James Sanpha Koroma, a towering figure in Sierra Leone’s financial, educational, and public sectors, departed this life today at Choithram’s Hospital in Freetown at the age of 79.
Known for his signature bow tie, which became a hallmark of his polished and approachable demeanor, he leaves behind a legacy that has indelibly shaped Sierra Leone’s post-independence trajectory.
Born on March 15, 1946, in Yonibana, Tonkolili District, Mr. Koroma grew up in a nation emerging from colonial rule, instilling in him a deep sense of patriotism and a Mrive to harness Sierra Leone’s human and natural resources for collective prosperity.
His educational journey laid the foundation for a multifaceted career. He earned a Bachelor of Arts in Economics from Fourah Bay College (affiliated with the University of Durham), followed by a Master of Arts from Syracuse University in the United States and a Master of Science from the University of Birmingham in the United Kingdom.
Later, he was awarded an honorary Doctor of Civil Laws (DCL), a distinction that underscored his intellectual contributions and earned him the title “Mr.” He also held fellowships from the Institute of Directors in England and was honored with national awards, including Grand Commander of the Order of the Rokel (GCOR) in 2007 and Grand Officer of the Order of the Rokel (GOOR) in 2019.
Mr. Koroma’s professional odyssey began in academia as a lecturer at Fourah Bay College in the 1970s, where he inspired generations of students with his insights into economics and development. Transitioning to public service, he served as Deputy Financial Secretary in the Ministry of Finance and Managing Director of the National Development Bank, roles that honed his expertise in fiscal policy and economic planning. His pinnacle in central banking came as Governor of the Bank of Sierra Leone from March 1998 to March 2003 under President Ahmad Tejan Kabbah, where he navigated the complexities of post-civil war reconstruction and monetary stability.
In 2008, Mr. Koroma briefly served as Secretary to President Ernest Bai Koroma, demonstrating his cross-partisan appeal and commitment to national unity. He was one of the few Sierra Leoneans to hold high office under multiple administrations, including those of Presidents Kabbah, Koroma, and Julius Maada Bio—a testament to his integrity and non-partisan dedication to public service.
Mr. Koroma’s most enduring entrepreneurial legacy was the founding of Union Trust Bank Limited (UTB) in 1995, Sierra Leone’s first indigenous commercial bank. As its Founder and Chief Executive Officer until his passing, he transformed UTB into a cornerstone of the nation’s financial landscape.
In a 2018 interview with International Banker, Mr. Koroma articulated the bank’s mission to “gainfully explore the tremendous human and material potentials of the country in order to create national wealth and ensure lasting prosperity.”
Under his visionary leadership, UTB emphasized youth employment, recruiting graduates from institutions like the University of Sierra Leone, Njala University, and others as interns and employees to build a skilled banking workforce.
The bank diversified into key sectors such as mining, agriculture, tourism, and energy, guided by its 5-Year Strategic Business Plans. Mr. Koroma was particularly passionate about microfinance, operating through UTB’s subsidiary, Finance Salone, which provided loans for small businesses, salaries, and household items at rates of 20–36% annually. Despite challenges like high default rates following the 2014–2016 Ebola outbreak, he innovated by promoting affordable solar energy in rural areas and adapting lending strategies to socioeconomic realities.
Mr. Koroma championed digital banking and financial inclusion, leveraging mobile technology, proven effective during Ebola for salary payments, to expand services. By 2018, UTB had agency arrangements with providers like Orange Money and aimed for over 800 agents nationwide. He also forged international partnerships, securing funding from the Kuwait Fund for Arab Economic Development ($3 million for food security in 2011), the Islamic Development Bank (for youth enterprise from 2013–2017), and the African Development Bank ($3 million for women’s entrepreneurship). These initiatives supported government efforts in economic regeneration, including contract farming for the national school feeding program and the formulation of the national SME Development Policy, leading to the creation of the SME Development Agency.
In education, Mr. Koroma served as the first Chancellor of the integrated University of Sierra Leone (USL), encompassing Fourah Bay College, the Institute of Public Administration and Management (IPAM), and the College of Medicine and Allied Health Sciences (COMAHS). Appointed under previous administrations, he advocated for autonomy and funding amid government challenges, resigning in March 2024 to protest interference. His commitment to learning was honored in 2023 with the launch of the Mr. James Sanpha Koroma School of Business and Entrepreneurial Studies at the United Methodist University, which offers scholarships and aligns with his vision of entrepreneurial education.
Beyond his professional achievements, Mr. Koroma was a man of refined leisure and community. A devoted golfer, he found solace at the Freetown Golf Club along Lumley Beach, where he unwound after demanding days.
He was a senior member and former Chairman of the historic Hill Station Club in Freetown, where the Mr. James Sanpha Koroma Theater of Excellence was named in his honor in 2021 for his role in its racial integration and revitalization. His ever-present bow tie symbolized his elegance and approachability, endearing him to colleagues and the public alike.
Mr. Koroma is survived by his family, including his wife, and a vast network of mentees, employees, and admirers.
Rest in peace, Mr. James Sanpha Koroma, your bow tie may fade, but your legacy endures.