By Stephen N. Sonpon
MONROVIA, Nov. 03 (LINA) – President Joseph Nyuma Boakai has outlined an ambitious plan to transform Liberia’s mining and energy sectors, announcing major policy initiatives aimed at expanding domestic mineral processing, increasing renewable energy generation, strengthening State participation in mining, and securing long-term national wealth.
Addressing the opening ceremony of the Liberia International Mining and Energy Conference and Expo (LIMEC 2026) at the Farmington Hotel in Harbel, Margibi County, on Wednesday, October 28, President Boakai said his administration was committed to transforming Liberia’s natural resources into sustainable economic opportunities and lasting benefits for its citizens.
The President disclosed that the Government intends to establish Liberia’s first gold processing facility within two years, establish the National Mining Company of Liberia, and authorize the creation of a Sovereign Wealth Fund to convert mineral revenues into long-term financial security for future generations.
He said the initiatives form part of the Government’s broader development agenda under the ARREST Agenda for Inclusive Development, which seeks to promote economic growth, attract responsible investment, create employment opportunities, and strengthen national institutions.
President Boakai emphasized that Liberia’s ambition extends beyond extracting minerals and generating electricity, stressing that the country must build a productive, competitive, inclusive, and resilient economy.
“Liberia welcomes responsible business, is ready for strategic partnerships, and is committed to an investment environment that delivers sustainable returns for investors and lasting benefits for our citizens,” he said.
The President noted that Liberia possesses substantial mineral resources, including iron ore, gold, diamonds, critical minerals, and rare earth elements, alongside significant opportunities for hydropower and solar energy development.
He also identified the country’s Atlantic coastline, emerging transportation corridors, access to regional markets, and youthful population as important advantages for attracting international investment.
However, President Boakai cautioned that natural resource wealth alone cannot guarantee economic transformation without responsible development, reliable infrastructure, affordable electricity, effective institutions, and tangible benefits for host communities.
He stressed that Liberia must move away from the traditional practice of exporting raw materials while importing finished products, technology, and expertise.
According to him, the Government wants mineral resources to support domestic processing, industrial development, infrastructure expansion, technology transfer, and decent employment.
Providing an overview of the sector’s performance, President Boakai said mining had expanded by 17 percent since his administration took office in January 2024.
He reported that Liberia achieved overall gross domestic product growth of 5.1 percent, while real GDP growth of 5.5 percent was projected.
Mining accounted for 18.4 percent of real GDP in 2025, with the sector’s contribution projected to rise to 19.4 percent in 2026.
The President further disclosed that the mining sector contributed approximately US$124 million directly to national revenue in 2024 and had contributed US$432 million to domestic revenue to date.
He linked the revenue performance to Liberia’s projected domestic revenue milestone of US$1.1 billion for 2026, compared with US$699 million in 2024.
President Boakai said increased revenue mobilization would help the Government finance critical public services and development priorities, including infrastructure, education, and healthcare.