Liberia: Boakai Signals Plans for Creation of Sovereign Wealth Fund, National Mining Company At Int’l Confab

Unification Town, Margibi County – While launching Liberia’s first mining and energy conference within a decade and a half, President Joseph Nyuma hinted at the imminent establishment of two major institutions: the National Mining Company of Liberia and the Liberia Sovereign Wealth Fund. Speaking at the landmark international conference that brought together a thousand-plus delegates from Liberia and the globe, the Liberian leader pointed out that for long, resource-rich countries, including Liberia, have exported raw materials while importing finished products, technology, and expertise, stressing that Liberia intends to take a different path. “Our minerals should support domestic processing, industrial development, infrastructure, technology, and decent jobs.

Electricity should power industry, agriculture, small businesses, and public services, improve competitiveness, and help reduce poverty,” asserted President Boakai. Move Towards State Participation The Liberian Chief Executive announced the government is advancing three important initiatives as it aims to change the narrative in the mining and energy sectors. In a bid to achieve this, he disclosed that the first step is the establishment of a National Mining Company of Liberia that moves the country toward more active state participation through equity and strategic ownership, rather than relying only on royalty collection. Secondly, he revealed that within two years, Liberia seeks to establish its first gold processing facility, advancing the African Minerals Strategy Group’s call for value addition before minerals leave the continent. According to him, Liberia intends to contribute to this continental agenda by retaining more value at home and creating skilled jobs. “The Government’s stated policy is for gold…