On Friday, August 23, 2024, His Excellency Joseph Nyumah Boakai, President of Liberia, delivered the keynote speech at the National Black Business Conference held in Atlanta, Georgia. The speech was great, very informative, and remarkable and it was well received by the receptive audience with wild applause and standing ovation. The President dabbled into history that uniquely links Liberia to the African American experience. He performed like a salesman selling the investment opportunities in Liberia to the African American business people who may be interested in investing in Liberia. More than 30 countries were represented, but the fact that President Boakai was chosen as the special guest speaker for the event speaks volumes. It shows that Liberia is making a comeback to international respectability. On the international stage, Liberia has had high and low points, and this event represented one of the high points of respectability outside of Liberia. Perhaps inviting the sitting president of Liberia was induced by Liberia's historical connection with the black experience in the US. According to Dr. Kenneth Harris, president and CEO of the National Business League, "This occasion is important because 40 years ago, the World Conference of Mayors hosted its first conference in Monrovia, Liberia. And now it's coming full circle. So, should I say, since we went home first, now Liberia is coming to the United States to continue the work that was started 40 years ago, except now, we are focused on black businesses?"
Having attended the event and listened keenly to the president's speech, below are my takeaways.
The history
My first takeaway from the president's speech is his effort to highlight the history that links Liberia to the black experience in the Americas. According to the president, "Liberia's participation at this wonderful gathering is evidence of the remarkable ties that link us across the Atlantic--from the shores of West Africa to the United States, the Caribbean, and the rest of the Americas, as Liberia's history is woven with that of African Americans and people of African descent in this region." The president said that the Liberian story is a "testament to the unwavering determination of the people of the African Diaspora" to be free as the nation was founded in 1822 by the American Colonization Society as "a haven for freed African Americans seeking a new beginning in their ancestral homeland. Liberia's founding was a reflection of the hope and determination that African Americans and others in the Diaspora carried with them--a vision of freedom, opportunity, and a better future. This pioneering spirit laid the foundation for a nation built on principles of liberty and self-determination." The President mentioned Booker T. Washington, "whose legacy has profoundly shaped both Liberia and the broader African American experience." The National Black Business Conference and its offshoots are linked to the famous African American leader who emphasized education, and vocational training as the pathway to black freedom in America. The president paid special tribute to Washington when he said that he was "the progenitor of many of the groups and associations gathered here today. Washington's contributions transcend time and geography, creating a bridge between our histories and futures. His vision of education, economic empowerment, and self-reliance resonated deeply across the Atlantic, influencing many in Liberia who shared his dream of upliftment and progress." An example of Booker T. Washington's advocacy for vocational training and his belief in the power of hard work and enterprise is the famous Booker T. Washington Institute (BWI) in Liberia which was established in 1929 and has since contributed significantly to the educational and professional development of the country's young people over the years. According to President Boakai, BWI "has inspired generations of Liberians to pursue education and business endeavors to improve livelihoods, sustain families, and build their communities."
Showcasing Liberia's Economy Potential
On Liberia's economic potential, the president performed like a serious salesman. He spoke eloquently about the country's economic potential. According to him, "Liberia, with its natural wealth, offers some of the best opportunities for investors, including black businesses represented at this conference." He promoted the idea that "Liberia is open for business and committed to fostering a business-friendly environment to encourage investment across various sectors." Investors don't come to any country out of sympathy for that country. They come because there are opportunities to make profits out of their investments. The government must assure them that investing in the country is a worthwhile venture that could mutually benefit the country and the investors. In this regard, the president said that his "government recently launched what we have termed the ARREST Agenda, focusing on investment and development in agriculture, roads and infrastructure, the rule of law, education, health and sanitation, and tourism. While these are not exhaustive of the range of critical interventions to spur economic growth, we believe they drive such growth and development. Liberia's fertile land and favorable climate offer vast opportunities for agricultural investments, particularly in rice production." Liberia as a country imports most of what it consumes. In other words, what we import outpaces our capacity to produce. The president was on point when he emphasized the crucial need for
"local production and value addition in downstream processing. The cultivation of cash crops like rubber, cocoa, coffee, and oil palm has remained a significant contributor to the growth of the agriculture sector." He said there is a "huge potential for the development of livestock and fishing." With a huge youth population which accounts for about "sixty percent of the population, and over sixty percent of the population in agriculture, investing in agricultural sector holds great prospects." Liberia, according to the president is the "most forested country in West Africa, with approximately 69% of its land area--about 6.7 million hectares--covered by forests. These forests constitute at least 42% of the remaining forest in West Africa, "positioning Liberia as a regional hub for biodiversity and environmental sustainability."
