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Liberia: GOL, Stakeholders Hold Final Brainstorming
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The NEWS (Monrovia)
9 April 2008
Posted to the web 9 April 2008
Doe S.K. Davies
Monrovia
The Auditorium of the University of Liberia on Capitol Hill will this morning host an array of government officials including cabinet ministers and legislators, investors, academia, members of the Liberia Better Business Forum (LBBF), the media as well as other local and foreign dignitaries who will converge there to participate and witness the final trashing out of hurdles in the proposed Investment Act to amend Chapter 12 of the Investment Incentive Act of 1973.
On January 30, 2008, President Ellen Johnson-Sirleaf submitted to the House of Representatives two draft Acts including an Act amending the Investment Incentive Act of 1973 and an Act to amend sections 204(e) and 2212 of the Liberian Revenue Code of 2000.
No sooner had these Acts reached the House there were uproars, enmity and bitterness against the passage of the draft Act to amend the Investment Act of 1973 from a conglomeration of Liberian business organizations led by the Liberia Business Association (LIBA) arguing that the Act was intended to take bread from the table of ordinary Liberians, hence it should not be passed.
Notwithstanding, amidst these hullabaloos, President Johnson-Sirleaf recalled both Acts to enable the Executive review and hold more consultations with Liberians concerning the economy.
She maintained that the fundamental objectives envisaged to be achieved after the amendments of the proposed Acts are to restructure the economy and create a viable broader market-based economy that would attract more private investment, while also maintaining that these objectives are in the long term best interest of the country. "There are immediate steps that are needed to accelerate our development agenda, especially in the short term-run," she emphasized.
Consequently, this morning's consultations under the University of Liberia "Public Policy Forum" are being held under the aegis of the Liberia Better Business Forum in collaboration with the Government of Liberia on the draft Investment Law.
According to the LBBF, this is the final forum after a series of consultations with the private sector on the draft copy of the Amended Investment Code of Liberia.
The forum on the Investment Code will be live on LUX Radio FM 106.6 and Star Radio FM 104 this morning, and is designed to facilitate informed dialogue and build consensus on the key elements of the law through the following objectives.
Opportunity for the Government and the Private Sector to hold consultations with stakeholders from key constituencies - Academia, Government of Liberia, Legislature, Media and the Private Sector.
LBBF and the Government will present evidence-based analysis of the issue and highlight good practices of investment laws from some 20 African countries.
The LBBF is a Public Private Dialogue mechanism that seeks to:
Improve the business culture and ethics in Liberia through joint Public and Private sector Working Groups partnering to advocate for: accelerated consensus; enactment; implementation; and monitoring of legislative reforms and streamlined administrative processes that will increase formalization and support employment creation by the domestic private sector as well as sustained economic growth through responsible international investments.
Ensure that the Private Sector is fully engaged as a partner who contributes evidence-based recommendations and inputs into economic planning and policy in a regular and structured dialogue with Government which results in inclusion, transparent good practice laws and equity.
Develop issue-specific joint Public and Private sector Working Groups who will focus on analyzing identified issues/obstacles and barriers to doing business in Liberia and will together, propose and champion viable recommendations for reform.
Support inclusion, awareness creation, consensus building and cooperation within a Private Sector that will be equally accountable, for providing input into public policy and complying with agreed measures to improve the enabling business environment in Liberia.
LBBF's vision is to "Build a vibrant domestic Private Sector that works with Government to create employment and economic growth; and can attract, partner and provide services for quality international investment through active and accelerated consensus building of the opportunities, relevance, evidence-based options, benefits and explicit link between enacting investment climate reforms and addressing individual and national priorities."
The LBBF has 5 thematic Working Groups focused on the following areas:
Enhancement of Legal and Regulatory Framework
Improvement of Physical and Social Infrastructure
Streamlining of Administrative Processes
Institutional Enhancement (including capacity building)
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Trade and Export Promotion
Liberian government needs to improve operation at the free port of Monrovia.Remove the taxes on Household Goods,and hire honest people to handle the importation of goods.There is no need for new programs or laws if you can not solve the problems at the port.
Gbor Duo Gbayan President www.nimbacocorp.com
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