Sierra Leone has stated that it will no longer provide foreign exchange to mining companies and other large companies to import oil. The decision will be effective from 1 June 2022.

The Petroleum Regulatory Agency issued a statement that Sierra Leone has a significant mining industry, mainly based on diamonds, iron ore and mineral sands. Extractive products account for more than 80 per cent of the West African country's export earnings.

The Bank of Sierra Leone's foreign exchange support for imports of petroleum products was estimated at $24 million in the first quarter of this year, and mainly benefited mining companies and other users. important trade, says the press release stamped on May 11. Thus, the country will no longer provide foreign currency to mining companies and other large companies to import oil from June 1.