On October 31, 2024, the Banking Institute of Liberia (BIL) collaborated with the Liberia Chamber of Commerce to host a pivotal roundtable discussion titled “Building Investors’ Confidence in Liberia: Enhancing Legal Protection to Strengthen the Business Environment and Attract Investment Capital.” This event took place at the Monrovia City Hall Ballroom and aimed to provide a platform for key stakeholders such as government officials, business leaders, and legal and financial experts to explore the challenges and opportunities within Liberia’s investment climate. Assistant Professor Richard S. Panton, Director General of BIL, inaugurated the dialogue, emphasizing the essential collaboration among various sectors to devise solutions for enhancing investor trust in the country. He articulated the necessity of a solid legal framework and sound financial practices to give assurance to investors, positing that rigorous adherence to the rule of law is paramount for fostering a conducive investment environment.
During the discussions, Fonsia Mohammed Donzo, Director of the Regulation and Supervision Department at the Central Bank of Liberia (CBL), voiced concerns around the obstacles and challenges affecting the country’s economic confidence. Donzo underscored the significance of stakeholder engagement in surmounting these hurdles, indicating the CBL’s commitment to foster initiatives that bolster investor confidence in Liberia’s economic landscape. He highlighted the institution’s efforts to enhance the legal and regulatory framework governing financial institutions, asserting that recent legislative revisions aim to create a contemporary and functional regulatory environment. Donzo stated that such reforms are instrumental in ensuring that both local and foreign investors operate under predictable and transparent rules, which are vital for cultivating trust and security in their investments.
Jonathan Horton, representing the U.S. Embassy, commended the initiative to convene discussions geared towards boosting investor confidence, expressing hope that the diverse exchange of ideas would lead to meaningful outcomes that align with the ARREST Agenda for inclusive development in Liberia. Horton emphasized the need for strong collaboration among stakeholders to build a robust investment climate capable of stimulating economic growth. Similarly, Joel Okwuokei, the International Monetary Fund (IMF) Resident Representative in Liberia, reaffirmed the organization’s longstanding partnership with the nation, having been a member since 1962. He reiterated the IMF’s dedication to fostering sustainable economic growth and highlighted the importance of bolstering investor confidence as a fundamental element of this mission.
J. Willington Barchue, Assistant Minister for Development Planning at the Ministry of Finance and Development Planning, highlighted the government’s recognition of the private sector as a crucial engine for economic growth. He articulated the government’s determination to create a supportive environment that encourages private sector expansion and attracts investment, emphasizing collaboration between the public and private sectors. Barchue pointed out that the government’s national development plan includes initiatives to address constraints affecting the legal system. Furthermore, he mentioned upcoming programs designed to enhance the judiciary over the next five years, which are aimed at improving the overall investment climate.
The dialogue fostered an environment for stakeholders to identify critical issues impacting the investment landscape in Liberia and explore collaborative solutions. Participants agreed on the necessity of reinforcing legal protections and financial regulations that safeguard investments while promoting transparency. By focusing on these core areas, the discussions sought to enhance the overall business climate, making Liberia more appealing to both domestic and foreign investors. The consensus amongst stakeholders stressed the importance of predictability in the regulatory framework, which is essential for reassuring investors regarding the security of their ventures in the country.
In conclusion, the roundtable dialogue served as a vital platform for addressing the pressing challenges facing Liberia’s investment environment. By uniting diverse sectors, participants were able to collaboratively explore actionable strategies that seek to enhance investors’ confidence through improved legal protections and financial regulations. The shared commitment to fostering a conducive business ecosystem that encourages private sector growth and investment highlights an optimistic road ahead for Liberia’s economic development. Such collaborative efforts, driven by stakeholder engagement and a focus on strengthening legal and regulatory frameworks, are crucial in steering the country toward sustainable economic prosperity.
