By Precious D. Freeman
The Integrity Watch Liberia (IWL) has called for transparency, accountability, and fairness from multinational corporations profiting from Liberia’s natural resources.
According to them, no longer can they afford to tolerate exploitation and greed at the expense of the nation’s prosperity.
Speaking at a day-long training for CSOs on Illicit financial flows and taxation, with the objective of equipping CSOs with knowledge and skills to effectively combat illicit financial flows, the Executive Director for IWL, Harold M. Aidoo, said the fight against illicit financial flows is not merely a battle waged in the halls of power, but rather a grassroots movement fueled by the passion and resilience of ordinary citizens determined to reclaim what is rightfully theirs.
He mentioned that, together, they all must hold the leaders accountable, advocate for systemic reforms, and build a future in which justice and equity reign supreme.
He added that they all should remember that the struggle against illicit financial flows is not one that they can afford to lose because it is a fight for the soul of the nation, a battle that demands everyone’s unwavering commitment and resolve.
“Together, let us stand united in our pursuit of a brighter tomorrow, where the wealth of Liberia enriches the lives of all its people,” he said.
“Our topic for today’s training, illicit financial flows (IFFs), strikes at the very core of economic justice and national sovereignty. Today, we gather not just as individuals, but as stewards of our collective future, tasked with confronting a grave injustice that has plagued our nation for far too long,” he added.
The IWL boss maintained that as they delve into the depths of this issue, they acknowledge the staggering reality of the nation’ state of economy where the national budget is still struggling to reach $800 million mark.
He emphasized that the Global Financial Integrity report on Liberia shows that Liberia loses a staggering $966 million annually due to illicit financial flows.
“This figure is not merely a statistic; it represents the lifeblood of our nation siphoned away by companies operating here, robbing our people of vital resources desperately needed for education, healthcare, infrastructure, and economic development,” he said.
He noted that one particularly egregious aspect of this crisis is the flagrant disregard for corporate responsibility within Liberia’s extractive sector.
ED Aidoo intoned that for over 15 years, companies operating within the borders have shamefully evaded their duty to contribute fairly to the nation’s coffers by failing to pay corporate income tax.
“This betrayal not only undermines our fiscal stability, but also perpetuates a cycle of poverty and inequality that shackles our people. Therefore, I stand here today to issue a resounding call to action. It is time for our government to rise to the challenge and assert its authority in renegotiating the fiscal terms of all extractive contracts,” asserted Aidoo.
