SL Finance Ministry Deepens Engagement with Africa Risk Capacity on Disaster Risk Financing

Early this year, the Ministry of Finance, in collaboration with the National Disaster Management Agency and other partners, with support from the World Bank, developed and launched the National Disaster Risk Financing Strategy and Implementation Plan 2024-2029. This strategic plan prioritizes addressing hazards such as fires, mud/landslides, flooding, epidemics, and other economic risks that can lead to the loss of lives and livelihoods.

As part of efforts to advance this strategy and foster partnerships in disaster risk financing, a team of experts from the Africa Risk Capacity (ARC) paid a courtesy visit to the Minister of Finance, Sheku Ahmed Fantamadi Bangura, at his George Street office in Freetown on Wednesday, August 7, 2024. This visit was part of their five-day working tour in Sierra Leone.

Dr. Alhassan Mansaray, Director of the Fiscal Risk Division of the Ministry of Finance, introduced the team, highlighting that during the development of the Disaster Risk Financing Strategy, they identified ARC as a key partner. He emphasized that ARC’s expertise is particularly valuable in building capacity for disaster risk financing, especially concerning flood management.

Robert Kwame Agyarko, Lead Advisor for ARC, provided further insights into the organization, explaining that ARC is an initiative of the African Union, designed to help member countries enhance their capacities to plan, prepare for, and respond to extreme weather events, natural disasters, and infectious disease outbreaks. He noted that Sierra Leone has been a member of ARC since 2026 and urged the government to ratify the ARC treaty to advance their partnership.

Agyarko also mentioned that 39 African countries have signed up with ARC, which has transferred over $1.5 billion in response to disasters across the continent. He outlined opportunities for early intervention in disaster planning, fundraising, and preparedness, beyond just capacity building.

In his response, Minister of Finance Sheku Ahmed Fantamadi Bangura welcomed the ARC team to Sierra Leone, emphasizing the government’s commitment to addressing disaster-related issues, particularly the fiscal risks they pose to the economy. He acknowledged that while several government agencies are tackling disaster issues, the Ministry of Finance is leading efforts to secure funding for the Disaster Risk Financing Strategy.

The Minister praised ARC’s operations across Africa and expressed a strong commitment to deepening the engagement, including ratifying the treaty and signing a Memorandum of Understanding (MOU) to formalize the partnership.

Deputy Minister of Finance II, Bockarie Kalokoh, also endorsed the ARC initiative, particularly their disaster risk insurance scheme. He highlighted the potential of this scheme to unlock private sector and banking participation in agriculture, thereby boosting the sector’s resilience to disasters.

This visit marks a significant step in strengthening Sierra Leone’s disaster risk management framework, with a focus on securing sustainable financing and building resilience against future disasters.