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|Liberia's Finance Minister Discusses Way Forward to Stimulate Domestic Investment||| Print ||
|Written by Henry Karmo (0886522495); FPA Staff Writer|
|Tuesday, 11 September 2012 01:15|
Monrovia - As part of the Government of Liberia Economic Expansion program to stimulate domestic investment it has begun holding consultations with small and large Liberians entrepreneurs to discuss a policy formulation that will impact the Liberian Business sector.
As part of this discussion Finance Minister Amara Konneh Monday met with several small and larger Liberian business owners at the offices of the Liberian Chambers of Commerce in Monrovia.
The meeting is also part of Government commitment to spent 25% of the Country’s national; budget on Liberian businesses through the purchase of materials or equipment bought for use by Government is bought from Liberian businesses.
According to Minister Konneh if efforts by the government to transform the country economy to stimulate domestic private investment is to succeed, there is a need to get public spending and inflation under control; and update the revenue code to reflect current realities, with the aim of rebuilding incentives for Liberia’s current future entrepreneurs.
He disclosed that the Liberian Government has introduce several policies, strategies and initiatives to successfully stimulate foreign direct investment in Liberia which he said has been largely affective but admitted that such policy has not positively impacted the Liberian Business entrepreneurs who over the past years have remain stagnant.
Minister Konneh said studies conducted by the Government of Liberia has uncovered several constrains faced by Liberian entrepreneurs investing domestically.
He named; Regulatory constraints, low human capital, Economic constraints and financial constraints as some of the major challenges face by the country domestic sector.
He added that the Liberian business community especially small businesses have informed the government of Liberia of several other challenges that need to immediately be addressed in order to make doing business easier for them.
The challenges amongst other things include; more effective oversight of BIVAC to address disputes with businesses; a review of the validity period of tax clearances; information flow charts on processes related to tax payment and reporting and the curbing of most corruption opportunities created by long procedures that civil servants exploit amongst others.
“Today, I am pleased to announce that, true to its adding local content to our fiscal policy, the Government of Liberia has begun executing the fiscal rule of purchasing 25% of all goods and services including furniture from capable Liberian businesses he said.”
The Liberian Government is expected to spend one hundred twenty eight million on goods and services for its core operations in the Fiscal Year 2012/2013 fifty three million of which is expected to be infuse into capable Liberian own businesses.
Minister Konneh urged Liberian businesses to get their acts together and take advantage of the opportunity afforded them by the Government of Liberia.
“For the first time we are using our main domestic fiscal instrument the National budget to stimulate domestic private sector, particularly Liberian businesses minister Konneh said.”
He also recommended that a special taskforce to review the countries policies that are not conducive for doing business and give recommendation on how they can be improve.
The purpose of the review according to him is to ensure that all relevant constraints, current policies and gaps are thoroughly reviewed, discuss and update the cost, timeframes, and impact level of each policy and determine three to five policies that will pursue together in this fiscal year.
|Last Updated on Tuesday, 11 September 2012 09:08|