10 July 2014

Liberia: President Sirleaf Submits Cocoa Concession Agreement for Ratification

The Plenary of the House of Representatives has mandated its relevant Committees to review and make recommendations on a Concession Agreement between the Liberian Government and Liberia Cocoa Corporation (LCC).

Plenary decision came in the wake of a communication from President Ellen Johnson Sirleaf seeking the indulgence of the lawmakers to rectify the 40 year Cocoa Concession Agreement.

According to the President, the agreement of 6,000 hectares of land in Quardu Gboni, Lofa County will have no export tax on Cocoa beans and Cocoa by - product, but export of products other than cocoa beans and cocoa by-products shall be subjected to taxes and duties to the extent provided by law.

The LCC is expected to invest no less than 12 million in the project during the first 10 years of the agreement.

Following the discussion, it was agreed that the concession agreement be turned over to the Committee on Investment and Concession, Agriculture, Forestry and Fisheries and Judiciary to review and advice within two weeks.

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