The Investor's Guide to Liberia - 5th Edition
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
The Investor’s Guide to Liberia
5th Edition
A Publication of the Government of Liberia
produced by the National Investment Commission
Table of
Forestry 42
Tourism & Hospitality 44
Contents
Rainforest & Wildlife 46
Parks and Reserves 46
Lakes 46
National Museum 46
Acknowledgements 3 Islands 46
Waterfalls 46
Fact Sheet 4
Eco-Tourism 47
ABBREVIATIONS & ACRONYMS 6 Hotels and Beach Resorts 47
Beaches 47
Message from the President 8
Infrastructure 48
Foreword by the Chairman 10 Roads 51
Ports 52
Part 1: Introduction 11 Airports 52
Geography 12
Seaports 52
Historical Highlights 12
Dry Port Development 53
People & Culture 14
Integrated Rail and Port Development 53
Political Landscape 16
Mining 54
Economic Outlook 16
Manufacturing 58
Commercial Landscape 18
Education 60
Sports Development 61
Part 2: Why Liberia 19
Transportation 62
A. Top Ten (10) Reasons to Invest in Liberia 20
Water Transport 63
B. Liberia’s Top Firsts 21 Land Transport: 63
Trucking Services 63
Part 3: Enabling Environments 23 Rail transport 63
Pathway to Investment 24
Health 64
Starting a Business in Liberia 24
Water & Sanitation 66
Tax Regime 25
Waste Management 66
Investment Incentives Regime 25
Information Communication Technology (ICT) 68
Concession Regime 26
Energy 69
Special Economic Zones (SEZs) Development 26
Oil and Gas 70
The Liberian Advantage 27
Financial Services 72
Transparency and Accountability 28
Money and Banking System 73
Micro, Small and Medium Enterprises 28
Foreign Exchange and Remittances 73
Economic Diversification 28
Environmental Protection 28
Part 5: County Profiles 74
Executive Orders 29 A. Bomi County 75
B. Bong County 75
PART 4: Profiles of Sectors 30 C. Gbarpolu County 76
Agriculture 32
D. Grand Bassa County 76
Food Crops 34
E. Grand Cape Mount County 77
Rice 34
F. Grand Kru County 77
Cassava 35
G. Grand Gedeh County 78
Horticultural and Ornamental Crops 35
H. Lofa County 78
Ornamental Plants 35
I. Margibi County 79
Tree Crops 36
J. Maryland County 79
Cocoa 37
K. Montserrado County 80
Coffee 37
L. Nimba County 80
Oil Palm 38
M. River Gee County 81
Rubber 39
N. Rivercess County 81
Animal husbandry 40
O. Sinoe County 82
Poultry Production 40
REFERENCES 84
Livestock Production for Meat 40
Fisheries & Aquaculture 41
2 I N V E S T L I B E R IA
A C K N O WL ED G E M E NT
The National Investment Commission (NIC) expresses its gratitude to His Excellency
George Manneh Weah, President of the Republic of Liberia, for his great leadership and
support to the NIC. The NIC also highly appreciates the organizations and individuals
that contributed to the publication of the Fifth Edition of the Official Investor’s Guide
to Liberia. We are grateful to all our consultants who helped with the development
and printing of this Guide, including Subah-Belleh and Associates, Unchain Africa, Mr.
Rami Balaghi and Grand Pacific Investment Enterprise. Special thanks goes to the NIC
Investment Promotion team. We want to acknowledge the various sector ministries and
agencies that graciously provided the necessary information herein. The NIC extends
thanks and appreciation to our valued sponsors for supporting the development and
printing of the Fifth Edition of The Investor’s Guide to Liberia. The Chairman,
Executive Director and staff of the NIC applaud the efforts and contributions of all
individuals and organizations towards this worthy initiative and are excited to present to
the public this document that presents Liberia’s diverse investment opportunities.
Disclaimer: While every reasonable effort has been made to ensure that the information
provided in this publication is accurate at the date of publication, neither business
decisions nor other types of decisions should be made by the reader based on this
information alone. The information contained in this publication should not be
considered investment, legal or tax advice. Therefore, readers are encouraged to seek
further clarification from the NIC as information and laws contained in this edition of
the Invest Liberia 2021 may change over a period of time.
Published July 2021
The Investor’s Guide to Liberia, 5th Edition 3
L I B E R IA FACT SHEET
GEOGRAPHY
GBARPOLU
LOFA
GRAND CAPE
MOUNT
BONG NIMBA
BOMI GRAND GEDEH
SINOE
MONTSERRADO
MARGIBI
RIVER CESS RIVER GEE
GRAND BASSA
30to
GRAND KRU MARYLAND
DRY SEASON
111.4 km 2
40
LAND SURFACE AREA
OCTOBER - MARCH
565 km
WET SEASON
DEGREES
CELSIUS
ANNUAL
APRIL - SEPTEMBER
COASTLINE LENGTH TEMP.
