West Africa Ebola Crisis: Impact Update,
Rising from the ashes
Recent data underscores Sierra Leone's potential to rebound from the economic depths to which it had plunged.
The minerals sector plays a crucial role in the country's economy, contributing approximately 7% of GDP and accounting for around 80% of exports, according to a 2024 report by the International Monetary Fund (IMF).
Located in Bo and Tonkolili, Baomahun has a Joint Ore Reserves Committee Code-compliant resource of 5.8 million ounces and is expected to begin producing this year, targeting 185,000 ounces annually.
The mining sector's resurgence has contributed to a broader economic recovery. Growth is projected to improve to 5.2% in 2025, driven by the mining sector and a recovery in agriculture, manufacturing, construction and tourism, according to the African Development Bank. Sierra Leone Economic Outlook | African Development Bank Group.
"The first thing we did was introduce and implement quite a number of reforms that affect trade and investment. You need to get the regulatory framework right for it to be able to attract investors," Sierra Leone's minister of trade and industry, Ibrahim Alpha Sesay, tells TRT Afrika.
"A few weeks ago, our third trade policy review was presented at the WTO (World Trade Organisation), and we had very positive reviews. We expect the approval to come anytime from now, so this indicates our willingness to be part of the global trading system.”
Sierra Leone recently overhauled its mining legislation to modernise the sector and ensure greater public benefit. The cornerstone is the Mines and Minerals Development Act 2022, which replaced the 2009 law and introduced stricter rules for exploration, operations and mineral trading.
The reforms extend beyond mining. Sierra Leone has joined the Extractive Industries Transparency Initiative, implemented the Kimberley Process for diamond certification, and established the National Minerals Agency to enhance oversight and accountability within the extractive industries.
Tourism, long overshadowed by extractive industries, is emerging as another key growth driver. Tourism receipts are expected to climb to approximately to US $109 million by 2028, up from $91 million in 2023. Sierra Leone Tourism Industry Outlook 2024 - 2028
Beyond minerals
Turkish construction and manufacturing firms are increasingly active in Sierra Leone, backed by President Recep Tayyip Erdoğan's commitment to maintaining existing cooperation with African countries through what is officially described as a "win-win" partnership.
"Sierra Leone is a very good market for Turkish business investors. The population is young, which translates into a more productive workforce that is capable of learning and developing. We are delighted to do business here," Faruk Deveci, the World Turkish Business Council's representative in Sierra Leone, tells TRT Afrika.
According to Deveci, construction is among the more vibrant sectors of an economy on the mend.
"Sierra Leone's people are investing in houses, including to rent out their properties. They are rebuilding their country, with construction holding the key for the economy to grow," he explains.
Diplomatic outreach is supplementing Türkiye and Sierra Leone's evolving business relationship. Turkish Embassy in Freetown, Sierra Leone's capital, commenced operations on February 1, 2018. Two years later, Sierra Leone opened an embassy in Ankara.
‘’The 2017 bilateral trade volume of 51.5 million USD rose to 55.3 million USD in 2018. Bilateral trade volume was recorded as 53,4 million USD in 2019. Primary goods exported from Türkiye are flour, sugar, iron and steel products, cement, various food products, cable, plastic wrap. Turkish imports mainly consist of hulk, titanium and leather products,’’ Türkiye’s Ministry of Foreign Affairs said on its website.
‘’Turkish Airlines flies from İstanbul to Freetown 3 times a week. Through Turkish Cooperation and Coordination Agency (TİKA), Türkiye is providing development assistance to Sierra Leone in various domains. Since 1992, government of Türkiye grants scholarships to students from Sierra Leone.’’
Long recovery route
Delegates to the Istanbul conference identified gaps in infrastructure, energy access and service delivery as areas that need the Sierra Leone government's immediate attention.
"We know energy is a key challenge. We have made progress when it comes to energy. We have increased our green energy production. We have also increased the number of people who have access to electricity. We are not there yet. It could be better, but that's a major commitment His Excellency (President Julius Maada Bio) has made," Sesay tells TRT Afrika.
The government has nearly doubled installed electricity generation capacity to 253 megawatts over the past five years, but demand far outstrips supply.
For international investors, Sierra Leone presents a classic risk-reward opportunity. The resources are undeniable – from world-class rutile deposits to agriculture and pristine beaches perfect for tourism development. The government's reform agenda appears genuine, backed by international partners, including the World Bank and AfDB.
Sierra Leone awaits its place in the sun.
