By Saidu Jalloh
In a compelling address at the Financing for Development (FFD) Forum 2024 side event in New York, Sierra Leone’s Development Secretary, Mr. Peter N. Sam-Kpakra, shared inspiring insights into how the Integrated National Financing Framework (INFF) has significantly advanced the nation’s development agenda. Mr. Sam-Kpakra began by expressing gratitude for the opportunity to shed light on Sierra Leone’s journey with the INFF approach, which commenced in 2020 with the development of their comprehensive framework. Rooted in a thorough National Development Financing Assessment conducted in 2018, Sierra Leone’s INFF has served as a beacon of progress and transformation.
The framework has not only guided strategic financial planning but has also facilitated tangible outcomes, including the establishment of the Joint SDGs Funds Project aimed at strengthening domestic resource mobilization. Furthermore, a National SDGs Funds Steering Committee was formed to oversee project implementations and bolster domestic revenue generation efforts.
Through the implementation of the INFF project, Sierra Leone has witnessed remarkable improvements in various sectors, including enhanced national capacity for revenue generation, increased financial inclusion, and heightened financial literacy. Moreover, the framework has played a pivotal role in automating revenue collection, improving expenditure management systems, and fostering public-private collaboration platforms.
Looking ahead, Mr. Sam-Kpakra emphasized the importance of diversifying resource mobilization efforts beyond public resources, especially amidst challenging macroeconomic conditions. To this end, Sierra Leone is poised to upscale the INFF coordination structure by establishing technical and ministerial steering committees to provide comprehensive guidance and oversight.
Noteworthy initiatives such as assessing diaspora investment potential and undertaking SDG investor mapping underscore Sierra Leone’s commitment to leveraging innovative financing instruments and private sector partnerships to accelerate progress towards the SDGs. Additionally, the nation is set to explore opportunities in the blue economy and harness climate finance mechanisms to bolster climate resilience and advance sustainable development goals.
As Mr. Sam-Kpakra concluded his address, he echoed the collective call for fairer and more transparent deals in the climate finance arena, emphasizing the need for capacity support to accurately account for and monetize national carbon assets. Accompanied by Joseph M. Samah, Assistant Director of Planning, Policy, and Research, at the side event, Sierra Leone’s Development Secretary left an indelible mark at the FFD Forum, showcasing the nation’s unwavering commitment to making finance work for people and planet through the transformative power of the INFF approach.