Monrovia – The political leader of the opposition Movement for Economic Empowerment (MOVEE), Dr. J. Mills Jones has opened a dialogue assessing models and strategies for fostering economic growth and development with an Economic Development Corporation in the United States for future business partnership.
“Liberia’s development must be driven by a strong private sector, with Liberian entrepreneurs playing a significant role,” a MOVEE statement quotes Dr. Jones as saying.
There is no alternative, if we are to build a thriving middle class and a more inclusive socio-political system” declared Dr. Jones.
He added that he was prepared to face this challenge by developing a framework for financing and nurturing sustainable Liberian-owned businesses.
This has been a consistent view of Dr. Jones, which many observers believe is a distinguishing aspect in this presidential race.
Observers note that Dr. Jones has a record of pursuing a financial inclusive policy, which, among others, aims to support Liberian owned businesses in both the formal and informal sectors of the economy.
What is more important however according to observers is that Dr. Jones stands as one who has demonstrated a capacity to not just envision a plan, but to implement it, something many others vying for the presidency of the country cannot claim.
Dr. Jones discussed the possibility of health care and infrastructure investment in Liberia, considering the need to go beyond looking only to the government to develop these areas.
Some initiatives include trade shows to promote made in Liberia products (Liberia must begin to focus on expanding exports, not just looking at rubber and iron ore, he said) and business mentoring and internship opportunities for young Liberian professionals.
Dr. Jones stressed that an economic model that does not pay sufficient attention to the youthful population will limit the potential of the country.
It can be recalled that in a speech to students at Cuttington University, Dr. Jones, as part of his plan to inject new vigour into the private sector, stated his intention to change the National Investment Commission into a Private Sector Development Authority that will be more focused on fostering an enabling environment for both Liberian and foreign investments, promoting women and youth entrepreneurship, brokering of finance, and work readiness and training, among others.
He sees the possibility for private firms and the government to work in partnership to improve vocational and technical education, even some aspects of tertiary education, to develop the work force needed for a diversified economy.
According to the Standard Bearer of the Movement for Economic Empowerment (MOVEE), the Private Sector Development Authority will also revisit the Investment Incentive Code of Liberia to make it a more dynamic tool for promoting investment in Liberia and develop policies that will encourage Liberians in the diaspora to save and invest in Liberia, including through Diaspora Bonds.
Another area of attention of this Authority, Dr. Jones said, would be to actively encourage Foreign Direct Investment to help develop the manufacturing sector, including giving consideration to the establishment of Special Economic Zones.
Dr. Jones’ economic plan also includes working with other shareholders to recapitalize the Liberia Bank for Development and Investment (LBDI) to help the bank return in a meaningful way to its original mandate to finance investment, and the development of a capital market, work which saw considerable progress in that direction while he served as Executive Governor of the Central Bank of Liberia.
The MOVEE Political Leader said that Liberia’s financial landscape will also be improved by deepening the market for treasury bills/bonds.
It can also be recalled that while serving as Executive Governor of the Central Bank of Liberia (CBL), Dr. Jones spearheaded the work leading to the sale of treasury bills.
Dr. Jones emphasized that in short, the Movement for Economic Empowerment is committed to a private sector development program that will be built on public/private partnership to help speed up the process of Liberia’s economic growth and development.
In the view of the Movement for Economic Empowerment, Liberia needs a leadership that will hit the ground running when it comes to the all-important issue of strengthening the country’s economy, Dr. Jones asserted.
The Movement for Economic Empowerment says “We must do more than having the government promise to direct 25 per cent of its annual purchasing to Liberian businesses, which even now has yet to be done.”
“We cannot continue with plenty talk with little action. That is why change is necessary.”
In his conversation with the Economic Development Corporation, Dr. Jones stressed, as he has done on many other occasions, that the Liberian economy, in his words, is not a zero-sum game, meaning that both domestic and foreign investors can work together for the good of the economy.
In this connection, Dr. Jones repeated his intention to establish an informal Private Sector Development Advisory Council that will meet with the President at periodic intervals, comprising of both Liberian and foreign entrepreneurs.
As Dr. Jones put it, “economic history shows that foreign investment can be a force for good.
During the meeting, Dr. Jones also made the point that the war on corruption, which he intends to pursue vigorously, was not only needed to protect the Government of Liberia finances, but also to help create a better environment for business, including minimizing the risk to capital.
According to Dr. Jones, “When people put money into a business, they should expect a transparent and predictable environment.”
“Too many regulations and too many discretionary powers help to create uncertainty; as well as room for corruption to flourish.”
This is an aspect of the corruption issue not generally discussed, but is important for supporting the private sector as the engine of economic growth and development.
As the Jones Solutions Team explores best practices and models for establishing a Private Sector Development Authority, it will continue discussions with such institutions abroad, while being aware of the need to tailor policies and strategies to the domestic circumstances.