D E M O G R A P H I C P RO F I L E
5M ESTIMATED
POPULATION
2020
2.5 % POPULATION
GROWTH
RATE
LIFE
EXPECTANCY
4 I N V E S T L I B E R IA
62.7 65.5
E C O N O M I C I N D I CAT O RS
3.121 2.7 %
Gross
Domestic
Product
(2020)
GDP GROWTH
RATE (NOMINAL)
BILLION
94 37
% %
to s
P en a
f
GD rc ts
pe mpor
AgriculturE
i
as percent
of GDP
26 13
% %
to s
P en a
f
GD rc rts
pe xpo
Industry as
percent of
E
GDP
$129M $607.5M
FOREIGN
INVESTMENT
DIRECT
AID FLOWS (2020)
KEY NATURAL RESOURCES
IRON ORE, TIMBER, DIAMOND,
GOLD, RUBBER, AND WATER
TIME ZONE
GMT ZONE
$1.161B CURRENCY:
DUAL: LIBERIAN DOLLAR AND
DEBT STOCK (DEC 2020)
UNITED STATES DOLLAR ARE
BOTH LEGAL TENDERS
The Investor’s Guide to Liberia, 5th Edition 5
A C R O NYM S & A B B R E V I ATI O NS
ACE Africa Coast to Europe (cable system)
ACS American Colonization Society
AfCFTA Africa Continental Free Trade Agreement
AfT Agenda for Transformation 2012-2017
AfDB African Development Bank
AGOA African Growth and Opportunity Act
Apps Applications
ATM Automatic Teller Machine
AU African Union
BRN Business Registration Number
C˚ Degree centigrade
CBL Central Bank of Liberia
CLUS Cheesmanburg Landfill and Urban Sanitation
COVID-19 Corona Virus Disease of 2019
CPO Crude Palm Oil
EBA Everything but Arms
ECOWAS Economic Community of West African States
EEZ Exclusive Economic Zone
EPA Environmental Protection Agency
ESIA Environmental Social Impact Assessment
ETLS ECOWAS Trade Liberalization Scheme
EU The European Union
FDA Forest Development Authority
FIC Freedom of Information Commission
GAC General Auditing Commission
GDP Gross Domestic Product
GOL Government of Liberia
GSM Global System for Mobile Communications
IAA Internal Audit Agency
ICT Information Communication Technology
IFMIS Integrated Financial Management Information System
IMCC Inter-Ministerial Concession Committee
Km Kilometers
KW Kilowatts
LAC Liberia Agriculture Company
LACC Liberia Anti-Corruption Commission
LBR Liberia Business Registry
LD Liberian Dollar
LEC Liberia Electricity Corporation
Libtelco Liberia Telecommunications Corporation
LPRA Liberia Petroleum Regulatory Authority
6 I N V E S T L I B E R IA
LPRC Liberia Petroleum Refinery Company
LRA Liberia Revenue Authority
LSEZA Liberia Special Economic Zone Authority
LTA Liberia Telecommunications Authority
MFDP Ministry of Finance and Development Planning
MIP Monrovia Industrial Park
MOCI Ministry of Commerce and Industry
MRU Mano River Union
MSME Micro Small Medium Enterprises
Mt Metric tons
MW Mega watts
NaFAA National Fisheries and Aquaculture Authority
NIC National Investment Commission
NOCAL National Oil Company of Liberia
OAU Organization of African Unity
PAPD Pro-Poor Agenda for Prosperity and Development
Pos Point of sale
PPCA 2010 Public Procurement and Concessions Act of 2010
PPP Public-Private Partnership
PV Photovoltaic
RIA Roberts International Airport
RREA Rural and Renewable Agency
RSS Rubber Smoked Sheets
SEZ Special Economic Zone
STEM Science, Technology, Engineering
and Mathematics
TICAD Tokyo International Conference of
Africa’s Development
TIN Tax Identification Number
TRANSCO CLSG Cote d’Ivoire-Liberia-Sierra-Leone-Guinea (Power Pool)
TVET Technical and Vocational Education Training
UNESCO United Nations Educational, Scientific, Cultural Organization
US United States of America
USD United States Dollar
USDA United States Department of Agriculture
WASH Water, Sanitation, and Hygiene
WHO World Health Organization
World Bank World Bank Group
WTO World Trade Organization
The Investor’s Guide to Liberia, 5th Edition 7
A Message from the President With delight, I present the fifth edition of disrupted normal economic activities Invest Liberia: The Investor’s Guide to Liberia hampering our country’s real GDP the premier guide to investing in Liberia, growth. Accordingly, the Government of and I would like Liberia to be considered Liberia has initiated a robust economic as your preferred investment destination. recovery plan to reset the economy on a Liberia’s economy was on a positive growth more sustainable pathway to growth. trajectory with real GDP growth projected Foreign investors are protected against to increase by 4.8% in 2020, underpinned unfair expropriation and are accorded by modest growth in agriculture, fisheries, non-discriminatory treatment. Foreign- and services. Inflation was expected to owned firms receive the same treatment decrease to 9.5% in 2020 because of a as their indigenous counterparts. There stable exchange rate, prudent monetary is minimum control on the repatriation and fiscal policies, and a modest increase of profits. The Government of Liberia in domestic food production. However, promotes an atmosphere of fairness and the global COVID-19 pandemic outbreak competition. As we seek foreign direct 8 I N V E S T L I B E R IA
Liberia is open and ready for business, and we are
committed to creating and maintaining a business-
friendly and practicable investment environment
which will ensure that all investors invest, grow
and succeed.
investment in critical sectors, we encourage development. Liberia is looking at the
partnerships with the Liberian domestic future by diversifying its economy through
private sector wherein opportunities can promoting investment along value chains
be created from these partnerships, so that to build resilience against external shocks
Liberians are not spectators in their own caused by market volatilities. Our goal
economy. Liberians living in the Diaspora is to encourage sustainable investments
are strongly encouraged to consider their in sectors which have higher returns
homeland for investment. We will remove on investments and present greater
unnecessary regulatory constraints and opportunities for economic growth and
bureaucratic bottlenecks that have job creation for our people.
impeded and undermined the smooth Liberia is open and ready for business,
conduction of business in our economy. and we are committed to creating and
Our workforce has enormous potential maintaining a business- friendly and
with the youth constituting about 65% practicable investment environment which
of our population and presenting a huge will ensure that all investors invest, grow
opportunity of readily available skilled and and succeed.
unskilled labor. Therfore, my government
is committed to building the skills and
experience of young people in order to
increase employment in all sectors of our
economy.
Over the last several decades, Liberia
traditionally relied on the export of His Excellency George Manneh Weah
unprocessed iron ore and rubber, but President of the Republic of Liberia
decline in the prices of these primary
exports on the global market impeded
economic growth and sustainable
The Investor’s Guide to Liberia, 5th Edition 9
foreword from
the Chairman
ever-improving business climate wherein
foreign and domestic businesses alike can
thrive and not merely survive.
The National Investment Commission is
robustly promoting investment to create
more jobs, add value to local primary
products, and improve the livelihood
of our people. We are prepared to guide
investors throughout their investment
journeys to ensure that their investments
succeed within the Liberian economic
landscape.
I am honored to present the Fifth edition
of Invest Liberia, the official 2021 You are encouraged to carefully go through
Investor’s Guide of Liberia. I anticipate this Investor’s Guide which is laden with
that this Guide will inspire you to choose useful information to prepare you to make
Liberia as your desired investment that ultimate decision to invest in Liberia.
destination. Liberia has enormous business Make reference to this guide and contact
opportunities and advantages for anyone the National Investment Commission for
who wants to invest in an emerging market. additional guidance about investing in
Opportunities abound in agribusiness Liberia. Annual revisions will be made to
(value addition), infrastructure, tourism, this guide; reflecting the changing realities
health, housing, education, ICT, energy, of Liberia’s investment climate. To obtain
and a myriad of other sectors. an updated version, please visit our website:
www.investliberia.gov.lr.
