Liberia\’s Future Can No Longer Be Sold
A New Path for Liberia\’s Economic Growth
Liberia has long been a nation with untapped potential, but its economic progress has often been hindered by outdated policies and a lack of inclusive strategies. While I am not a financial expert, my studies in investment management have shown me that other countries have successfully implemented models that prioritize citizen participation. If Liberia is to achieve real progress, it must adopt bold strategies that place its citizens at the center of growth rather than allowing them to remain spectators.
On September 27-28, 2025, the Government of Liberia hosted a conference with Liberians in the diaspora to explore ways of boosting investment. During the event, Finance Minister Ngafuan emphasized the government’s commitment to improving the investment climate. He highlighted partnerships with the U.S. Development Finance Corporation and the World Bank’s International Finance Corporation, which offer low-interest financing for sectors such as agribusiness. The Central Bank has also introduced a payment switch to support remote transactions, while port services have been extended into the night and mobile money platforms will soon be interconnected.
Despite these efforts, many Liberians continue to feel disconnected from their own economy. For years, leaders have promised to move citizens from spectators to participants, but these promises have become little more than empty rhetoric. The Liberianization policy, designed to promote local ownership, has failed to deliver on its promise. While it sets aside certain sectors for Liberians, most ordinary citizens lack the financial resources to enter these areas individually. Without a collective approach, the policy has excluded the very people it was meant to empower.
A Citizen Ownership Model
Imagine an international company wants to open a gold mine in Liberia, requiring an investment of fifty million dollars (US$50,000,000). Traditionally, the company bears the risk and keeps most of the profit, while the government collects taxes and royalties. But what if the government demanded a fifty percent (50%) stake? That would mean raising twenty-five million dollars (US$25,000,000). Instead of borrowing, the government could sell one hundred thousand (100,000) shares at two hundred fifty dollars (US$250) each.
This approach would allow ordinary Liberians to become co-owners. When profits are made, half would flow back into the country and into the hands of its people. The same model could apply in other areas, such as building a beachfront boardwalk from Monrovia to Marshall for fifty million dollars (US$50,000,000). Shops and entertainment spots along the boardwalk would create jobs, boost tourism, and provide rental income for shareholders.
Lessons from Ghana
Ghana offers a practical example of how this can work. The Ghana Stock Exchange (GSE), launched in 1990, allowed citizens to buy shares in major companies. When Ashanti Goldfields, one of Africa\’s largest gold producers, listed on the exchange, thousands of ordinary Ghanaians invested directly in the mining sector. They received dividends when the company performed well and could resell their shares if they needed cash. This broadened wealth creation and turned mining from a purely foreign-driven venture into an opportunity for national participation.
The same principle can be applied in Liberia. A national stock exchange, supported by strong regulations, could manage shares in mines, infrastructure projects, and tourism ventures, giving citizens at home and in the diaspora the chance to build wealth from their country\’s resources.
The Missed Opportunity in Oil
This opportunity became especially clear on September 17, 2025, when Liberia signed four Production Sharing Contracts with Atlas Oranto Petroleum for offshore Blocks LB-15, LB-16, LB-22, and LB-24. The agreement included a signature bonus of fifteen million dollars (US$15,000,000) and commitments to invest heavily in exploration and development. The government celebrated the deal as a milestone in reviving the petroleum sector, with promises of transparency, local content, and job creation.
Yet this was the kind of project where a citizen ownership model could have been applied. Instead of treating the oil blocks purely as a concession, the government could have offered shares in the venture to Liberians willing to invest. Even modest investments would allow citizens to share in dividends when production begins. Such an approach would spread the benefits of natural resources beyond royalties and bonuses, reduce the temptation for mismanagement, and turn one deal into a nationwide opportunity for empowerment.
Safeguards Against Mismanagement
For a citizen ownership model to succeed, safeguards must be uncompromising. An Independent Investment Board should be created by law to oversee citizen shares. Its members should come from civil society, the private sector, and the diaspora, with the government represented only by a seat from the Central Bank. Staggered terms and independent funding, raised from a small percentage of transaction fees or investment returns, would help insulate the board from politics.
Transparency is essential. All financial records must be audited and published annually so investors can follow how every dollar is managed. Shares should be traded under the supervision of a Liberia Securities and Exchange Commission modeled after Ghana and Nigeria. Dividend policies must be clear and consistent. Mobile banking should allow Liberians everywhere to buy shares and receive dividends directly without bureaucratic delays.
The Choice Before Us
The government\’s current reforms are steps in the right direction, but they will not be enough unless citizens are given a direct stake in investment. Ghana\’s experience with Ashanti Goldfields shows that African nations can build vibrant stock markets that empower citizens and attract capital. Liberia has the same opportunity, but only if we are willing to think differently.
A citizen ownership model would complement government reforms by making Liberians wealth creators, not bystanders. Investors would gain capital, the government would earn a share in profits without excessive borrowing, and citizens would see tangible returns on their own soil. Liberia leaned on aid dependency. She signed concessions that favored others more than herself. Liberia waited for foreign direct investment to deliver prosperity. None of these paths transformed the nation. The time has come to take a new direction. Real progress will come when Liberians own their share of the nation\’s wealth and build an economy that reflects their aspirations.
