Finance Minister Holds Meeting With Business Community; To Identify Challenges Confronting The Country’s Business Climate

Monrovia, Liberia - The Minister of Finance and Development Planning Hon. Samuel D. Tweah, Jr. Wednesday April 11, held meetings at the Ministry of Finance and Development Planning with the leadership and cross section of the membership of the business community with the aim of identifying general and specific challenges confronting the business environment in the country and exchanging ideas and suggestions to resolve them in order to improve the economic conditions of the Liberian people. 

Also attending Wednesday’s meeting was Central Bank’s Executive Governor, Milton A.Weeks, and the Commissioner General of the Liberia Revenue Authority, Hon. Elfreda S.Tamba and the Deputy Minister of Fiscal Affairs at the Ministry of Finance and Development Planning, Hon. Samora Wolokollie.

In separate sessions with Wholesale Distributors and Liberia Banking Association, the Minister informed the business community that President George M. Weah was committed to growing the economy in a way that will positively impact the lives of the poor people. He added that anything that affects the lives of the poor was of great concern to the President and it was therefore necessary that government and business stakeholders have conversations to find solutions to the issues affecting the performances of businesses leading to the increase of the economic burdens of the poor. He assured the business community that the government is committed to engendering policies and programs that are supportive of economic transformation.

He said, the state of the economy especially job creation is encapsulated in the President’s vision as a top priority and that conversations between key players in the economy and the Government of Liberia including the Liberia Revenue Authority and Central Bank of Liberia are germane in ensuring the provision of jobs, addressing the failure of the economy and high prices and exchange rate volatility.

The Minister acknowledged that while the business community appreciates working in an enabling environment that allows their businesses to grow and sustain profits, government too is interested in generating revenues from these business activities that contribute to enhancing its capacity to provide basic social services and support its development efforts. Hon. Tweah however indicated that studies have shown that there is underperformance in revenue generation but emphasized government’s determination to increase revenue collection over the next five years.
He stressed that government is determined to work in a team spirit with the business community and international partners to advance the economy of the country.

For his part, Central Bank’s Executive Governor Hon. Milton A.Weeks disclosed that several strategies were agreed on at recently held Economic Management Team’s meeting and that the Bank will shortly be announcing some immediate actions and short and medium term plans aimed at addressing some of the structural issues in the economy affecting exchange rate.

Leaders and members of the business community excited and buoyed by the government’s expressed commitment to a more cordial and mutually benefitting partnership, conveyed appreciations for such opportunity to freely communicate ideas and challenges confronting their businesses.