Successes and Challenges of the LACC
Published: 03 December, 2008
LACC boss, Cllr. Frances Johnson-Morris
The Liberia Anti-Corruption Commission (LACC) for the first time made its progress report to the Liberian people, outlining the challenges the Commission faces since its establishment three months ago.
‘Gov't Is on Right Economic Trajectory’
Published: 03 December, 2008
MONROVIA, The visiting Chief Executive Officer (CEO) of United Bank for Africa (UBA) International has pledged his bank's confidence and support for Government's ongoing economic programs. Mr. Rasheed Olaoluwa said Government was on the right trajectory in responding to the economic needs of the Liberian people, noting that “such a very credible economic development program requires the support of credible institutions like the UBA in terms of implementing projects and infrastructural developments through the provision of deepening financial services.”
L-r: Dr. Tolbert, Minister Ngafuan and Mr. Wood signing the US$8M deal
NIC Scores Landmark Deal
Published: 01 December, 2008
MONROVIA, An US$8 million deal has been reached between the Government of Liberia and a multimillion dollar Chinese company, the Golden Gate Group, for the renovation and repair of the Samuel Kanyon Doe (SKD) Sports Complex Hotel in Paynesville. The two parties entered the agreement Friday afternoon at the head offices of the National Investment Commission (NIC) in Monrovia.
Lawyer Wants Secured Collateral for Liberians in Business, Development
Published: 28 November, 2008
Cllr. Cyril Jones
A call has been made on the management of the Liberian Bank for Development and Investment (LBDI) to foster partnership with reputable institutions for the promulgation and amendment of relevant laws to strengthen and provide for adequate and secured collateral for obtaining credit facilities for Liberian nationals who show interest in business and development.
Street Vendors Appeal for Orderly Relocation
Published: 26 November, 2008
Street vendors in Monrovia have appealed to Government for an orderly or smooth relocation so that their businesses will not be affected in the course of the exercise.
People stand in line for hours just to board a bus that will take them to their destinations
Rural Commuters Troubled over New Transport Fares
Published: 26 November, 2008
The recent adjustment in transportation fares across the country by the Government of Liberia, in collaboration with major stakeholders in the transportation sector, appears not to be holding as rural and urban commuters complain that commercial drivers are charging above the government stipulated fares.
People stand in line for hours just to board a bus that will take them to their destinations
Rural Commuters Troubled over New Transport Fares
Published: 26 November, 2008
The recent adjustment in transportation fares across the country by the Government of Liberia, in collaboration with major stakeholders in the transportation sector, appears not to be holding as rural and urban commuters complain that commercial drivers are charging above the government stipulated fares.
(L-R): French Amb. Gerard, LBDI Board Chair Dr. Tolbert, Cllr. Jones, LBDI Executive VP Mrs. Reeves and LBDI president, Francis A. Dennis, Jr. Photo by G. D. Kennedy
LBDI Assets Bounce to US$86M
Published: 25 November, 2008
MONROVIA, Amidst growing global financial crisis that is crippling several economies and leading financial institutions, the Liberian Bank for Development and Investment (LBDI) has recorded 30 percent increase in assets from US$66.1 million at the beginning of 2008 to US$86.3 million as at October 31, 2008. According to Francis A. Dennis, Jr., president of LBDI, 55 percent of the increase was funded from a US$11.1 million (25%) increase in deposits.
MONROVIA, Amidst increasing competition in the banking sector, the Liberian Bank for Development and Investment (LBDI) today, Monday, November 24, 2008 celebrates its 43rd anniversary. The LBDI management is gearing up for what insiders at the bank consider “a massive get-to-together” to celebrate and exchange ideas about how the bank will maintain or increase its 30 percent share of the market in the banking industry.
