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This report reviews the key developmental challenges, obstacles and constraints to effective governance of the natural resources sector (specifically extractives) in Sierra Leone. Through the application of the theories of change political economy approach, applied to the natural resources value chain, extractives governance is reviewed in an historical context, within the current environment and in the framework for future generations. By supplementing these perspectives with a comprehensive stakeholder and institutional analysis, a better understanding of formal and informal rules, incentives and underlying roles of political drivers, a clearer perception of how the network of key stakeholders shapes policy around natural resources management, and improved appreciation and recognition of the institutional structures and boundaries within which all groups of stakeholders interact and co-operate, is established.