Like the rest of the world, the Liberian
economy is still grappling with the impact Liberia is open for business. Welcome!
of the COVID-19 global pandemic and
is taking the necessary steps to accelerate
recovery. Frantic effort is being made to
craft an economic recovery roadmap using
the Government’s 5-year development
Molewuleh B. Gray, Esq.
plan, the “Pro-Poor” Agenda for Prosperity
and Development (PAPD). Our President, Chairman & CEO
His Excellency Dr. George Manneh Weah, National Investment Commission
is keen on strengthening the economy
through ensuring and maintaining an
10 I N V E S T L I B E R IA1 INTRO DUCTION The Investor’s Guide to Liberia, 5th Edition 11
OVERVIEW OF LIBERIA
G EO G RAPH Y HI S TOR I CA L HI GHL I GHTS
Liberia is located along the coast of West Indigenous Africans migrated from the
Africa. It is bordered by the Atlantic Songhai Kingdom to present day Liberia
Ocean to the southwest, Sierra Leone between the 12th and 16th centuries
to the west, Guinea to the north, and A.D. The first settlers arrived in 1821 on
Cote d’Ivoire to the east. Liberia is made Providence Island from New York. The
up of fifteen political sub-divisions number of immigrants that arrived from
called counties. Montserrado is the most 1821 to 1843 was 4,571. These immigrants
populated county, and hosts Monrovia, the were freed slaves sponsored by the
capital city and largest commercial hub. American Colonization Society (ACS).
Liberia has a total land area of In 1847, Liberia declared independence
approximately 111,000 square kilometers and retained it throughout the scramble
and a coastline of 580 km. Of the total land for Africa by European colonial powers.
area, roughly 96,000 square kilometers is During this period, Liberia remained in
land mass and the remainder is composed the American “sphere of influence”. The
of rivers, lakes, and wetlands.
Geographic features along the
coastline include mangrove
swamps, lagoons, and sandbars. Liberia has a total land area
Beyond the coastal plains are
rolling hills and valleys in
of approximately 111,000
the northeast portion of the square kilometers and a
country which are covered
mostly by rainforests. coastline of 580 km. Of
Liberia has two seasons: the the total land area, roughly
dry season, which generally
runs from October to March 96,000 square kilometers is
and a rainy season, which runs
from March to October. The land mass and the remainder
dry season comes with warm is composed of rivers, lakes,
temperatures and high humidity,
while clouds and frequent rain and wetlands.
showers generally come in the
rainy season.
12 I N V E S T L I B E R IAProvidence Baptist Church, known as “the Cornerstone of the Nation,” was one of Liberia’s first places of
worship and the venue of the first Legislative Assembly.
Capital City, Monrovia, is named after the of Liberia, Ahmed Sekou Toure of
5th President of the United States, Mr. Guinea, and Kwame Nkrumah of Ghana.
James Monroe. In 1944, President William Tubman
Liberia was a beacon of hope for other enunciated an “Open Door Policy” which
African colonies and territories desirous sought to attract foreign investments. The
of achieving independence. Many heroes policy contained a mixture of political
of African independence visited Liberia and economic tools: political stability,
during this period and were encouraged tax holidays, cheap labor, and free
to move forward with their independence. repatriation of profits. The outcomes were
Leaders that visited Liberia are Kwame phenomenal: between 1944 and 1970, the
Nkrumah, Ahmed Sekou Toure, Nnmadi value of foreign investments increased by
Azikwe, Sam Njoma, and Nelson Mandela. 200 percent; economic growth doubled,
Other liberation figures that once lived in employment rose, and Liberia became
Liberia included the late Mariam Makeba Africa’s first and the world’s third largest
and Hugh Masekela. exporter of iron ore and a major producer
Liberia was instrumental in the formation and exporter of rubber. Within a period of
of the Organization of African Unity twenty-five (25) years, Liberia had attracted
(OAU), now the African Union (AU). foreign investments exceeding US$ 1
A meeting held in Sanniquellie, Nimba Billion. Among these were American,
County, in 1959, was a preparatory meeting Swedish, and German investments.
between Presidents William V. S. Tubman
The Investor’s Guide to Liberia, 5th Edition 13PEO PL E & C U LT U R E The culture is
Liberia is a mosaic of many people and
cultures. There are sixteen (16) tribes; each rich. It blends the
having a distinct language and sub-culture.
The people are friendly and accommodating. way of life of the
A publication of The African Exponent Weekly,
October 16, 2019, indicated that, “the decedents of freed
country that is kind to strangers and helps
them the most is Liberia”. Despite the many American slaves
sub-cultures, there is solidarity and social
cohesion among the people. There is also who founded
a common national identity demonstrated
through speech, dress code, and social norms. Liberia and the
The culture is rich. It blends the way of life
of the decedents of freed American slaves traditional way of
who founded Liberia and the traditional way
of life of indigenous Liberian tribes whom life of indigenous
the settlers met. This synergy of the two
sub-cultures is reflected in a communal and Liberian tribes
peaceful, co-existence of the populace. There
are many artifacts (masks, cloths, carvings, whom the settlers
and pottery), a rich folklore and commonality
in the diet; consisting mainly of rice and met.
cassava.
The cultural heritage is also rich. Storytelling,
short parables and proverbs are common.
The Liberian handshake, which ends with
snapping of the fingers, is unique only to
Liberia. Other unique features of the Liberian
heritage include the collarless Vai shirt, the
V-shaped finger ring, and the highlife dance
music, which originated from Liberia, but is
now popular along the West African coast.
The country is also home to the famous
malegueta pepper, which is not only used as
spice, but also has medicinal values. Another
Opposite Page from upper left to lower right:
unique feature is the rich biodiversity which East Nimba Nature Reserve, Goalie Ashley
includes raffia fibers, the Nimba frog, and the Williams, Cape Mount Highway, a rural
pigmy hippopotamus. residence, traditional instruments, SKD
Sports Complex, Bomi Bridge Train Rail,
Kpahn Town cultural dancers in Margibi,
Traditional Mask, West Africa Power Line
14 I N V E S T L I B E R IAThe Investor’s Guide to Liberia, 5th Edition 15
PO L IT IC A L L A ND SC A P E On the fiscal front, domestic sources
for revenues have been broadened and
Liberia is a democratic nation-state. There
revenue collection efforts strengthened
are three (3) branches of government:
by consolidating all collections under
Legislature that makes laws; Executive
the Liberia Revenue Authority (LRA).
that implements laws; and Judiciary that
Additionally, the government is ensuring
interprets laws. The Speaker of the House
that public sector institution expenditures
of Representatives heads the Legislature.
fall within approved budgets, and that
The President heads the Executive and the
they utilize the Integrated Financial
Chief Justice heads the judiciary.
