Country Profile
Country Profile
History
History
Historically known as the “Grain Coast”, the story of Liberia started in 1816 when a group of white Americans founded the American Colonization Society (ACS) to deal with the “problem” of the growing number of free blacks in the United States by resettling them in Africa. On April 25th 1822 the survivors of Sherbro Island arrived at Cape Mesurado and built their settlement there, the colony which later became a commonwealth, was governed by the American Colonization Society through representatives. In 1847, Liberian declared independence, which makes her Africa’s oldest independent republic.
Historically known as the “Grain Coast”, the story of Liberia started in 1816 when a group of white Americans founded the American Colonization Society (ACS) to deal with the “problem” of the growing number of free blacks in the United States by resettling them in Africa. On April 25th 1822 the survivors of Sherbro Island arrived at Cape Mesurado and built their settlement there, the colony which later became a commonwealth, was governed by the American Colonization Society through representatives. In 1847, Liberian declared independence, which makes her Africa’s oldest independent republic.
Geography
Geography
The Republic of Liberia, as we are now Officially called is a beautiful West African nation along the coast of West Africa, bordered by Sierra Leone to the west, Guinea to the north, Ivory Coast to the east and the Atlantic Ocean to the south and southwest.
The Republic of Liberia, as we are now Officially called is a beautiful West African nation along the coast of West Africa, bordered by Sierra Leone to the west, Guinea to the north, Ivory Coast to the east and the Atlantic Ocean to the south and southwest.
Liberia has a population of approximately 5.5 million people and covers a land area of 43,000 square miles (111,000 square kilometers) and a coastline of 580 km.
Liberia has a population of approximately 5.5 million people and covers a land area of 43,000 square miles (111,000 square kilometers) and a coastline of 580 km.
Liberia has a population of approximately 5.5 million people and covers a land area of 43,000 square miles (111,000 square kilometers) and a coastline of 580 km.
Politics
Politics
Liberia is a democratic nation. There are three (3) branches of government: Legislature that makes laws; Executive that implements laws; and Judiciary that interprets laws. The Speaker of the House of Representatives heads the Legislature. The President heads the Executive and the Chief Justice heads the judiciary. Liberia as a country has experienced peace and democracy through the transitioning of several governments and heads of state from 2005 to present.
Free and fair elections were conducted in 2005 with H.E. Ellen Johnson Sirleaf emerging as the winner thus becoming the first female president of Liberia and Africa at large. She served for two terms (12 years) and successfully turned over power in the elections of 2018-the first peaceful transfer of power in 70 years, where H.E Dr. George Manneh Weah became president. President Weah served out his 6-year tenure and during the elections of 2023 lost to current president H.E. Joseph Nyumah Boakai and conceded victory.
Liberia is a democratic nation. There are three (3) branches of government: Legislature that makes laws; Executive that implements laws; and Judiciary that interprets laws. The Speaker of the House of Representatives heads the Legislature. The President heads the Executive and the Chief Justice heads the judiciary. Liberia as a country has experienced peace and democracy through the transitioning of several governments and heads of state from 2005 to present.
Free and fair elections were conducted in 2005 with H.E. Ellen Johnson Sirleaf emerging as the winner thus becoming the first female president of Liberia and Africa at large. She served for two terms (12 years) and successfully turned over power in the elections of 2018-the first peaceful transfer of power in 70 years, where H.E Dr. George Manneh Weah became president. President Weah served out his 6-year tenure and during the elections of 2023 lost to current president H.E. Joseph Nyumah Boakai and conceded victory.
People & Culture
People & Culture
With People from 15 counties and 16 tribal groups, who speak different languages and have diverse sub-cultures, the culture of Liberia is rich and vibrant. Despite the many sub-cultures, there is solidarity and social cohesion among the people. There is also a common national identity demonstrated through speech, dress code, and social norms. It blends the way of life of the decedants of freed American slaves who founded Liberia and the traditional way of life of indigenous Liberian tribes whom the settlers met here. This blend of the two sub-cultures is reflected in a communal and peaceful, co-existence of the citizens.
With People from 15 counties and 16 tribal groups, who speak different languages and have diverse sub-cultures, the culture of Liberia is rich and vibrant. Despite the many sub-cultures, there is solidarity and social cohesion among the people. There is also a common national identity demonstrated through speech, dress code, and social norms. It blends the way of life of the decedants of freed American slaves who founded Liberia and the traditional way of life of indigenous Liberian tribes whom the settlers met here. This blend of the two sub-cultures is reflected in a communal and peaceful, co-existence of the citizens.
Economic Outlook
Economic Outlook
Both the World Bank and IMF have certified that Liberia’s macro-economic fundamentals are headed in the right direction. Liberia has enhanced the autonomy of the Central Bank by amending the Act to strengthen its regulatory role. Under the program with the Fund, the country has met benchmarks to improve United States Dollar liquidity and bring stability to the banking sector. The Fund views the debt burden as sustainable. The World Bank views the country’s performance as supportive of market improvements; laying the groundwork for anticipated economic recovery.
Both the World Bank and IMF have certified that Liberia’s macro-economic fundamentals are headed in the right direction. Liberia has enhanced the autonomy of the Central Bank by amending the Act to strengthen its regulatory role. Under the program with the Fund, the country has met benchmarks to improve United States Dollar liquidity and bring stability to the banking sector. The Fund views the debt burden as sustainable. The World Bank views the country’s performance as supportive of market improvements; laying the groundwork for anticipated economic recovery.
