The Banking Institute of Liberia (BIL), in collaboration with the Liberia Chamber of Commerce (LCC), successfully held a one-day roundtable dialogue in Monrovia as a major step toward strengthening Liberia’s investment climate.
The event, titled “Building Investors’ Confidence in Liberia: Enhancing Legal Protection to Strengthen the Business Environment and Attract Investment Capital,” brought together key stakeholders from various sectors, including government officials, business leaders, and legal and financial experts, to discuss strategies for improving Liberia’s investment environment.
The roundtable aimed to provide a platform for dialogue on ways to create a more secure and predictable legal framework, foster trust among investors, and identify actionable solutions to address the challenges facing the Liberian business landscape.
Opening the event, the Director General of BIL, Richard S. Panton, emphasized the importance of collaboration among the corporate and legal sectors.
He underscored that such initiatives are essential for building a more conducive environment for investment in Liberia.
“In this case, strict adherence to the tenets of the rule of law and prudent financial practices guarantee investment,” Prof. Panton stated.
“A stable legal framework and sound financial regulations are essential for building trust among investors and ensuring Liberia’s economic growth.”
The Director of the Regulation and Supervision Department at the Central Bank of Liberia (CBL), Fonsia Mohammed Donzo highlighted the CBL’s ongoing efforts to improve the financial regulatory framework.
He explained that recent updates to laws governing financial institutions are designed to boost investor confidence by making Liberia’s financial sector more transparent and predictable.
“The kind of regulatory framework that we have now is predictable. Investors who come into the country know exactly the regulations governing the financial sector and how disputes will be resolved,” Donzo explained.
He emphasized that this predictability is crucial for ensuring a secure and transparent operating environment for both local and foreign investors.
Representing the U.S. Embassy, Jonathan Horton praised the roundtable discussion as a timely and important initiative, expressing optimism that the event would lead to tangible outcomes that support Liberia’s ARREST Agenda for inclusive development.
Horton stressed the significance of collaboration among various stakeholders to build a robust investment climate that promotes economic growth and benefits all sectors of society.
The International Monetary Fund (IMF) Resident Representative in Liberia, Joel Okwuokei echoed the sentiment, reaffirming the IMF’s long-standing commitment to supporting Liberia’s economic development.
He noted that strengthening investor confidence is critical for sustainable growth and highlighted the IMF’s dedication to working with the government and other stakeholders to address challenges within the investment environment.
“The IMF is very committed to supporting Liberia,” Okwuokei said. “The roundtable is timely, and we look forward to working together to address the challenges that affect Liberia’s investment climate.”
The Assistant Minister for Development Planning at the Ministry of Finance and Development Planning, J. Willington Barchu spoke about the government’s efforts to create a conducive environment for private sector growth.
He reiterated the importance of collaboration between the public and private sectors to drive economic development, particularly by addressing binding constraints within the legal and regulatory systems.
“We have worked with the judiciary system to include programs that will improve the system over the next five years, making the country more conducive for investors,” Barchue explained.
“We have also ensured that we incorporate a prompt repayment mechanism into our national development plan, which will help restore investor confidence and ensure that basic infrastructure is in place.”
The roundtable dialogue culminated in an open discussion where participants brainstormed solutions to enhance Liberia’s legal protections for investors.
The event was hailed as a step forward in building a more transparent and attractive business environment in Liberia, with participants agreeing that sustained collaboration among government, business, and legal stakeholders is crucial for unlocking the country’s investment potential.
The Banking Institute of Liberia’s efforts, along with the Liberia Chamber of Commerce’s ongoing support, demonstrate a concerted push to position Liberia as a favorable destination for both domestic and international investors.
With the backing of key institutions like the IMF and the U.S. Embassy, Liberia is working towards creating a more secure, predictable, and welcoming environment for investment that will help drive long-term economic growth and prosperity for the country.
