By Keith Morrison| staff writer
Monrovia,Liberia-Saturday,March 28, 2025-The present environment for Liberian businesses in the country is marked by significant challenges, as highlighted by the recent comments from the President of the Patriotic Entrepreneurs of Liberia, Dominic Nimely who has voiced deep concern’s over the continued marginalization of Liberian owned businesses.
He is calling on the current Boakai administration to carve and implement decisive policy reforms to protect local entrepreneurs and ensure their full participation in the national economy.
According to Mr.Nimely the situation has prompted calls for urgent policy reforms to alleviate some of the burdens faced by entrepreneurs and business owners.
“In Liberia, businesses are grappling with a multitude of issues including inadequate infrastructure, high operating costs, limited access to finance, and a regulatory environment that can be difficult to navigate”.
Nimely said these factors have particularly affected small and medium-sized enterprises (SMEs), which are crucial for economic growth and job creation.
The PATEL President emphasized that without substantial reforms, many businesses risk closure, which could lead to increased unemployment and stunted economic progress.
“Key areas of needed reform include improving access to credit, reducing bureaucratic obstacles, and enhancing the overall business climate to foster investment and innovation,”PATEL boss Nimely highlighted.
Furthermore, the call for policy overhaul also resonates with various stakeholders, including local entrepreneurs and international investors, who are keen on seeing a more supportive ecosystem for businesses in Liberia.
He said in other to address these challenges through collaborative efforts between the government and the private sector could pave the way for a more resilient and robust economy.
“While the struggles of Liberian businesses are significant, there is a consensus on the critical need for policy reforms that can help create a more conducive environment for entrepreneurship and economic development”.
Meanwhile, in an effort aimed at boosting revenue and efficiency at the Freeport of Monrovia, the National Port Authority (NPA) by directive of President Joseph Boakai, has successfully renegotiated the Marine Services Agreement and the Global Tracking and Maritime Solutions (GTMS) contract.
These renegotiations, supported by the Ministry of Finance, Liberia Revenue Authority (LRA), and Ministry of Justice, are projected to significantly increase government earnings, reduce costs for port users, and gradually transfer service control to Liberians.
Under the revised GTMS contract, the government’s revenue share has dramatically increased from 3% to 40% for the initial five years, with a subsequent rise to 45%.
Additionally, GTMS will now be required to pay all applicable taxes, including an estimated 20% corporate tax. The renegotiated fees will also provide relief for port users, with the service fee for importing a 45ft container decreasing from $236.25 to $213.75, and the cost for a 20ft container dropping from $130.00 to $95.00. GTMS provides crucial real-time cargo tracking and security verification services.
Edited: Jesefu Morris Keita| Editor-In-Chief