Flashback (L-R): LBDI President Francis A. Dennis, Jr. and Mrs. Mildred Reeves, Executive Vice President, LBDI during the Bank's 42nd Anniversary
LBDI Turns 43 on Monday
Published: 21 November, 2008
MONROVIA, All is set for Monday, November 24, 2008, when the Liberian Bank for Development and Investment (LBDI) celebrates its 43rd anniversary. The program is expected to be held at the Randall Street head office parenthesis hall of LBDI. Several employees, who have worked for LBDI for 10, 15 and 25 years, will be honored for contributing to the successes of the bank over the years.
Ecobank Group Builds Headquarters in Togo
Published: 19 November, 2008
monrovia, Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, has celebrated its 20th anniversary. The ETI commemorated its landmark 20th anniversary in the Togolese capital, Lome, on November 7, 2008, breaking grounds on the construction of its new headquarters building in the city. The Togolese capital has been home to the pan-African bank since it commenced operations in 1988.
Ecobank Group Builds Headquarters in Togo
Published: 19 November, 2008
monrovia, Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, has celebrated its 20th anniversary. The ETI commemorated its landmark 20th anniversary in the Togolese capital, Lome, on November 7, 2008, breaking grounds on the construction of its new headquarters building in the city. The Togolese capital has been home to the pan-African bank since it commenced operations in 1988.
Ecobank Group Builds Headquarters in Togo
Published: 19 November, 2008
Morenike Adepoju, MD, Ecobank-Liberia
monrovia, Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, has celebrated its 20th anniversary. The ETI commemorated its landmark 20th anniversary in the Togolese capital, Lome, on November 7, 2008, breaking grounds on the construction of its new headquarters building in the city. The Togolese capital has been home to the pan-African bank since it commenced operations in 1988.
ADB Commits US$18M to Liberia through Fiscal Budgets
Published: 19 November, 2008
MONROVIA, As Africa considers options to mitigate the global financial crisis, the African Development Bank (ADB) has committed US$18 million in direct budgetary support to Liberia for fiscal years 2008-2010. The money is expected to be used to strengthen public financial management, modernize revenue administration, strengthen internal audit and procurement across government, and to respond to the adverse impact of food crisis.
ADB Commits US$18M to Liberia through Fiscal Budgets
Published: 19 November, 2008
Finance Minister Ngafuan
MONROVIA, As Africa considers options to mitigate the global financial crisis, the African Development Bank (ADB) has committed US$18 million in direct budgetary support to Liberia for fiscal years 2008-2010. The money is expected to be used to strengthen public financial management, modernize revenue administration, strengthen internal audit and procurement across government, and to respond to the adverse impact of food crisis.
ADB Commits US$18M to Liberia through Fiscal Budgets
Published: 19 November, 2008
Finance Minister Ngafuan
MONROVIA, As Africa considers options to mitigate the global financial crisis, the African Development Bank (ADB) has committed US$18 million in direct budgetary support to Liberia for fiscal years 2008-2010. The money is expected to be used to strengthen public financial management, modernize revenue administration, strengthen internal audit and procurement across government, and to respond to the adverse impact of food crisis.
Two Reform Groups, One Goal: The Case of LBBF and BRC
Published: 17 November, 2008
Nearly three years ago, the International Finance Corporation (IFC), in collaboration with the Investment Climate Team for Africa (ICTA), extended an invitation to this columnist to participate in a private-public dialogue held at a local hotel in Monrovia. It was the beginning of an endeavor by the IFC and ICTA to finally broker the long deadlock that had existed between the government and its private sector counterpart. As private sector arms of the World Bank, both the IFC and ICTA, inspired by their expertise on such dialogue and investment issues, got hold of the two former foes in well organized and intellectual forums that required identifying problems and finding solutions to those problems. As expected, they began to identify those vices that had separated them over the years. Primarily, the problem had been the lack of communication between the two sectors coupled with past governments' unwillingness or their lack of vision to initiate such a forum to identify those problems that had divided them over the years; and to empower the private sector to lead the way as the engine of growth. The two sectors had in the past, chosen to be more suspicious of each other thus leading the private sector to feel the pinch of harsh government regulations which largely hampered private sector growth, negatively impacted the economy, as well as the livelihood of ordinary Liberian citizens.
