Project: Independent Peer Review – Analysis of Sierra Leone Energy Sector Investments

Helping Sierra Leone power up with confidence and accountability

A nation’s progress is only as strong as the systems that power it. In Sierra Leone, where just 30% of people have electricity, and even those connected face outages and poor reliability, the stakes for getting power investments right couldn’t be higher.

As the Millennium Challenge Corporation (MCC) prepared to launch a nearly $500 million compact focused on strengthening Sierra Leone’s power sector, the Limestone Analytics team stepped in to ensure that the economic logic behind the plan stood on solid ground. We were asked to rigorously peer review the cost-benefit analysis (CBA) model at the heart of the MCC’s investment decision. That meant scrutinizing every assumption, formula, and data point in the model, from electricity demand projections to expected benefits for businesses and households. We evaluated whether the model reflected sound economic theory, aligned with MCC’s standards, and captured the real-world impacts of more reliable electricity. This work was conducted in close coordination with MCC’s Sierra Leone country team and the economists who developed the model.

Our work not only surfaced critical improvements to the CBA methodology, but also ensured that the economic case for the compact met MCC’s threshold for return on investment. In short: it helped build trust in a plan that aims to deliver reliable power, unlock growth, and reduce poverty.

By strengthening the foundation of this high-stakes investment, our review helped MCC and its partners move forward with confidence and brought Sierra Leone one step closer to a more resilient energy future.