Management Information System (IFMIS)
Liberia enjoys political stability. Three to record and report financial transactions.
(3) successive presidential and legislative
The lessons learned from the Ebola Virus
elections have been held in 2005, 2011,
Disease has made the country’s response
and 2017, respectively. There have also
to limit the impact of Covid-19 effective.
been several peaceful mid-term legislative
With international financial assistance,
elections, as well as many special elections
vulnerable groups and households have
to fill vacancies created in the Legislature.
been supported with survival relief
packages.
EC O N O M IC O UT LO O K Despite the challenges imposed by the
Both the World Bank and IMF have global impact of COVID-19, Liberia
certified that Liberia’s macro-economic remains optimistic that the economy will
fundamentals are in the right direction. change soon. Growth in the non-mining
Liberia has enhanced the autonomy of sector is expected to rebound the economy
the Central Bank by amending the Act to reflecting improvement of 2.4 percentage
strengthen its regulatory role. Under the points. The focus of economic activity
program with the Fund, the country has will be productivity driven growth and
met benchmarks to improve United States diversification under an Inclusive Growth
Dollar liquidity and bring stability to the Development Operations program with
banking sector. The Fund views the debt the World Bank. Those who would benefit
burden as being sustainable. The World from engagement with Liberia in the
Bank views the country’s performance medium-term would act smart now by
as supportive of market improvements; commencing engagement with Liberia.
laying the groundwork for anticipated
economic recovery.
16 I N V E S T L I B E R IAPRO-PO OR AGE N D A FOR P R OSP ER I T Y
AND D EVELOP MEN T
The Pro-Poor Agenda for Prosperity and of Liberians for income security, better
Development (PAPD) launched in 2018 access to basic services, and greater
is currently Liberia’s 5-Year National opportunities for self-improvement in an
Development Plan. It is consistent with enabling environment that is inclusive and
the Liberia Vision 2030 Framework stable. The plan aims to gradually raise
and follows the 2012-2017 Agenda for per capita income levels and economic
Transformation (AfT). status towards Liberia becoming a middle-
The PAPD is about the people, how to income country by 2030.
strengthen their capacity to thrive, and To make progress towards achieving the
how to draw all Liberians living at home PAPD objectives and eventually Vision
and abroad into the national development 2030 Goals, the strategies and interventions
process. It addresses the basic needs are built around four (4) pillars:
PIL L A R 1 P I LLA R 2 PI L L A R 3 PI L L A R 4
Power to the The Economy and Sustaining the Governance and
People: To Jobs: Economic Peace: Promoting Transparency:
empower Liberians stability and job a cohesive society An inclusive
with the tools to creation through for sustainable and accountable
gain control of effective resource development. public sector, for
their lives through mobilization shared prosperity
more equitable and prudent and sustainable
provision of management development.
opportunities of economic
in education, inclusion.
health, youth
development, and
social protection.
The Investor’s Guide to Liberia, 5th Edition 17C O M M ER C IAL LA ND SC A P E great potentials for large-scale value-added
investments.
Liberia is open for trade and commerce.
Custom duties are generally favorable, Liberia is a member of several international
ranging from 2.5% to 25%. 46% of customs union, including the Africa
registered businesses in Liberia are in the Continental Free Trade Agreement
wholesale and retail sectors. In the imports (AfCFTA) which came into effect on January
sub-sector, commodities mostly imported 1, 2021. AfCFTA is one of the world’s largest
are rice, petroleum, medicines, vehicles, common markets. Liberia is a member of
machinery, and equipment. Other imports the World Trade Organization (WTO),
include chemicals, manufactured goods, the African Growth and Opportunity
and food such as vegetables, poultry Act (AGOA) with the United States (US),
products, and meat. and Everything but Arms (EBA) with the
European Union (EU). Liberia is also a
In the exports sub-sector, commodities
member of several sub-regional markets:
exported are from agriculture, forestry
ECOWAS Trade Liberalization Scheme
and mining. Together, these sub-sectors
(ETLS) with ECOWAS and the Mano
account for over 45% of Liberia’s GDP.
River Union (MRU). Minimum Restrictions
Top commodity exports include rubber,
on the Repatriation of Profits: The laws of
round logs, iron ore, gold and diamonds.
Liberia, particularly, the Investment Act of
The export sub-sector; especially
2010, allow the repatriation of profits and
agriculture, fisheries, and forestry, holds
dividends, net of taxes.
Liberia is open for trade and commerce. Custom
duties are generally favorable, ranging from 2.5% to
25%. 46% of registered businesses in Liberia are in
the wholesale and retail sectors.
18 I N V E S T L I B E R IA2 Why LIBERIA? The Investor’s Guide to Liberia, 5th Edition 19
TOP TEN REASONS TO INVEST IN LIBERIA
Political Stability
Liberia has been peaceful and politically stable for nearly two decades. There have
been three (3) successive sets of transparent, free, and fair elections.
Minimum Restrictions on the Repatriation of Profits
The laws of Liberia, particularly, the Investment Act of 2010, allow
the repatriation of profits and dividends, net of taxes.
Dual Currency Regime
The Liberian Dollar and the United States Dollar are used
interchangeably. Currency exchange rates are determined by the
market.
Access to
LOW Abundant
Acc
i nt ess t
O ST OF regional
Ma ernat o
C Natural Markets rke ion
LA B O R ts al
Resources
The population is Liberia is a bundle of Liberia has access Liberia has access
youthful (about 65% endowments of natural to the ECOWAS to international
is under 25 years) resources including 4 sub-regional market markets with the
providing potential million hectares of arable which has over 407 European Union
source of workers. land, abundant water, million persons, (EBA), United
The cost of labor is resources, and timber, as inclusive of the four States (AGOA) and
low, currently set at a well as minerals such as Mano River Union Japan (TICAD).
minimum of US$5.00 iron ore, gold, bauxite, countries of about Liberia also has
per day for unskilled and diamonds, including 53 million persons. long trade and
labor. marine resources. Liberia commercial
has the highest water relations with many
resource availability per Asian and other
a b le capita in West Africa countries.
Favor ime
eg
Tax R
There exists an investment-friendly tax system, transparent tax regulations, and
motivational tax exemptions for investments in targeted sectors such as agriculture,
manufacturing, fisheries, forestry, and mining. Emphasis is placed on value-addition.