Despite Reduction in Petroleum Prices
Published: 14 November, 2008
The government of Liberia has finally responded to the global decline in the price of crude oil by reducing the prices of petroleum products on the local market. A gallon of gasoline, according to new government price structure, is now sold in the country for US$3.30 at retail or its equivalent in Liberian dollar representing a reduction by US$0.95 from US$4.25. The exchange rate between the US and the Liberian dollars stands at US$1 to L$63.
BRC Prepares to Achieve More and Deeper Reforms
Published: 12 November, 2008
MONROVIA, Barely seven months after achieving 21 administrative reforms that dramatically improved the country's ranking on the ease of doing business as reflected in the World Bank Group's Doing Business Survey report two months ago, the Business Reform Committee (BRC) has once again launched a consultative forum aimed at paving the way for the realization of more reforms that would further improve the investment climate in Liberia.
Obama's Uphill Task on US Economy
Published: 07 November, 2008
As Senator Barack Obama celebrates his striking electoral victory, he spoke of dreams. But he now faces the reality: the most difficult economic climate for an incoming president since Franklin D Roosevelt was elected at the height of the Depression, and just as in 1932, the economic crisis could worsen in the 75 days before President Obama takes office on 20 January.
Gov't to Announce New Fares Structure
Published: 03 November, 2008
Amidst growing tension between commercial drivers and commuters over high transport fares, the Government of Liberia is set to announce a new transportation fare structure this week.
UBA Upbeat with Investment Climate in Liberia
Published: 03 November, 2008
Ebele Edwin Ogbue, MD, CEO, UBA-Liberia
MONROVIA, Buoyed by the fast-improving investment climate in Liberia, United Bank for Africa (UBA) has increased its investment package in the war-ravaged economy of Liberia from US$6 million to US$7 million, Mr. Ebele Edwin Ogbue, Chief Executive Officer (CEO) of UBA Liberia, has disclosed.
Despite Reduction in Petroleum Prices
Published: 31 October, 2008
The government of Liberia has finally responded to the global decline in the price of crude oil by reducing the prices of petroleum products on the local market. A gallon of gasoline, according to new government price structure, is now sold in the country for US$3.30 at retail or its equivalent in Liberian dollar representing a reduction by US$0.95 from US$4.25. The exchange rate between the US and the Liberian dollars stands at US$1 to L$63.
GSM Companies Pay US$25M to Gov't
Published: 28 October, 2008
LTA Chairman Albert Bropleh
MONROVIA, Liberia Telecommunication Authority (LTA), the regulatory authority of telecommunications sector, has disclosed the payment of a staggering US$25 million to the Government as licenses by cell phone companies.
Commerce Minister Decries Substandard Goods
Published: 23 October, 2008
Commerce Minister Miata Beysolow
MONROVIA, Commerce Minister Miata Beysolow has called on business houses to desist from importing expired or substandard goods in the commerce of Liberia. The Minister warned of Government's planned crackdown on substandard and expired goods across the country, vowing to prosecute people caught in risking the health and safety of consumers in the country.
LPRC PST Bid Enters Final Phase
Published: 21 October, 2008
Harry Greaves LPRC Managing Director
MONROVIA, The long drawn-out financial biding by companies for Liberia Petroleum Refining Company's (LPRC) rehabilitation and expansion of its Petroleum Storage Terminal (PST) is nearing an end with two companies now firmly in the race.
‘Liberia Must Establish Standard Body’
Published: 20 October, 2008
Dr. Anwar El-Tawil
Dr. Anwar El-Tawil, Consultant and retired Director of Program for developing countries at the International Standard Organization (ISO), has recommended the establishment of a standard body in the country to ensure that goods exported or imported into the commerce of Liberia meet the requirements for international standards.
