Sierra Leone’s economy continues to lean heavily on iron ore even as the leone remains under pressure and debt servicing eats into government revenue, according to assessments from the IMF, World Bank, and African Development Bank.

Total mineral exports reached an estimated US$1.3 billion in 2025, up 16 percent from US$1.12 billion the previous year, with iron ore accounting for roughly 69 percent of that total. Iron ore carries a royalty rate of 3.5 percent, compared with 0.5 percent for rutile, under the country’s mining fiscal regime.

Growth estimates for 2025 range from 4.5 percent (World Bank) to 5.0 percent (IMF), while projections for 2026 sit closer to 4.0-4.2 percent across the three institutions, with a medium-term outlook of around 4.6 percent.

The fiscal picture is less comfortable. Interest payments consumed an estimated 42 percent of government revenue in 2025, according to the assessments, sharply limiting the funds available for development spending. Sierra Leone’s export base remains narrow, dependent on iron ore, rutile, diamonds, and bauxite, leaving the economy exposed to swings in global commodity prices.

The Ministry of Mines and Ministry of Finance track export and royalty data, while the IMF, World Bank, African Development Bank, and credit insurer Coface have all published economic assessments of the country this year.