Prohibition against
Guarantee against Discrimination
Unfair Expropriations
Investors are protected from Subject to the Labor and other relevant laws
unfairly and unlawfully obtaining governing investments, employers and workers
investors’ businesses for public use. enjoy the same rights and are subject to the same
obligations as applicable to Liberian citizens.
20 I N V E S T L I B E R IALIBERIA’S TOP FIRSTS
Starting from, left to right (top row): H.E. George Manneh Weah, Angie Brooks-Randolph, Plenyono Gbe Wolo,
(bottom row) Prophet William Wade Harris, Former President William R. Tolbert, Former Presiednt Ellen
Johnson-Sirleaf and Dr. Joseph Nagbe Togba
Liberia is the first independent country Former President Ellen Johnson-Sirleaf
in Africa and the first African country was the first female elected President of
recognized by the world. Liberia and in Africa as well as the first
H.E. Dr. George Manneh Weah is the first female black President in the world.
professional soccer athlete to become She was also the first female President
President of a country. He was also the to serve as Chairman of the ECOWAS
first player to win World, European, and Authority.
African footballer-of-the-year in the same Dr. Joseph Nagbe Togba was the first
year. African to serve as President of a
Angie Brooks Randolph was the first World Health Organization (WHO)
African female President of the United Assembly, which was the seventh
Nations General Assembly. Assembly.
Mr. Plenyono Gbe Wolo was the first Liberia’s Ducor Intercontinental Hotel was
African graduate from Harvard the first five-star hotel in Africa.
University. Liberia hosted the first African
Prophet William Wade Harris was the first conference that led to the formation
evangelist in Africa to have over 100,000 of the Organization of African Unity
followers in three African countries (OAU), now the African Union (AU), in
(Liberia, Ivory Coast and Ghana) from the Sanniquellie, Nimba County in 1959.
late 1800s to early 1900s.
Former President William R. Tolbert was
the first black President of the World
Baptist Alliance.
The Investor’s Guide to Liberia, 5th Edition 2122 I N V E S T L I B E R IA
3
ENABLING
ENVIROMENTS
23PAT H WAY T O I NV E ST M E NT Liberia seeks to
Liberia continues to be open and ready strengthen investor
for investments. Entry to investment is
defined by applicable laws. The processes confidence. For this
are transparent and fair. Investment reason, Liberia is a
incentives are available in prioritized areas
such as agriculture, manufacturing, and member of Regional
tourism. and International
The Public Procurement and Concessions
Act of 2010 (PPCA 2010) governs the
Treaties intended
concession-granting process. Other to promote
applicable laws include: Investment best practices in
Act 2010, Commercial law of 2010,
Environmental Law of 2003, the Labor investments. These
Law of 1956 as amended in 1972 and include: the World
2015 respectively, Revenues Law (2000)
as amended in 2016, Public Financial Trade Organization
Management Law (2009), and the law (WTO), African
of the sector ministry under whose
jurisdiction the concession falls. Continental
Liberia seeks to strengthen investors’ Free Trade Area
confidence. For this reason, Liberia is a
member of Regional and International (AfCFTA), and the
Treaties intended to promote best International Centre
practices in investments. These include:
the World Trade Organization (WTO), for Settlement of
African Continental Free Trade Area Investment Disputes.
(AfCFTA), and the International Centre
for Settlement of Investment Disputes.
S TA R T IN G A B U SI NE SS I N LI B E R I A corporation or partnership, an Articles
of Incorporation should be filed with the
To start a business in Liberia, there is a one- LBR. Upon approval of the Articles, the
stop-shop located at the Liberia Business LBR issues a Registration Certificate to
Registry (LBR). At the LBR, there are the applicant. This certificate will contain
representatives of the relevant ministries a Business Registration Number (BRN),
associated with starting a business. These which is also the Tax Identification
include the Ministries of Foreign Affairs Number (TIN).
and Commerce and Industry and the
Liberia Revenue Authority. All businesses, The registration process takes between
small, medium, and large are registered at three to seven business days. Business
the Registry. registration can be done online. Registration
fee schedule can be found on the website.
If the business to be undertaken is a www.lbr.gov.lr
24 I N V E S T L I B E R IATAX R EG IME breaks under concession agreements,
Special investment incentives and
Tax administration has been strengthened
investment incentive contracts (5 years).
and made more amenable to the
taxpayer. All matters of taxation have
been consolidated under the LRA. The I NV ES TMENT I NCENTI V ES R EGI ME
Authority now serves as a one-stop service In support of the government’s policy
and advisory point for taxpayers and on investment promotion, the MFDP
entities operating within the country. in collaboration with the NIC provides
The Revenue Code of 2010, as amended investment incentives to start-up and
in 2016 remains the legal basis for taxation. existing business. These incentives are
The code has been simplified to enable the designed and administered as part of
average taxpayer to use as an operational government’s contributory efforts to
guide. Taxes may be assessed and paid support business establishments. For start-
either in Liberia dollars or US dollars. The up business, the incentives are meant to
LRA has established a website at www.lra. guide and facilitate projects through their
gov.lr, that is informative on tax matters. infantile stage and ensure that they are
The basis for taxation is on personal on the right course of development. For
income and business turnover, goods and existing investments, the incentive package
services, real property as well as other is meant to support business expansions
obligatory payments such as work and and enhancing local content.
resident permits, professional fees, and Investments ranging from US$500,000
consular levies. A key feature of taxes on to US$9.9M in prioritized sectors such as
corporate entities is tax applied against net agriculture, manufacturing, and tourism,
profits received on incomes derived from are eligible for incentives. In the health
operations. sector, the threshold for accessing incentive
To make the Liberian tax system is US$50,000.
comparable to those of other jurisdictions Government’s incentive packages,
in the ECOWAS sub-region, maximum including tax deductions and exemptions
annual tax on profits have been reduced from income tax, are set out under the
from 35% to 25%. Personal income taxes Economic Empowerment provision of
are based on a schedule that is applicable to Tax Amendment Act of 2016. These
the earning levels of individuals. Within the packages target investments in the key
context of the tax system modernization sectors such as: manufacturing, energy, tourism,
program, LRA has adopted new efficiency housing, transportation, small and medium scale
measures including an initiative for Mobile rubber and oil palm cultivation and poultry,
Tax Payment options for payment of taxes waste management, information-communication-
and fees. technology, value-addition agriculture, including
The government continues to standardize coffee and cocoa, and exportation of sea products.
and harmonize the customs and tariff Investment incentives are granted to both
systems in conformity with the ECOWAS foreign and domestic establishments. The
regime. Act creates a certification requirement for
Further, most large concessions operating investors that qualifies them for special
in the country are granted attractive tax investment incentives, replacing the
The Investor’s Guide to Liberia, 5th Edition 25differing capital investment requirements • Improve livelihood of host communities
for foreign-owned and Liberian-owned through the implementation of
establishments. Applications are required corporate social responsibility.
and supported by business plans and • Competition in the provision of services,
project proposals. Applications made to supplies, goods and reduce monopolies.
the NIC are evaluated to make appropriate
• Partnership between public and private
recommendations to the Ministry of
Finance and Development Planning sectors.
