The Inquirer is a leading independent daily newspaper published in Liberia, based in Monrovia. It is privately owned with a "good reputation".

Integrity Watch Validates Extractive Sector Report

By Precious D. Freeman
Integrity Watch Liberia (IWL) held a one-day validation session to research reports focusing on the potential of sand mining and quarry sector, contributing to domestic resource mobilization and tax incentives offered to Multinational Corporation within Liberia’s extractive sector.
The report, which covered Montserrado and Margibi counties, was released yesterday, March 19, 2024 in Monrovia
The objective of the validation was to gather feedback and insights from stakeholders and experts in the field regarding the findings and recommendations presented in the research reports.
The validation session presented opportunities for discussion, critique, and recommendations regarding the potential of the sand mining and quarry sector to contribute to domestic resource mobilization, as well as tax incentives offered to multinational companies operating in Liberia.
Integrity Watch-Liberia observed that the extracting and mining of natural resources play an important role in economic development, as well as quarrying and sand mining playing a crucial role in Liberia’s construction industry by supplying essential materials for various types of infrastructure projects, residential building, and commercial development.
“Despite the significant contributions of quarrying and sand mining to the construction sector and the broader economy, their full revenue potential remains largely untapped in Liberia,” the IWL Executive Director, Herald Aidoo, said.
He observed that one of the primary reasons is the lack of comprehensive data and analysis on the revenue generated by these industries, limited understanding of the scale of operations, production volumes, and the financial performance, which hinders the assessment of the true revenue – generating capacity.
“Environmental concerns, such as habitat destruction, soil erosion, and water population, often arise due to inadequate environmental management practices,” Aidoo said.
He noted that effective regulations and enforcement mechanisms to mitigate these environmental impacts further exacerbate the challenges.
Aidoo noted that the report covers findings from 2007 to 2023, which probed the dollar value of how much has been given to multinational corporations, which, the Integrity Watch said, it is interested in optimizing domestic resource mobilization.
As an organization and with the circumstances surrounding domestic resource mobilization, he furthered said their interest is how Integrity Watch can help government through a way in which, as civil society, it can support to optimize domestic resource.
According to him, focus on the potential of sand mining and quarry sector to domestic resource mobilization, which included opportunity, identified stakeholders’ perspectives and experiences, and strategists’ perspectives and experiences.
“As many of you are aware, these are two critical areas that the government and the country can leverage on to optimize domestic resources. This research paper could inform policy advocacy going forward. We believe in the absence of resources, the government will not be able to finance development,” he said.
Making remarks, Liberia Extractive Industry Transparency Initiative (LEITI) head of Secretariat, Jeffery N. Yates, stressed the need for reviewing of documentation of extractive corporations to determine their legitimate acquisition, as well as contract awarded to them, taking into consideration the communities.
“We have to have a comprehensive contract review of concession companies operating in the sector, taking in account the benefits to the communities. We are happy that we have a civil society taking the extractive industry at the height of their work,” he said, and added that as a country, it’s time to spotlight conversation around the sector.
Also making remarks at the event, Athelia Grasco Korvah, Assistant Commissioner, Natural Resources Tax Division at the Liberia Revenue Authority (LRA), thanked Integrity Watch for the report, which, she said, will provide a significant help to the work of the LRA.
The event brought together Ministry of Lands Mines and Energy, Liberia Revenue Authority, Ministry of Finance and Development Planning, Tax Justice Network Africa, CSOs, internal partners, and organizations.
With support from Tax Justice Network Africa, in 2023, the Integrity Watch Liberia commissioned three important studies; two of which the institution shared the findings during a one-day validation session. The report items included potential of sand mining and quarry sector to domestic resource mobilization, and tax incentives offered to multinational companies operating in the extractive sector of Liberia.

Leave A Reply

Your email address will not be published.