(l-r) ISO Consultant Dr. El-Tawil and Mrs. Clara Doe Mvogo, National Technical Coordinator, UNIDO, with participants during the seminar
Establishment of a Standard Organization: Necessity for Access to Global Market
Published: 20 October, 2008
On Thursday, October 16, 2008, a one-day seminar on the Importance of Standards for Access to Export/Import Markets was held at Liberia Chamber of Commerce in Monrovia. The seminar was one of a series of follow-up seminars as well as upcoming workshops intended to lay the basis for the establishment of a standard organization in the country that would ensure that produce exported or imported into the commerce of Liberia meet international standards.
The Chief Executive Officer of PEALAT Liberia Incorporated, Mr. Praise O.T. Lawal alias Tony, is demanding US$150,000 from the General Services Agency (GSA) for what he referred to as an act on the part of the GSA as incriminating his entity, causing the tumbling of his business.
MONROVIA, A three-day financial management and advanced reporting writing workshop aimed at training and sharpening the skills of financial managers of various corporate, public and private institutions has gotten underway.
Gov't Warns Rice Dealers against Hoarding
Published: 08 October, 2008
Hoarding rice is a violation of the commercial law of Liberia and if any rice dealer or importer is caught hoarding the commodity, government will certainly revoke that person's license to sell rice in the country,” said Dr. Frederick Norkeh, Acting Minister, Ministry of Commerce and Industry last week. He called on business people not to engage in the practice of rice hoarding to avoid such interruption or risk the chance of losing privilege of running business in the country.
‘Hoarding Is Commercial Law Violation’
Published: 08 October, 2008
Acting Minister, Dr. Frederick B. Norkeh
MONROVIA, Dr. Frederick B. Norkeh, Liberia's Acting Minister of Commerce and Industry says “hoarding is against the commercial law of Liberia and anyone caught may lose his or her license to sell rice in Liberia.”
Business Houses Are Hoarding Rice
Published: 03 October, 2008
Credible information reaching this column from inside the Ministry of Commerce and Industry (MCI) suggests that major importers of rice are demanding a US$12 increase in the price of 50 kilogram bag of butter rice. According to sources, the rice importers' demand is the result of government's failure to swiftly adhere and respond to the sub-regional hike in the price of rice. A 50 kilogram bag of butter rice is sold for US$50 in the Mano River region.
Chinese Ambassador Zhou Yuxiao welcomes Madam President to China’s 59th anniversary celebration held at the Monrovia City Hall photo by Sando Moore
Envoy Craves for More Chinese Investments
Published: 03 October, 2008
MONROVIA, Chinese Ambassador Zhou Yuxiao, determined to ensure greater participation in the implementation of Liberia's Poverty Reduction Strategy (PRS), has pledged to do his utmost to encourage more Chinese investments in various sectors of the Liberian economy.
Liberian Business Organization in France
Published: 01 October, 2008
Mr. Trawally
A leading French business group has invited a Liberian business organization to attend a two-day trade conference. The Concern Liberian International Business Organization (COLINBO) is the business organization from Liberia that will represent the country at the two-day event.
Special Economic Zones Necessary in Liberia
Published: 01 October, 2008
The product leader of the International Finance Corporation (IFC) says Liberia has great potentials to set up special economic zones. According to Mr. Gokhan Akinci, the setting-up of special economic zones in Liberia would attract large foreign investments into the country.
IB Moves into Rural Liberia
Published: 29 September, 2008
Patrick Anumel, GM-Banking: ‘IB has come to build Liberia’
As the need increases for the provision of deepening financial services to enhance investment activities throughout Liberia, International Bank (IB) Liberia Limited on Friday, September 26, 2008, made a dramatic move and opened a branch in Kakata, Margibi County.
Synopsis on SMWF Scheme
Published: 26 September, 2008
The Sirleaf Market Women Fund (SMWF) was founded to work towards empowering market women in post-war Liberia by improving existing markets, constructing new ones and providing the women marketers with financial and other supports.