(MFDP), which then decides and issues Investments over US$10 million require
the incentive certificate. the negotiation of a concession agreement,
which is enacted into law to protect the
investor. Investments in prioritized areas
C O N C ES S IO N R E G I M E are eligible for a special incentive package
The Concession regime continues to through the government’s Inter-Ministerial
contribute significantly to Liberia’s fiscal Concession Committee (IMCC), chaired
and socio economics development. by the National Investment Commission.
This regime supports the annual budget The investor should present a written
through taxes, royalties, and export communication with an outline proposal
and import duties. The concession to the National Investment Commission
sector also promotes local development or the Concession entity expressing desire
through payment of social development to invest in a sector.
funds, and in-kind voluntary community
infrastructure development, in fulfillment
of their Corporate Social Responsibilities
S PECI A L ECO NOMI C ZO NES (S EZS )
The Government of Liberia through the
DEV ELOPMENT
NIC and other agencies tend to achieve Towards promoting and accelerating
the following through the Concession economic growth and national
regime, but not limited to: development, the Government enacted
in 2017, a law to create a Liberia Special
Economic Zone Authority (LSEZA).
• Creation of Job opportunities. When established, the Authority will create
• Transfer of technical knowledge. and regulate Special Economic Zones
• Increase private investment climate, (SEZs) across the country to facilitate
value addition and diversification. the attraction of domestic and foreign
• Improve foreign exchange; accelerate investment capital.
the development of infrastructure & Within each SEZ, the Authority will
socio-economic development. provide a One-Stop-Shop for business
26 I N V E S T L I B E R IAregistrations and the issuance of licenses, international customs standards will be
permits, and approvals, as well as the required. The exchange and transfer of
collection of taxes and fees. funds from activities of SEZ licenses,
The SEZ law sets forth the rights, developers, and operators will be permitted.
obligations of licenses, developers, and Currently, approximately 500 acres of
operators that will be in SEZs. The law land has been earmarked around the Port
provides special tax and incentive regimes of Buchanan for the development of a
towards attracting both domestic and Special Economic Zone.
foreign investments. Implementation of Natural Resources for Growth
TH E L I BE R I A N A D VA N TA GE
Liberia’s growth corridors provide an actions, ranging from infrastructure to
overview of available resources. Analysis export incentives
shows that commercial exploitation of • Promoting domestic trade and strengthen
key resources such as tree crops and other productive capacity as a precondition for
more businesses to become export ready
agricultural products, mining, wood, and
• Increasing the efficiency of import and
fisheries; including their value chains,
export administration, customs, and
have potentials for economic growth. border control
The corridors identify areas for public • Promoting regional trade and integration
infrastructure investments to attract and in the context of the MRU and
enable major private investments. ECOWAS
• Promoting global market access for
Trade Promotion in Liberia
Liberian goods and services through
The Liberia National Trade Policy and WTO membership and efficient use
National Export Strategy focus on trade of preferential trade agreements and
issues. The Policy and Strategy are the preference scheme
primary instruments that guide Liberia’s • Increasing the effectiveness of Liberian
trade promotion and facilitation and are institutions responsible for formulating
aimed at: and implementing trade policies
• Promoting international export • Enhancing the Legal Framework and
competitiveness through a variety of Good Governance for Trade. Other key
structures supporting trade in Liberia are
the country’s national development plan,
the Pro-Poor Agenda.
The Investor’s Guide to Liberia, 5th Edition 27T RA N S PA R EN C Y A ND A C C O U NTA B I LI T Y and its value chains as a key driver to spur
economic growth.
Liberia remains committed to improving
its national integrity systems. The anti-
corruption strategy includes mechanisms ECONO MI C DI V ER S I FI CATI O N
such as the Code of Conduct for Public Liberia has adopted an export-driven
Employees and Freedom of Information approach that aims to achieve a higher
Act. The objective is to contain decades of level of economic resilience and inclusive
entrenched corruption through sustained growth. The focus is on economic
public and civic education in collaboration diversification through value added
with the private sector, followed agriculture and manufacturing. Collectively,
by investigations and prosecutions. these create the foundation for private
National integrity institutions such as the sector development and inclusive growth
General Auditing Commission (GAC), to achieve the following:
Internal Audit Agency (IAA), Freedom • Transform the economy away from
of Information Commission (FIC), mining and raw commodities to processed
Governance Commission and the Liberia products
Anti-Corruption Commission (LACC) are
•Develop a robust foundation for holistic
collectively engaged in the fight against
and inclusive economic growth
corruption. In his Annual Message on
January 16, 2021, the President vowed to •Improve infrastructure such as roads and
submit a bill that would give prosecutorial power to attract and enable more private
powers to the LACC as a key mechanism in sector capital
promoting transparency and accountability •Broaden the tax base
in governance. Principles to Promote Economic Growth
•Develop selected agricultural value chains
FO C U S O N MI C R O , SM A LL A ND M E D I U M through private sector investment and
market systems
EN T ER PR IS ES
•Adopt innovative financing solutions
The realization that Liberia’s economic
•Promote an export-driven industrial
vulnerability is largely due to its
policy with targeted governmental
dependency on extractive sectors has led
interventions that support the emergence
the government to target GDP growth
of value addition and the production of
excluding mining as a key performance
downstream goods
indicator to avoid the traps of “growth
without development.” •Continuously provide an enabling
business environment
As a panacea to the above situation, the
GOL has targeted Micro, Small and
Medium Enterprises (MSMEs) crucial to ENV I R O NMENTA L PR O TECTI O N
develop both internal and external trade, The Environmental Protection Agency
and to provide employment opportunities (EPA) regulates environmental issues. The
and income to hundreds of thousands of EPA attends to environmental issues such
Liberians. GOL has targeted agriculture as climate change, chemicals management,
28 I N V E S T L I B E R IAcoastal erosions, land degradation, floods, Executive Orders, to attract and/or
ecosystems, biodiversity conservation, expedite investments in certain sectors of
waste management, etc. the economy.
