By: Saidu Jalloh
A three-day workshop on innovative financing jointly organized by the United Nations Development Programme (UNDP), the Public Debt Management Division (PDMD) of the Ministry of Finance, and the Ministry of Planning and Economic Development (MoPED) has concluded at the Rokel Nimiyama Hotel in Freetown. The event ended with renewed commitment to strengthening Sierra Leone’s economic resilience and expanding its fiscal space.
UNDP’s National Economic Specialist, Abu Turay, commended participants for their dedication and highlighted the strong collaboration between UNDP and government institutions as a major step toward improving the nation’s financial systems. He described the workshop as highly successful, noting that innovative financing goes beyond mobilizing new resources. It also involves improving public expenditure management an approach he argued can yield substantial national benefits.
Mr. Turay further explained that innovative financing requires identifying areas where government has been unable to fully mobilize resources and creating opportunities for private sector actors and financially capable individuals to contribute to national development. The ultimate goal, he said, is to broaden the economic base, stimulate GDP growth, and create employment. “If the economy grows at the back end, employment will grow as well,” he added, stressing that creating the right environment is essential for such growth.
Representing the National Development Board, Patrick Sandy described the workshop as timely given the country’s current fiscal constraints. He emphasized that innovative financing is closely linked to private sector engagement, noting that no government can achieve sustainable development without a strong and active private sector. He praised the sector’s financial strength and technical expertise as vital forces behind national progress and commended UNDP for supporting the initiative.
Deputy Director of the Public Debt Management Division, Santigie Charles Conteh, highlighted that one of the workshop’s key outcomes is the development of a clear roadmap with credible standards to guide government actions moving forward. He also underscored the important role of Sierra Leoneans in the diaspora, urging them to invest back home to support the country’s development efforts.
Both MoPED and the Ministry of Finance were praised for their significant contributions to the success of the programme.
The workshop ended with stakeholders expressing optimism that the strategies discussed will strengthen resource mobilization, improve public expenditure management, and support broader economic expansion across Sierra Leone.