Restoring Lost Confidence In Banking Sector
Published: 24 September, 2008
Dr. J. Mills Jones, Executive Governor, CBL
The Central Bank of Liberia (CBL) has released to commercial banks and the general public a set of guidelines to govern commercial banks operating in Liberia. The regulation number CBL/SD/002/2008 (called Corporate Governance Regulation), was on July 22, 2008 printed in gazette by the Foreign Ministry, and published recently by the CBL.
MONROVIA, The Central Bank of Liberia (CBL) has issued in gazette corporate regulation for banking institutions operating in the country. The regulation accentuates the obligation of the board of directors of commercial banks operating in Liberia in establishing adequate corporate governance practices to ensure the soundness and integrity of the banking system in the country.
Liberia on Right Trajectory of Doing Business
Published: 22 September, 2008
Finance Minister Augustine Kpehe Ngafuan
Liberia's recent improved ranking on the ease of doing business in the world demonstrates that the country is on the right trajectory toward the achievement of reforms that would be translated into the realization of private sector-driven economy.
Two Cocopa Staff Nabbed for Alleged Murder
Published: 17 September, 2008
Security officers in Nimba County have arrested two staff of Cocopa Rubber Plantation for alleged murder. The two, according to the security, have been placed in jail awaiting trial.
Commuters (businesswomen) waiting for car in Bo-waterside
Residents Face Transportation Hurdles in Western Liberia
Published: 17 September, 2008
Residents of Grand Cape Mount and Bomi Counties in Western Liberia say they are finding it difficult to have easy access to Monrovia owing to the high transportation cost demanded by commercial drivers plying that part of the country.
President Sirleaf opens Ecobank branch in Jorkpen Town
Ecobank Opens Branch in Jorkpen Town Market
Published: 15 September, 2008
Ecobank took a bold stride on Tuesday, September 9, 2008 in its pursuit to lead the pace in Liberia's economic revitalization campaign by opening a branch in the Jorkpen Town Market in Sinkor.
The Management of the Liberian Produce Marketing Corporation (LPMC) has vowed to take drastic action against farmers or produce buyers that are in the habit of bringing low quality or sub-grade produce to the market.
Liberia Set to Promote Investment
Published: 15 September, 2008
If we want our export to expand, we must promote investments in our productive capacity and improve our competitive edge in positioning our products in the international market.”
Bids for the rehabilitation of Liberia’s only operational tank farm for storage of petroleum products at the Liberia Petroleum Refinery Company (LPRC), Bushrod Island Compound, were opened last Friday in Monrovia. At least three of five prequalified firms that were part of a walk-through of the dilapidating tank farms in August submitted bids with valid bonds of US$750,000 each.
28 African Countries Completed 58 Reforms
Published: 12 September, 2008
Africa had a record year for regulatory reforms that make it easier to do business, with 28 countries completing 58 reforms, according to Doing Business 2009, the sixth in an annual series of reports published by the International Finance Corporation (IFC) and the World Bank. A release issued on Wednesday, September 10, 2009, by the IFC named three African countries including Senegal, Burkina Faso and Botswana as the world's top 10 reformers of business regulations in Africa this year.
Richard V. Tolbert ‘my role is to attract investors, create jobs’
Photo by Sando Moore
Liberia Earns 157th Place
Published: 11 September, 2008
MONROVIA, Liberia has joined two of Africa's post-conflict economies including Sierra Leone and Rwanda to emerge as one of the continent's most active reformers of business regulations in the world.
The cost of importing goods into Liberia coupled with the conduct of the controversial destination inspection being carried out by BIVAC at the Freeport of Monrovia is negatively impacting the growth and development of local and international businesses in the country. This hurdle has coerced importers leading most of them to either under-declare their goods, using other ports of entry or pursuing some corrupt means of importing their goods into the country.
The recently achieved 21 administrative reforms intended to boost the investment climate in Liberia is on course and working. According to Mr. Philip Woods, president of the Federation of Building Trade Association of Liberia (FEBUTAL), “It is now very easy for individual property owners to acquire construction permit in the country.” He said it was difficult, time consuming, and costly for builders to obtain a construction permit prior to the achievement and implementation of the reforms.
