President Ellen Johnson- Sirleaf has submitted a document titled "Small Business Empowerment Act" to the National Legislature for enactment.
In a communication addressed to Speaker Alexander Tyler and dated July 15, 2014, President Sirleaf indicated that the Act is in furtherance of Government's effort and commitment to assist, promote and foster the development of micro, small and medium-size enterprises (MSME) in Liberia.
The Liberia News Agency quotes the President as saying that the Act provides the mandate required by the Government, through the Ministry of Commerce and Industry, to ensure that MSME receives at least 25 percent of procurement contracts from each government agency.
Sirleaf also stated that the Act allows MSME to receive support through various means that would bolster its ability to compete in the private sector domestically and internationally.
She believes that with Liberian and women-owned businesses having the opportunity to capital at competitive rates and being supported by such an aggressive government initiative, the expectation is that the growth of entrepreneurship as well as the middle class in Liberia will be realized.
The Liberian leader also said when enacted, the Act will create within the Ministry of Commerce and Industry, the Department of Small Business Administration (SBA), whose activities shall be focused on businesses that have more than 50 percent Liberian-ownership interests.
Following the reading of the communication in Session Tuesday, Plenary turned it over to the Committees on Commerce & Industry and Judiciary for scrutiny with the mandate to report in three weeks.