One will agree with the president that "The country's forests are vital to its economy, including trade in timber and non-timber products, energy (biomass), agriculture, fisheries, minerals and other resources. Liberia's forest and land laws also offer significant investment opportunities in the carbon market and ecotourism," He went on to say that "there is a growing emphasis on value addition to the exploitation of minerals such as steel production and gold processing to maximize the economic benefits. The potential for further exploration and development in the mining sector remains vast, offering attractive opportunities for investors. I, therefore, encourage you to seriously look into investing in our natural resources."
In this segment of the speech, the president was showcasing Liberia's potential as a good place for business.
Infrastructure Development
Infrastructural development is the key to the country's progress. According to the president, this is "critical" to his economic and development agenda. With over 11,000 kilometers of unpaved roads, according to the president, this "presents both challenges and opportunities for investment. The Government is seeking to finance road infrastructure through EPC (Engineering, Procurement, and Construction) contracts combined with long-term financing mechanisms. These efforts are crucial as road infrastructure lays the foundation for sustained economic growth by improving access to markets, reducing transportation costs, and enhancing the overall business environment." These are tied into the president's famous saying about "road, road, road." Developing the country's road network will greatly enhance its capacity to develop and provide the opportunity for economic growth which will lead to employment opportunities for Liberians. Lack of the developed road network has been one of the main challenges to the country's development and it's great the president sees this as a priority for development in the country.
Energy
Another critical area the president laid emphasis on is energy. According to the president, "the infrastructure needs for energy production cannot be overemphasized. With increasing demand for sustainable energy solutions, Liberia is exploring investments in solar, hydro, and biomass energy projects to meet its growing energy needs." Currently, our demand for energy far outpaces our capacity to produce adequate supplies of energy with only about 20% of the population having access to electricity." According to the president, "The country's installed capacity currently stands at approximately 126 Mega Watts, while the demand is estimated to be over 500 Mega Watts." This leaves "significant gap between supply and demand" which highlights "the urgent need for investment in expanding renewable energy sources to ensure that more Liberians have reliable access to electricity and to support industry including manufacturing for economic growth." From time in memorial, the country's energy company, the Liberia Electricity Corporation has not been able to provide electricity to the entire country. This sector seriously needs investments. Whether LEC continues to exist as a government entity, it must expand or allow private investors to invest in our energy sector.
Tourism and Hospitality
Tourism is a big part of President Boakai's ARREST agenda. ARREST is the acronym for Agriculture, Roads, Rule of Law, Education, Sanitation, and Tourism. In his SONA (State of the Nation Address) in January 2024, President Joseph Boakai said that "One of the major recommendations that came out of the mandate and functional review of the Ministry of Information, Cultural Affairs, and Tourism was the need to divest culture and tourism from the Ministry of Information." According to him, "A National Tourism bill has since been sent to the Legislature with a first public hearing." Accordingly, this bill looks at promoting tourism as one of the important pillars of the UP's ARREST agenda. Once the bill is approved by the national legislature, the National Tourism Authority will be launched and it will come out with the plans to govern tourism in Liberia. As such, tourism and other sectors need investment in order to "arrest and reverse years of economic downturn, emphasizing the need for comprehensive and interconnected development strategy." During his speech in Atlanta, the president said that "Liberia's hospitality industry is poised for significant growth, with opportunities to invest in hotels, resorts, and eco-tourism ventures. The country's natural beauty and rich cultural heritage makes it an attractive destination for tourists, according to the president. He said that Liberia is known for its surfing spots, particularly in the western City of Robertsport, which, according to him has gained international recognition. In Cape Mount County, existing eco-resorts offer unique experiences. The president highlighted the need for further development and investment in this sector. A well-developed tourism industry will increase the demand for hotels and resorts to accommodate thousands of tourists that will visit the country. The president is right on point with the plans to encourage investment in the nation's tourism sector. For a vibrant tourism industry as such, a ministry or bureau is needed to handle culture and tourism in Liberia.
