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.
Coca-Cola Offers to Buy Huiyuan in $2.5B Deal
Published: 08 September, 2008
Coca-Cola Company offered to buy China Huiyuan Juice Group in a $2.5 billion deal. According to the Associated Press in Hong Kong, China, Coca-Cola Company, the world's biggest beverage company, moved to expand its operations in the fast-growing Chinese market last Wednesday with a $2.5 billion bid for major juice maker, China Huiyuan Juice Group Ltd.
DB09 Countdown: Two More Days
Published: 08 September, 2008
Public anxiety has surfaced in Liberian government and business circles as they await a much-expected good ranking in the coming Doing Business (DB-2008/09) survey report on the ease of doing business in the country. Government officials and business people expect good ranking after improvement in the country's investment climate this year. This year's report is expected to be published just two days from today on Wednesday, September 10, 2008.
Business Empowerment Workshop Opens Today
Published: 08 September, 2008
A one-day workshop to empower businesses for advocacy in the International Trading System (ITS) opens today, September 8, 2008 at the Young Men Christian Association (YMCA) Building on Crown Hill, Broad Street. The workshop will be hosted by the International Trade Center (ITC), in collaboration with the Ministry of Commerce and Industry (MCI) with the topic: “Empowering Businesses for Advocacy in the International Trading System.” The one-day seminar will be facilitated by international experts from Geneva, Switzerland, and will start from 8:00am to 5:00pm.
The Inter-Ministerial Concession Committee (IMCC) on mining exploration has granted new mineral exploration licenses to 45 companies. According to Dr. Richard V. Tolbert, Chairman of the National Investment Commission (NIC) and head of the IMCC, the companies were licensed to conduct exploration for iron ore, gold, diamond, uranium and other natural minerals in the country.
Mantein: 'We have to revamp LPMC to meet farmers' expectations’
MONROVIA, The Management of the Liberia Produce Marketing Corporation (LPMC) has effected some mayor changes at the corporation in order to restore the image of the corporation to its pre-war status.
Doing Business 2009 Survey Report Set for September 10
Published: 03 September, 2008
The World Bank Group on Monday, September 1, 2008 set aside September 10, 2008 as the date for the global disclosure of its annual Doing Business Survey Report for 2008/09. The live broadcast and televised 2008/09 report, according to the Investment Climate Team for Africa (ICTA), will capture three new countries, namely, Bahamas, Bahrain and Qatar.
The United States African Development Foundation (USADF) held a grant signing ceremony August 28, 2008 at their Washington, DC headquarters which was attended by the Liberian Ambassador to the United States, Charles A. Minor. The two grants signed will benefit the Panta Farmers Multipurpose Cooperative Society and the Pulukpeh Multipurpose Farmers Cooperative Society palm oil producers in central Liberia.
LPMC Signs Agreement with JICS
Published: 01 September, 2008
MONROVIA, The Government of Liberia (GOL) and Japan, through the Liberian Produce Marketing Corporation (LPMC) and the Japan International Cooperation System (JICS) Saturday, August 30, 2008, signed an Agent Agreement for the procurement of US$6.5 million Japanese Food Aid to Liberia.
Market Women Undergo Small Business Management Training
Published: 29 August, 2008
Madam Victoria Dixon
It is no doubt that the Liberian economy is charged with daunting challenge of access to finance which is, to a large extent, undermining the speedy development of small- and medium-size enterprises.
Minister Allakamenin sensitizing consumers in Kakata City
Consumer Rights Education Intensifies
Published: 29 August, 2008
KAKATA, MARGIBI COUNTY, The consumer rights education being implemented by the Ministry of Commerce and Industry (MOC) intensifies as hundreds of rural dwellers have begun embracing the initiative.
l-r: Arnold Ekpe, Mande Sidibe and J. Mike Ashong, Managing Director, Ecobank Development Corporation (EDC) during the Offer in Accra
Liberians Urged to Invest In Ecobank's US$2.5B Offer
Published: 27 August, 2008
MONROVIA, As the US$2.5 billion Combined Rights Issue and Public Offer for subscription by Ecobank Transnational Incorporated (ETI) was formally declared open on Monday, August 25, 2008, Liberian investors have been urged to take advantage of the offer and buy shares in the Pan-African bank.
Francis Dennis Elected Bankers Association President
Published: 27 August, 2008
Mr. Francis A. Dennis, Jr.
MONROVIA, Mr. Francis A. Dennis, Jr., President of the Liberian Bank for Development and Investment (LBDI), has been elected president of the Liberia Bankers Association (LBA).
MONROVIA, All is set for Monday, August 25, 2008 when a US$2.5 billion combined Rights Issue and Public Offer for subscription by Ecobank Transnational Incorporated (ETI) will be opened. The decision comes following the Completion Board Meeting for the offer which was held in Accra, Ghana, on Monday, August 18, 2008.