EPA seeks to ensure that domestic and Executive Order 102: Suspends import
international investments operate in a tariffs on agricultural equipment and
safe environment. Reversely, the Agency machineries thus creating an investment
demands that all investments are undertaken friendly Agriculture sector.
in a manner that protects the environment.
Executive Order 103: Affects Work and
Accordingly, major investment projects are
Residence Permits (can be issued up to
required to undertake an Environmental
five years), Surface Rental Fees, Real Estate
Social Impact Assessment (ESIA). For
more information, visit www.epa@gov.lr. Taxes, Customs Duties, and Import Permit
Declarations, amongst others.
Executive Order 104: Seeks to make
EXEC U T IVE O R D E R S electricity assessable and more affordable
Executive Orders are issued by the by exempting the Liberia Electricity
President. They have the effect of law Corporation (LEC) from customs duty
and the duration of one year and can and GST on generation, transmission and
be extended when necessary. They are distribution equipment, materials, and
instruments that facilitate implementation fuel. For more information visit www.
of certain policies. In the context of emansion@gov.lr
investments, the President may issue
The Investor’s Guide to Liberia, 5th Edition 29SECTOR PROFILES
A G R IC U LT U R E F O R E S T R Y A N D T IM B E R IC T H E A LT H E D U C AT IO N T O U R IS M IN F R A S T R U C T U R E M IN IN G ENERGY O IL A N D G A S
SECTOR PROFILE
AGRICULTURE
32 I N V E S T L I B E R IAAgriculture is the mainstay of the economy and
is also a key sector for human development and
economic growth in Liberia. According to the World
Bank (2019), over 75% of the population relies on
agriculture for their livelihood. The sector contributes
25 – 35% to Liberia’ s GDP.
With over 4 million acres of arable land, Liberia has
potential for commercial agricultural production.
The key sub-sectors are food crops; tree crops;
horticultural crops; animal husbandry, and fisheries
and aquaculture.
Firestone Plantations, Margibi County
The Investor’s Guide to Liberia, 5th Edition 33FOOD CROPS
A significant portion of Liberia’s food production is undertaken by smallholder
farmers who employ traditional farming systems and produce at subsistence level.
R IC E
Rice is the most important commodity in Liberia as a food source. The Government
of Liberia supports the development of the domestic rice value chain as a matter of
national priority to meet food security needs, job creation and income generation
especially for smallholder; subsistence farming families. The country produces
merely around 175,000 metric tons of rice which is equivalent to 20% of the
estimated annual requirement of 545,000 metric tons of rice. Liberia imports
annually about 370,000 metric tons to meet its rice consumption needs. This is
equivalent to 80% of the rice consumed in the country. Although the country is well
endowed with abundant arable land suitable for growing rice, only approximately
2% of the nation’s land is being used for rice production.
There are opportunities for investments in the commercialization of all segments
of the rice value chain (production, harvesting, aggregation, haulage, processing,
storage, distribution, and marketing). Specifically, investments in irrigation facilities
and mechanization are needed to improve production and increase rice yields.
34 I N V E S T L I B E R IAC ASSAVA
Cassava is Liberia’s second staple crop. It is also
a key ingredient in animal feeds and in many
industrial processes. Annual cassava production is
estimated at approximately 520,000 metric tons.
Over 95% of the cassava produced in Liberia is
used for local food needs. The rest is processed
into dried cassava chips for export or gari for local
use and export. Liberia exports approximately 10,000
metric tons of cassava in the form of dried chips and gari.
Cassava is produced throughout the country. It is a food crop with great potential
for commercialization for both domestic utilities and export. Cassava is an
essential ingredient for a variety of industrial processes and products, and is in
high demands in foreign markets for sweeteners, animal feeds, starch, noodles,
flours, organic acid, and beer. Accordingly, immense investments opportunities
exist to improve the entire cassava value chain.
H O R T IC U LT U RA L A ND O R NA M E NTA L C R O PS
Liberia is suitable for growing numerous horticultural and ornamental plants.
However, productions are seasonal based on the natural growing season for the
crop grown. The major fruits and vegetables produced include banana, plantain,
citrus, pineapple, corn, cucumber, cabbage, okra and hot pepper.
Investment opportunities in fruits and vegetables are in the conservation,
processing and storage that will ensure their availability out of season, and
possible exportation. Cold storages for fruits and vegetables will meaningfully
reduce perishability and enhance their availability.
Ornamental Plants
Many varieties of ornamental plants are grown in Liberia
in small quantities for landscaping purposes. The soils
and climatic conditions are suitable for commercial
production of many ornamental plants for domestic
and external markets. Investment opportunities exist
in the introduction and production of exotic species
of ornamental plants, particularly export markets.
Prominent among these are roses and orchids.
The Investor’s Guide to Liberia, 5th Edition 35TREE CROPS
Liberia has comparative advantage of the
commercial production of tree crops. Over 50%
of the rural population is engaged in this sub-
sector, which is a major contributor to export
earnings and revenue generation. The major tree
crops include rubber, cocoa, coffee, and oil palm.
Rubber and oil palm are grown on large, foreign
owned plantations as well as in smallholdings by
many Liberian farmers. Coffee and cocoa are
exclusively grown by smallholder farmers.
A Cocoa Tree
36 I N V E S T L I B E R IACOCOA COFFEE
Cocoa is Liberia’s third export commodity. Production of coffee in Liberia is entirely
It is produced by thousands of smallholder by small farmers with holdings of 2 to
farmers predominately in Nimba, Lofa and 10 acres. The annual production averages
Bong counties. In recent years, interest in approximately 600 metric tons. This is a
producing cocoa has been gaining grounds small fraction of the quantities of coffee
in other counties. Production levels are produced decades back when Liberia was
now a fraction of what Liberia produced a major producer of coffee. The reduction
in the years back. of production over the last few years is due
This means that there exist great potentials to little rehabilitation of old coffee farms
for investments in: rehabilitating old cocoa and not planting sufficient new acreages to
farms, establishing new plantations, and in replace old ones.
value addition. Coffee production in
Liberia exports only cocoa beans. The Liberia over the periods
table below presents cocoa production for
the last three years. (2004 – 2006) and (2017 - 2019)
Year Production (Mt)
Liberia Cocoa Production
(2017 – 2019)
2004 3,960
2005 4,080
Year Production (Mt)
2006 4,260
2017 3,560
2017 600
2018 18,871
2018 660
2019 11,343
Source: CBL, Annual Report, 2019; USDA, 2019 600
IndexMundi, 2020
Source: CBL, Annual Report, 2019; USDA,
IndexMundi, 2020
The table shows that Liberian coffee
production can be increased nearly
ten-folds if investments are made in
rehabilitating old coffee and on the
establishment of new one.
