Early this year, the Ministry of Finance, the National Disaster Management Agency, and partners with support from the World Bank, has developed and launched a National Disaster Risk Financing Strategy and Implementation Plan 2024-2029.

This plan prioritizes hazards like fires, mud/landslides, flooding, infection and epidemics, and the economic risk that can lead to loss of lives and livelihood.

As a follow-up to this strategy and fostering partnership in disaster risk financing, a team of experts from the Africa Risk Capacity paid a courtesy call to the Minister of Finance, Sheku Ahmed Fantamadi Bangura, at his George Street Office in Freetown on Wednesday, 7th August 2024 as part of their five-day working visit in Sierra Leone.

Introducing the team, the Director of the Fiscal Risk Division of the Ministry of Finance, Dr Alhassan Mansaray, stated that during the development of the Disaster Risk Financing Strategy, they identified African Risk Capacity (ARC) as a partner that they can leverage their expertise in building countries capacity in disaster risk financing, especially flood.

Informing the Minister about ARC, Robert Kwame Agyarko, Lead Advisor for ARC, stated that the ARC is an initiative of the Head of State and Government of the African Union to help member countries improve their capacities to better plan, prepare and respond to extreme weather events, natural disasters, and infectious disease outbreaks.

He further stated that Sierra Leone has been a member of ARC since 2026 and a signatory to its treat, which he urged the government to ratify as part of the process to move forward.

The lead advisor also mentioned that so far, 39 countries in Africa have signed up, and ARC has transferred over 1.5 billion dollars in response to disasters.

He further briefed the Minister that there are opportunities for early interventions in planning, fundraising, and preparedness apart from capacity building.

Minister of Finance Skeku Ahmed Fantamdi Bangura, in his response, welcomed the team to Sierra Leone, stating that the government is taking disaster-related issues very seriously, especially the fiscal risk it poses to the economy.

He informed them that there are several government agencies addressing disaster issues. Still, the Ministry of Finance is leading in sourcing funding for the Disaster Risk Financing Strategy.

The Minister commends the operations of ARC in Africa and commits to deepening engagement to ratify the treaty and sign the MOU to foster the partnership.

Deputy Minister of Finance II, Bockarie Kalokoh, welcomes the ARC initiative, especially their disaster risk insurance scheme, which he believes will unlock the potential private sector and Banks’ participation in Agriculture.

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