Educational and Professional Training
No nation can develop without education. To put it another way, the development and progress of any nation depends on the educational and professional advancement of its citizens who will be the source of employment opportunities for companies operating in the country. He recognized the importance of education and training in developing the skills necessary to support investment, entrepreneurship, and business management. The president said that his government is "committed to strengthening partnerships with universities and vocational institutions to offer skills that align with the needs of our growing economy." He made mention of the glaring fact that many companies are constrained to "import skilled labor, which underscores the need for enhanced local training programs." The Liberia's Technical and Vocational Education and Training (TVET) policy is aimed at addressing such educational and professional gap "by providing relevant skills training through technical schools such as the Booker T. Washington Institute, which prepares Liberian youths for employment in key industries, thereby reducing the need for imported labor."
Business Friendly Environment
The question for any investor is how difficult or easy it is to set up business in Liberia. In the past, there have been reports of government officials demanding kickbacks from potential investors. Since investors' main motivation is to generate profits, the need for a business friendly environment cannot be overemphasized enough. To this objective, the president said that "While we make the case to invest in Liberia, we strive to create a business-friendly environment that fosters innovation and growth." He went on to say that "we are committed to attracting and supporting foreign investment that aligns with our developmental goals. Our focus on enhancing commerce, trade and industrial development is designed to be inclusive, sustainable and beneficial to all, making Liberia a key player on the global stage." In term of attracting foreign investment, governments around the world provide tax incentives to potential investors. In this regard, the president said that "Liberia offers a range of financial incentives designed to attract and support foreign investment." The president went on to say that "These incentives include tax breaks, land facilitation, and other incentives tailored to various industries. We are committed to assisting investors in navigating our regulatory processes and ensuring a smooth investment journey. The incentives are structured to be both short-term (three years) and long-term (up to ten years), depending on the investment size, location, and industry." In line with this objective, the president explained that his Government has initiated e-governance projects aimed at improving public service delivery." He continued by saying that "there is a rising demand for business support technologies."
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Real Estate
Another area the president touched on in his Atlanta speech is investment in the real estate sector. To that end, he said "There are significant opportunities for investment in Liberia's real estate market, particularly in residential and commercial properties. The demand for housing and business spaces is growing, driven by urbanization and population growth." He said that there is a "notable lack of affordable housing and mortgage financing, which are essential to promoting broader access to homeownership. Government employees, in particular, have expressed readiness to participate in mortgage programs once financing becomes available. Expanding access to affordable housing could play a vital role in improving living standards and stimulating economic activity."
About the Author: Nvasekie Konneh a Liberian writer and author of three books, "Going to War for America," "The Land of My Father's Birth," and "The Love of Liberty Brought Us Together," a collection of poems and essays. He is a contributing writer to the on-line Liberian literary magazine. He also contributes articles on African arts, cultures, and politics to several newspapers in Liberia as well as in the US, including Black Star News in New York City. In 2014, he produced two parts documentary on ethnic and cultural diversity in Liberia which has had rave reviews on YouTube as well as on local television stations in Liberia. Nvasekie Konneh holds BA in Comparative Literatures with emphases on African, African American and Caribbean literatures from the Union Institute & University in Cincinnati, Ohio. He also holds a Master's degree in Communication and Media Studies from the West Chester University in West Chester, Pennsylvania. He can be reached at nvaskon1@gmail.com
