The Economy

Minister Konneh and EU Ambassador Intelmann during the signing of the agreement

GoL, EU Sign US$50M for Post Ebola Economic Recovery

The Government of Liberia through the Ministry of Finance and Development Planning yesterday signed US$50.8 million "State Building Contract" with the European Union.

The State Building Contract (SBC) is a program which is part of the EU’s co-operation with Liberia, and will provide funds to focus on health services, after the Ebola crisis and supporting justice and security services in anticipation of UNMIL’s drawdown.

NPA Executive Director for Government and International Affairs, Mr. Korleh, explains the bidding process (R) view of some abandoned cargoes at the Freeport of Monrovia

For Overstaying on Port Premises NPA, LRA, APM Terminals Auction Abandoned Cargoes

The National Port Authority (NPA), in collaboration with APM Terminals and the Liberia Revenue Authority (LRA) has  auctioned abandoned container units through sealed bids.  The containers had overstayed within the premises at the Freeport of Monrovia for over three months or more.

The auction indicates that several 40 feet and 20 feet containers had stayed for 90 days or above while loose cargoes (pallet drinks and Water) have also stayed for more than 90 days.  Included among the auctioned items were  several abandoned vehicles.

Mina Baliamoune (left) and Lyal White (right) discuss regional integration on the continent at the 2015 SWIFT African Regional Conference.

African Countries Weak as Individuals, Powerful as Collectives

For Africa’s potential to be truly realised, the continent’s countries need to integrate in order to compete globally as regional collectives, rather than individual economies.

This was emphasised by Lyal White, director of the Centre for Dynamic Markets at the Gordon Institute of Business Science. He was speaking during yesterday’s panel discussion at the SWIFT African Regional Conference.


LPRC Increases Prices of Petroleum Products

The management of the Liberia Petroleum Refining Company (LPRC) in collaboration with the Ministry of Commerce and Industry yesterday announced a sharp increase in the prices of gasoline and fuel.

The new petroleum price ceiling which was jointly signed by the Managing Director of the LPRC, Prof. Sumo G. Kupee, and the Minister of Commerce and Industry , Axel Addy, took effect May 4, 2015.

The new prices according to LPRC were circulated using the Central Bank of Liberia (CBL) approved exchange rate of US$1 to L$85.

Shun Feng enters the courtroom after admitting to commission of tax evasion

Chinese Businessman Admits to Tax Evasion

A Chinese businessman, Shun Feng, has admitted to defrauding the government by not declaring all goods he recently brought into the country via the Freeport of Monrovia.

In late April, Shun Feng was arrested by authorities at the Liberia Revenue Authority (LRA) for not declaring some of the goods he imported from China into the country.

He was turned over to the West Point Magisterial Court for prosecution where he admitted to commission of the crime.


Liberian Observer

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