In a significant move to enhance regional trade, Liberia has officially joined the Economic Community of West African States (ECOWAS) Small Business Association, a decision announced by the President of the Liberia Business Association (LIBA), James M. Strother. This partnership is aimed at facilitating the exportation of Liberian-made products within the West African region, thereby promoting economic growth and job creation, particularly for the youth. Mr. Strother highlighted that this collaboration emerged following the endorsement of the ECOWAS Small Business Association forum held in Abidjan, Ivory Coast, from November 19-22, 2024. The strategic approach is designed not only to enhance Liberia’s presence and competitiveness in regional markets but also to serve as a catalyst for improving the overall economy of the nation.
Mr. Strother expressed his concerns regarding the increasing foreign encroachment in sectors traditionally reserved for Liberians, such as sand mining, brick-making, and ice cream production. He emphasized the need for the government to take proactive measures to protect local businesses from unfair competition. By imposing fines on foreign enterprises breaching established laws that reserve certain industries for Liberians, Mr. Strother believes that the government can safeguard the interests of its citizens. He advocates that the Liberia Business Registry (LBR) should enforce stricter regulations to deny business licenses to foreign investors engaged in these restricted sectors, thereby reinforcing the necessary measures for economic empowerment of Liberians.
The LIBA President remains firm in his assertion that the local business landscape must be dominated by Liberian-owned enterprises, which is crucial for the nation’s development. He elaborated on the detrimental effects of foreign involvement in industries such as sand mining and brick factories, which not only threaten local businesses but also lead to increasing financial burdens on Liberians within these sectors. This situation, according to Mr. Strother, undermines the economic stability of the country and highlights the urgent need for policy interventions to support local entrepreneurship. He called for comprehensive action to ensure that the economic environment remains conducive for Liberians to thrive without having to compete against foreign enterprises in regulated industries.
To further empower Liberian entrepreneurs, Mr. Strother announced plans for a collaboration between LIBA and the National Identification Registry (NIR) aimed at assisting local business owners in obtaining identification cards. These ID cards would facilitate easier movement for Liberian entrepreneurs across the ECOWAS region, enhancing their ability to engage in cross-border trade. Additionally, Mr. Strother believes that such initiatives could also benefit the Liberia Revenue Authority by potentially increasing revenue collection through enhanced economic activities. He insists that making travel easier for local entrepreneurs will stimulate commerce and contribute to the overall growth of Liberia’s economy.
In his broader vision for regional economic development, Mr. Strother urged African entrepreneurs to prioritize and strengthen subregional trade, promoting collaboration among the nations of West Africa. He expressed strong commitments from LIBA to work closely with the private sector to foster an environment conducive to economic growth. Furthermore, he highlighted the importance of nurturing local businesses and creating synergies among different economic entities within the region. Mr. Strother’s vision underlines the belief that cooperation among neighboring countries is essential for increasing economic resilience and competitiveness within the West African region.
Overall, Mr. Strother’s discourse sheds light on critical issues affecting Liberia’s economy while presenting a clear roadmap for elevating local businesses by curbing foreign exploitation and encouraging entrepreneurial growth. His calls for vigilance against foreign encroachment in protected industries resonate with many Liberians who seek equitable economic opportunities. The partnership with ECOWAS is seen as a foundation for not only protecting local interests but also as a launching pad for enhancing Liberia’s economic footprint in a larger regional context, thereby equipping the nation to thrive amidst the global market’s challenges and opportunities.
