Liberia: Govt Seeks Larger U.S. Business Footprint in Liberia
The Government of Liberia is actively encouraging Diaspora Liberians and American investors to take advantage of ongoing initiatives aimed at boosting economic growth and expanding the American business footprint in the country. Finance Minister Augustine Kpehe Ngafuan made the call during the Liberia Diaspora Conference held in Washington, D.C.
“We have lots of initiatives, more tangible ones to attract Liberians back home,” Minister Ngafuan said, highlighting the government’s deliberate and intentional strategy to increase U.S. business involvement in Liberia.
As part of efforts to improve investment back home, Minister Ngafuan encouraged Liberians in the Diaspora to leverage opportunities provided by the U.S. Development Finance Corporation (DFC), which offers low-interest financing to support agribusiness and other critical sectors.
“You may not be able to get all the funds, but funds are available to leverage,” he reassured the audience. “The government is working deliberately to increase the American business footprint in Liberia.”
Minister Ngafuan further highlighted Liberia’s partnership with the World Bank, through the International Finance Corporation (IFC), stressing the global commitment to equality in business opportunities.
“The World Bank has decided to put equality in business,” he disclosed, adding that these efforts create a level playing field for both local and foreign investors seeking to contribute to Liberia’s development.
In addition to promoting investment, the Finance Minister discussed the government’s efforts to modernize Liberia’s financial infrastructure. Through the Central Bank of Liberia (CBL), the government has introduced a payment switch initiative, enabling users to conduct financial transactions remotely.
“Unlike before, the port now has night service up to 10 p.m. It is not 24 hours yet, but it is a good start,” Minister Ngafuan said. “Over time, the payment period will expand, and by October, we expect Orange Liberia and Lonestar Cell MTN to interconnect for mobile and Orange Money transfers, respectively.”
Acknowledging challenges in the economy, Minister Ngafuan emphasized that the government is working gradually to resolve them, with digitization and financial modernization as key priorities.
“The government, through the Ministry of Finance and Development Planning, is digitizing the economy and working very hard to help improve Liberia’s economy,” he said.
By Liberian Observer.
