The Ministry of Commerce and Industry has thrown its full support behind Liberia's proposed Local Content Policy, describing it as a critical reform that could transform the country's economic landscape by creating greater opportunities for Liberian-owned businesses and ensuring that more of the benefits from major investments remain within the national economy.
The Ministry's position was articulated by Richard J. Pratt, Director for Domestic Trade, who delivered special remarks on behalf of Commerce and Industry Minister Magdalene Ellen Dagoseh during the opening of a one-day Liberia Local Content Policy Validation Workshop held in Monrovia on May 28, 2026.
The validation exercise, led by the Governance Commission and supported by several government institutions and development partners, is aimed at finalizing a comprehensive national policy framework that will guide local participation in key sectors of the Liberian economy.
Speaking to government officials, development partners, private sector representatives, and other stakeholders, Pratt described the validation process as a significant milestone toward addressing longstanding barriers that have prevented Liberian businesses from fully benefiting from the country's economic activities.
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"I want to extend my thanks and appreciation to Hon. Jeff Blibo and team at the NIC, Hon. Hanson S. Kiazolu of the National Bureau of Concessions and Hon. Natty B. Davis for the coordination that has brought us this far," Pratt said.
He also commended the Governance Commission, headed by Professor Alaric Tokpa, for taking the lead in developing what he described as a long-awaited policy framework.
"I want to observe the existing protocol, and let me say thank you to the Governance Commission, headed by Prof. Alaric Tokpa, for taking the lead in developing the Liberia Local Content Policy," he stated.
According to Pratt, the Ministry of Commerce and Industry views the final validation of the policy as a breakthrough that could usher in a new era for Liberian small and medium-sized enterprises (SMEs).
"The Ministry of Commerce and Industry considers this final validation as a breakthrough for a long-awaited document that will turn a new chapter for Liberian SMEs," he said.
He argued that Liberia has historically missed significant economic opportunities because local businesses have often been unable to compete effectively for contracts associated with major concession agreements and investment projects.
"Liberia has lost hundreds of millions, if not billions, of dollars in contracts to foreign firms partly due to lack of a unified framework that will protect local suppliers," Pratt declared.
The proposed Local Content Policy seeks to address this challenge by establishing a coherent national framework that encourages the use of Liberian businesses, suppliers, and workers in economic activities across key sectors.
Pratt called on investors, development partners, and international businesses operating in Liberia to embrace the policy as a tool for promoting inclusive economic growth rather than viewing it as a restriction on investment.
"We call on our partners, investors and friends of Liberia to view this document as one that will encourage local supply and allow Liberian SMEs to have their fair share of the economic dividend of their own economy," he said.
The Commerce Ministry official stressed that empowering Liberian-owned enterprises is essential if the country hopes to achieve sustainable economic transformation and attain middle-income status.
"We have the strongest conviction that the only way for Liberia to obtain a middle-income status is when its citizens, I mean Liberian-owned businesses, are in charge and taking lead in driving the economy; anything short of this will make such vision a mirage," Pratt emphasized.
He noted that the validation process provides an important opportunity for stakeholders to identify gaps, address concerns, and ensure that the final document reflects practical realities and international best practices.
"We look up to this document to identify and address the main gaps and incorporate feedbacks from stakeholders that will inform a single, coherent, and implementable policy for our country," he said.
Pratt acknowledged that Liberia's existing local content regime has been fragmented, with various sector-specific provisions that have often created confusion and weakened enforcement efforts.
"For so long we have had a fragmented local content policy regime that has created regulatory confusion, undermining our ability to collectively enforce, and fail to provide a consistent, strategic framework for building national economic capacity," he explained.
He further reflected on Liberia's long history of concession agreements and foreign investments, noting that despite decades of economic activity, the country has struggled to translate those opportunities into broad-based economic benefits for its citizens.
"We have experienced billions of dollars in concession agreements since the 1960s, but we have failed as a country to institute a policy or even implement the fragmented ones that are sector specific for the benefits of our people," Pratt said.
"Let this document serve as a turning point for Liberia, the one that is inclusive and intentional, considering best practice."
Pratt also highlighted the government's ongoing commitment to economic reforms through the Liberia Investment, Finance and Trade Project (LIFT-P), which is supported by the World Bank and aims to strengthen the business environment while expanding opportunities for local enterprises.
"As Government's Lead Ministry for the implementation of the LIFT Project, we will continue to work with technical implementing ministries and agencies under the LIFT Project to ensure the needed reforms for our country," he stated.
The Director for Domestic Trade used the occasion to acknowledge the contributions of the Governance Commission, the National Investment Commission (NIC), the National Bureau of Concessions (NBC), the Liberia Chamber of Commerce, development partners, and technical experts who have supported the policy development process.
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He also expressed gratitude to the World Bank for its continued support and collaboration.
"We are grateful to the World Bank for the support and cordial working relationship. Thanks to our LIFT PIU and all of the technicians for the hard work," Pratt noted.
Addressing Liberia's private sector directly, he pledged the government's commitment to ensuring that the policy translates into meaningful opportunities for local businesses.
"To Liberia Private Sector, rest assured, we will not disappoint you," he said.
Pratt also recognized the role of the media in informing the public about ongoing economic reforms and policy developments.
"To members of the Fourth Estate, we appreciate your contribution in informing our people regarding these reforms," he added.
As Liberia moves closer to adopting a comprehensive Local Content Policy, government officials and private sector stakeholders believe the framework could become a key instrument for promoting economic inclusion, strengthening domestic enterprises, creating jobs, and ensuring that Liberians receive a greater share of the benefits generated from the country's natural resources and investment projects. "Together, we can make it," Pratt concluded.