Overall, the tree crop sub-sector has great
potential for generating more revenue
for Liberia if value is added to tree crop
products.
The Investor’s Guide to Liberia, 5th Edition 37O IL PAL M
Oil palm production involves four (4) The existing CPO refinery does not meet
large foreign-owned concessionaires national demands for refined cooking
and thousands of smallholder farmers. oil. This means that there is need for
Concessions produce Crude Palm Oil increasing refinery capacity for CPO to
(CPO) mainly for export, while smallholder satisfy domestic demand and for export to
farmers produce raw palm oil mainly for regional markets.
domestic dietary needs. Over 80% of CPO CPO production and palm oil consumption
produced is exported. The remaining 20% in Liberia has increased over the last three
is processed locally to produce refined (3) years as shown in the table below.
cooking oil and soap noodles.
Liberia Crude Palm Oil (CPO) Production and Palm oil
Consumption 2017 - 2019
Year CPO Production (Mt) Palm Oil Consumption (Mt)
2017 11,175 73,000
2018 18,104 81,000
2019 22,140 82,000
Sources: Central Bank of Liberia Annual Report, 2019; USDA, IndexMundi, 2020
Increase in palm oil production is largely Some of the key participants in this sub-
due to plantations operated by the large sector are Golden Veroleum, Mano Palm
concessions coming into production. Oil Industries Ltd, Maryland Oil Palm
A p ro d uc t o f the
38 I N V E S T L I B E R IAR U B B ER
Rubber is Liberia’s premier agricultural
export commodity. Liberia is home to the
largest contagious plantation of rubber in
the world. Approximately 65,743 metric
tons valued at US$146.1 million were
exported from Liberia in 2019 in both raw
and semi-processed forms.
The table below provides data on rubber
production over the last three (3) years.
Rubber production in
Liberia (2017 – 2019)
Year
Production ( Mt)
2017 45,933
2018 46,810
2019 65,743
Source: USDA, IndexMundi, 2020;
CBL Annual Report, 2019
Production has steadily increased over
the past three years. Increase in rubber
production is due to new plantations
coming into production by concessions
and smallholder farmers. Rubber is now
being initially processed and exported as
Rubber Smoked Sheets (RSS).
Liberia produces and exports only crepe,
smoked or concentrated latex. There is no
further processing of rubber to produce
consumer goods in Liberia. The need for
investments in the rubber value chain for
producing consumer goods such as latex
gloves, rubber bands, rubber slippers,
and rubber household utensils cannot be
overemphasized.
Some key participants in the rubber sub-
sector are Firestone, Liberia Agriculture
Company (LAC), Salala Rubber
Corporation, Cocopa Rubber, and Cavalla
Rubber Corporation.
39PO U LT R Y PR O D U C T I O N
Poultry farming is the largest segment
of animal husbandry. Production falls
far below demand. Consequently, large
quantities of poultry meat and poultry
products are imported. Data from the
MOCI indicate that Liberia imported
more than $30 million worth of eggs
and an equal amount in poultry meat and
chicken parts during 2019. The table below
presents data on cost incurred by Liberia
for importing poultry meat.
Poultry Meat Imports
(2017 – 2019) Cattle Farm in
Bong Mines
Year Production (Mt)
2017 32,994 L I V ES TOCK PR ODU CTI O N FO R MEAT
Livestock contributes minimally to
2018 41,270
Liberia’s Gross Domestic Product (GDP).
The most important contribution to
2019 37,408
GDP comes from modern poultry (egg
Source: MOCI, 2019; USDA, IndexMundi, and broiler production). Beef and pork
productions are highly limited. Goats
2019
and sheep are found at the level of the
This means that there are opportunities for traditional economy. The number of cattle
investment in poultry production to reduce is low because of tsetse flies which transmit
the importation of poultry meat. Possible Trypanosomiasis (sleeping sickness).
areas for investments are in production of Investments are needed to revamp the
eggs, broilers, and feeds production as well livestock sub-sector. Specifically, these
as poultry processing and packing facilities. investments will cover the entire value
chain for livestock: redevelopment of
pastures and ranches, restocking of
improved species of livestock, building
capacity for producing livestock feed in
country, establishing meat processing
capability, among others. More
importantly, government has prioritized
animal husbandry by training relevant
professionals and availing to them
conducive working conditions to make
them productive.
40 I N V E S T L I B E R IAthe sector provides full or part-time
F I SHERIES & employment for 37,000 people. Small-
scale fisheries provide employment for
AQU A CULT URE 33,000 people, 60% of whom are women.
National fisheries have three main sub-
The National Fisheries and Aquaculture components: marine fisheries in the
Authority (NaFAA) is responsible for ocean by foreign vessels and domestic
managing fishery resources: marine, motorized boats; inland fisheries in
inland, and aquaculture. It ensures that rivers and lakes by artisanal fishermen;
these resources are used sustainably, and aquaculture through subsistence
contributing to the achievement of fish farming.
socio-economic growth. NaFAA The National Fisheries and Aquaculture
registers fishing vessels, issues Authority (NaFAA) reported that
import and export permits for fishery coastal fishing communities are poor,
products, and monitors the operations but that the fisheries sector has great
of the fishing vessels within Liberia’s potential for the alleviation of poverty.
Exclusive Economic Zone (EEZ). There exists opportunities for
The potential for fisheries and investments are needed for building
aquaculture development is high. fisheries infrastructure (landing peers,
There are several inland rivers well cold storages, processing plants, etc.)
stocked with numerous fish species and promotion of commercialized
which are harvested by artisanal aquaculture throughout the country.
fishermen. There is also a coastline This will optimize the utilization
of over 350 miles constituting some of many inland bodies of waters,
of the richest marine fishing grounds including, mangrove swamps and
along the West Coast. The marine lagoons found along the coast, and in
fishery resources are harvested mainly deltas of Liberia’s many rivers.
by foreign industrial fishing vessels for Value addition opportunities in this
the export market. sub-sector include processing facilities
According to FAO, fisheries contribute for marine fisheries and aquaculture
approximately 3.5% of the country’s (salting, icing, filleting, canning,
Gross Domestic Product (GDP), and packaging, etc.) For more information
visit: www.nafaa@gov.lr
The Investor’s Guide to Liberia, 5th Edition 41You can also read