After seven years of a standstill without official operations at the LIBNIC (palm bag) Palm Plantation in #4 Kpogban Statutory District, the plantation has officially opened with a new name.
“We'll Weed Out All Unscrupulous Business Officials”
Published: 18 August, 2008
Madam Frances Johnson Morris
MONROVIA, Liberia's Minister of Commerce and Industry, Madam Frances Johnson-Morris, says her Ministry will intensify its campaign to weed out all unscrupulous officials that might be connected with bad business interaction with the public in the country.
Tax Waiver for Low Income Earners
Published: 15 August, 2008
President Ellen Johnson Sirleaf
Wednesday, August 13, 2008, the Government of Liberia, as a demonstration of its commitment to addressing the economic constraint of the people of Liberia, especially those low income earning Liberians, announced a waiver of income tax for low income earners.
Hikes In Imported Fish Price In Nimba
Published: 13 August, 2008
Flashback: A market woman selling fish downtown West Point
Shortage of imported fish has surfaced in Nimba County as the price of the commodity has taken a rising price toll in the county. Residents there told this column recently that they could no more afford to pay for imported fish locally known as bonny, butter nose, gripper, and snapper fish, amongst others in the county especially the border city of Ganta.
Business Organization Commends Lower House
Published: 13 August, 2008
COLINBO president Fumba Trawally
Barely few days after the House of Representatives announced the withdrawal of the motion of no-confidence passed on three government officials, a local Liberian business organization has commended the august body for the decision. The Concerned Liberian International Business Organization (COLINBO) made the commendation to the Lower House on Monday, August 11, 2008 for reconsidering its decision on the motion that was passed in three senior government officials for their roles in granting 100 percent duty free incentive to the Buchanan Renewable Energies (BRE).
On Thursday, August 7, 2008, a crack team of reporters of the Daily Observer paid a surprise visit to the Buchanan Renewable Energies (BRE) in Buchanan, Grand Bassa County. Comprising the paper's business and economic columnist, women and family columnist and the environmental columnist as well as top management staff, the Observer team arrived at the Port city of Buchanan as surprise guests of the BRE management.
BRE aims to 'light up Liberia' using tons of these chips from old rubber trees Photo by Sando Moore
BRE Rejuvenates Agrobusiness in Liberia
Published: 11 August, 2008
MONROVIA, It is a phenomenon that is simply too good to be true. But a team of investigative journalists from the Daily Observer last Thursday made an independent trip over the deplorable, pothole-ridden road to Buchanan, Grand Bassa County, to obtain a first-hand assessment of what the Buchanan Renewable Energies (BRE) is doing there, and in other parts of the country.
IFC Study Reveals Investment Potential in Liberia's Palm Oil Sector
Published: 08 August, 2008
Min. Toe Photo by Alaskai Moore Johnson
International Finance Corporation (IFC), a member of the World Bank Group, has presented to the Government of Liberia, the findings of a study that reviewed the country's oil palm sector.
Du-Port Road Traders in Disarray
Published: 06 August, 2008
Riot erupted on Monday, August 4, 2008 at the Du-port Road Market, otherwise known as Small Gobachop Market located in Paynesville outside Monrovia when security officers, acting on the orders of the Liberian Marketing Association (LMA) to carry out demolition of market stalls.
ArcelorMittal, which is targeting June 2009 for mining and exportation of Liberia's iron ore, has launched a job scheme in the country beginning with the University of Liberia (UL).
Foundation Course in Microfinance To be Launched
Published: 06 August, 2008
International Bank CEO, Thomas S. Jeffrey III
Cuttington University, in collaboration with the United Nations Development Programs (UNDP), the United Nations Capital Development Fund (UNCDF) and Cordaid, will launch the inclusive financial sector in earnest.
MONROVIA, Buchanan Renewable Energies (BRE) has sharply reacted to reports of tax waiver saying it has done nothing wrong during the negotiation process with the Government of Liberia.
LIBA Worries about MONCO
Published: 04 August, 2008
The Liberian Business Association (LIBA) has expressed fear over the future of MONCO as the company encounters liquidity problems exacerbated by litigations. The secretary general of the Liberia Business Association (LIBA), Philip E. P. Woods, told local and international Liberian businessmen and women over the weekend that the 100 percent Liberian-owned company could be erased from the business map of Liberia if nothing was done to rescue the company.
Comium Agrees to Renegotiate Deal with Gov't
Published: 04 August, 2008
Monie Ralph Captan
MONROVIA, Beleaguered GSM provider Comium Liberia has disclosed that it is willing to renegotiate its contract terms with the Government of Liberia but maintains that it will not want its previous deal entered during the administration of then Liberian President Charles Taylor canceled as has been recommended by the present government.
