Congo Town — The Bureau of State Enterprises (BSE) has convened a significant gathering to validate a draft legislative act aimed at establishing State-Owned Enterprises Authority of Liberia (SEAL). The event took place at the EJS Ministerial Complex in Congo Town, Monrovia.
This effort marks a crucial transition from the current Bureau of State Enterprises (BSE), which was established under the Interim National Assembly Decree #8 of 1985, to a fully empowered institution under Liberian law.
Cllr. Boakai N. Kanneh, Chairperson of the Law Reform Commission, provided an overview of the workshop, stating that the BSE has outlived its usefulness and needs to be brought into compliance with the Liberian Constitution through the transition to SEAL.
He emphasized the importance of inviting all State-Owned Enterprises (SOEs) under the authority's oversight to gain insight into SEAL's functions.
In his remarks, Mr. Arthur S. Massaquoi, Director General of the BSE, underscored that the transition from the BSE to SEAL is a critical step toward strengthening the legal framework governing SOEs. This initiative, he stated, aligns with President Boakai's legislative agenda, reaffirmed in the State of the Nation Address, which seeks to enhance SOE efficiency, transparency, and accountability.
Mr. Massaquoi encouraged SOE leaders to actively engage with the Bureau, share insights, and propose innovative ideas to enhance the sector's performance, emphasizing that collaboration is crucial in creating a governance system that ensures accountability, transparency, and long-term economic growth.
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Discussions at the gathering were aimed at advancing the goals of SEAL, considering President Joseph Nyuma Boakai's vision of strengthening corporate governance and improving domestic resource mobilization. Participants, believe that with their valuable contributions, transitioning from the BSE to SEAL would be smooth, ultimately benefiting Liberia's economic development.
Exchanges and counterarguments led to a rigorous review of the draft act, with careful scrutiny of its key components. Proposed refinements aim to strengthen governance and compliance mechanisms, ensuring that the act serves its intended purpose effectively.
With the successful validation of the draft act, the next step is its submission to the Legislature for deliberation and approval. Once enacted, SEAL will replace BSE as the primary regulatory body overseeing Liberia's state-owned enterprises. This transition marks a historic shift in Liberia's economic governance, signaling a new era of accountability and oversight.
The legislative act draws its authority from Chapter 10, Article 89 of the Liberian Constitution (1986), which empowers the Legislature to create ministries, agencies, commissions, and autonomous bodies as needed for effective government operations.
It also calls for the repeal of the Interim National Assembly (INA) Decree No.8 of 1985, which established the BSE, in alignment with the country's National Development Plan.
It highlights the need for better coordination, monitoring, and supervision of SOEs, which have historically made minimal contributions to the national budget due to inefficiencies.