On the fiscal front, domestic sources for revenues have been broadened and revenue collection efforts strengthened by consolidating all collections under the Liberia Revenue Authority (LRA). Additionally, the government is ensuring that public sector institution expenditures fall within approved budgets, and that they utilize the Integrated Financial Management Information System (IFMIS) to record and report financial transactions.
On the fiscal front, domestic sources for revenues have been broadened and revenue collection efforts strengthened by consolidating all collections under the Liberia Revenue Authority (LRA). Additionally, the government is ensuring that public sector institution expenditures fall within approved budgets, and that they utilize the Integrated Financial Management Information System (IFMIS) to record and report financial transactions.
The lessons learned from the Ebola Virus Disease has made the country’s response to limit the impact of Covid-19 effective. With international financial assistance, vulnerable groups and households have been supported with survival relief packages.
The lessons learned from the Ebola Virus Disease has made the country’s response to limit the impact of Covid-19 effective. With international financial assistance, vulnerable groups and households have been supported with survival relief packages.
Despite the challenges imposed by the global impact of COVID-19, Liberia remains optimistic that the economy will change soon. Growth in the non-mining sector is expected to rebound the economy reflecting improvement of 2.4 percentage points. The focus of economic activity will be productivity driven growth and diversification under an Inclusive Growth Development Operations program with the World Bank. Those who would benefit from engagement with Liberia in the medium-term would act smart now by commencing engagement with Liberia.
Despite the challenges imposed by the global impact of COVID-19, Liberia remains optimistic that the economy will change soon. Growth in the non-mining sector is expected to rebound the economy reflecting improvement of 2.4 percentage points. The focus of economic activity will be productivity driven growth and diversification under an Inclusive Growth Development Operations program with the World Bank. Those who would benefit from engagement with Liberia in the medium-term would act smart now by commencing engagement with Liberia.
Commercial Landscape
Commercial Landscape
Liberia is open for trade and commerce. Custom duties are generally favorable, ranging from 2.5% to 25%. 46% of registered businesses in Liberia are in the wholesale and retail sectors. In the imports sub-sector, commodities mostly imported are rice, petroleum, medicines, vehicles, machinery, and equipment. Other imports include chemicals, manufactured goods, and food such as vegetables, poultry products, and meat.
Liberia is open for trade and commerce. Custom duties are generally favorable, ranging from 2.5% to 25%. 46% of registered businesses in Liberia are in the wholesale and retail sectors. In the imports sub-sector, commodities mostly imported are rice, petroleum, medicines, vehicles, machinery, and equipment. Other imports include chemicals, manufactured goods, and food such as vegetables, poultry products, and meat.
In the exports sub-sector, commodities exported are from agriculture, forestry and mining. Together, these sub-sectors account for over 45% of Liberia’s GDP. Top commodity exports include rubber, round logs, iron ore, gold and diamonds. The export sub-sector; especially agriculture, fisheries, and forestry, holds great potential for large-scale value-added investments.
In the exports sub-sector, commodities exported are from agriculture, forestry and mining. Together, these sub-sectors account for over 45% of Liberia’s GDP. Top commodity exports include rubber, round logs, iron ore, gold and diamonds. The export sub-sector; especially agriculture, fisheries, and forestry, holds great potential for large-scale value-added investments.
Liberia is a member of several international customs union, including the Africa Continental Free Trade Agreement (AfCFTA) which came into effect on January 1, 2021. AfCFTA is one of the world’s largest common markets. Liberia is a member of the World Trade Organization (WTO), the African Growth and Opportunity Act (AGOA) with the United States (US), and Everything but Arms (EBA) with the European Union (EU). Liberia is also a member of several sub-regional markets: ECOWAS Trade Liberalization Scheme (ETLS) with ECOWAS and the Mano River Union (MRU). Minimum Restrictions on the Repatriation of Profits: The laws of Liberia, particularly, the Investment Act of 2010, allow the repatriation of profits and dividends, net of taxes.
Liberia is a member of several international customs union, including the Africa Continental Free Trade Agreement (AfCFTA) which came into effect on January 1, 2021. AfCFTA is one of the world’s largest common markets. Liberia is a member of the World Trade Organization (WTO), the African Growth and Opportunity Act (AGOA) with the United States (US), and Everything but Arms (EBA) with the European Union (EU). Liberia is also a member of several sub-regional markets: ECOWAS Trade Liberalization Scheme (ETLS) with ECOWAS and the Mano River Union (MRU). Minimum Restrictions on the Repatriation of Profits: The laws of Liberia, particularly, the Investment Act of 2010, allow the repatriation of profits and dividends, net of taxes.
Contact Us
Liberia SEZ Authority VP Road,
Old Road Monrovia, Liberia
Email: info@liberiaseza.gov.lr
Line 1: +231(0)888229122
Line 2: +231(0)888662955
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Contact Us
Liberia SEZ Authority VP Road,
Old Road Monrovia, Liberia
Email: info@liberiaseza.gov.lr
Line 1: +231(0)888229122
Line 2: +231(0)888662955
Get Email Updates
Stay up to date with all the latest industry news
Contact Us
Liberia SEZ Authority VP Road,
Old Road Monrovia, Liberia
Email: info@liberiaseza.gov.lr
Line 1: +231(0)888229122
Line 2: +231(0)888662955
Get Email Updates
Stay up to date with all the latest industry news
