Liberia: Commerce Minister Dagoseh Urges Private Sector to Drive Liberia’s Economic Renewal

Monrovia – The Minister of Commerce and Industry, Magdalene Dagoseh, has called on the country’s private sector to take a leading role in transforming the national economy, asserting that sustainable development depends on a strong public-private partnership.

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By Jaheim T. Tumu – [email protected]

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Speaking at a high-level business luncheon organized by the Liberia Chamber of Commerce (LCC), Minister Dagoseh said the success of Liberian businesses is directly tied to the success of the country and must be prioritized under the Boakai-Koung administration’s ARREST Agenda for Inclusive Development.

“The private sector is not simply desirable; it is essential and important,” Minister Dagoseh said. “Your success is Liberia’s success. Your growth is the nation’s growth.”

The luncheon, themed “Empowering Progress, Together,” brought together government officials, development partners, and private sector stakeholders to explore ways of advancing Liberia’s economic competitiveness.

Dagoseh noted that Liberia continues to grapple with a significant trade deficit—$790 million in 2023 alone, with the Central Bank reporting a monthly deficit of $69.8 million in February 2024. She said this situation underscores the urgent need to boost exports and support local production.

To address these gaps, the minister outlined initiatives including the digitization of import and export licensing, decentralization of the Liberia Business Registry, and implementation of a trade information management system. 

She said the ministry, in partnership with the World Bank, is also supporting over 250 small and medium enterprises (SMEs), particularly those led by women and youth.

“We are creating an enabling business environment to strengthen value chains and promote market expansion,” Dagoseh stated, citing Liberia’s participation in regional trade platforms such as the ECOWAS Trade Liberalization Scheme and the African Continental Free Trade Area.

She emphasized the importance of building institutional capacity in regulatory bodies such as the Liberia Standards Authority and the Liberia Intellectual Property Office. “Quality assurance is not just a matter of compliance. It is a gateway to global competitiveness,” she said.

LCC President Natty B. Davis welcomed the government’s renewed commitment to private sector engagement but cautioned that Liberia’s longstanding challenge remains a gap between policy and implementation.

“Liberia doesn’t lack policies or frameworks,” Davis said. “What we continue to face is a critical gap between what is promised and what is delivered. For the private sector to thrive, that gap must be closed.”

He raised concerns over recent tax reforms, including increases in the Goods and Services Tax (GST) and new withholding obligations, which he said were introduced without adequate consultation. Davis warned that even well-meaning reforms could have adverse effects if they are not properly coordinated with stakeholders.

“SMEs are the backbone of our economy, yet many feel blindsided by tax changes they weren’t consulted on,” Davis noted.

He proposed the creation of a regular policy dialogue mechanism involving the Ministries of Commerce and Finance, the Liberia Revenue Authority, and the business community to evaluate the impact of new regulations before they are enforced.

Davis also recommended establishing a quarterly Economic Coordination Forum to monitor progress on the ARREST Agenda and reinforce transparency, coordination, and accountability.

He praised the Commerce Ministry’s efforts to decentralize business services and support SMEs, but stressed that real impact must be felt by entrepreneurs and small businesses across the country.

“Progress is only empowering when it is felt on the ground — when it lowers the cost of doing business, improves access to markets, and allows entrepreneurs to take risks without fear of sudden policy reversals,” Davis added.