Liberia’s President-elect, Joseph Boakai, has announced plans to review mining concessions as part of his commitment to maximizing the country’s rich mineral resources for the benefit of its citizens.
Boakai, a 78-year-old former vice-president who campaigned on a promise to “rescue” Liberia, emphasized that addressing challenges in the economy would be a top priority for his administration.
He expressed concern over the longstanding issues of corruption and the lack of essential services, identifying the mining sector as a critical area where Liberians had not reaped the full benefits of their country’s wealth.
Liberia boasts abundant mineral reserves, including diamonds, gold, iron ore, and timber. Despite these resources, Boakai highlighted that the mining sector has been a source of problems rather than prosperity for the nation. He lamented the exploitation of resources without a corresponding improvement in the lives of the people.
Boakai affirmed his commitment to closely scrutinizing the mining sector, hinting at potential reviews of existing mining concessions. In response to a question about revisiting concessions, he stated, “We have to because we are inheriting.”
Several companies, including ArcelorMittal, Bao Chico Resources, Bea Mountain Mining, and Avesoro Resources, are active players in Liberia’s mining sector, involved in activities such as iron ore and gold mining.
Liberia’s economy experienced a growth of 4.8% in 2022, driven by gold production and a successful rice harvest. However, despite this growth, more than 80% of the population faces moderate or severe food insecurity, as reported by the World Bank. Boakai’s commitment to reviewing mining concessions aligns with his broader vision to address systemic issues and create a more equitable and prosperous future for Liberia.
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