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Prez Sirleaf signs Business Act into law

Jonathan Grigsby/Benjamin S. Taingay

(elbcradio.com/Feb. 23, 2015)-President Ellen Johnson-Sirleaf has signed into law the Small Business Empowerment Act.

The signing of the Act by President Johnson-Sirleaf was pronounced Saturday, February 21, 2015 by Commerce Minister, Axel Addy, when he spoke at the 10th Biannual US Embassy Arts and Crafts Fair.

Minister Addy said: “Under the Act, the Liberian Government will spend 25% of all of its Public Procurement Opportunities on Liberian owned businesses.”

He also said: “Under the Act, this year’s Fiscal Budget on Government’s spending on goods and services confirms the setting aside of US$74M in Public Procurement Opportunities for Liberian owned businesses.”

The Commerce Minister, however, noted that the success of the Act depends on Liberian owned businesses by formalizing, registering and paying various taxes.

He further noted that the success of the Act also depends on Liberian owned businesses efforts to learn about the Public Procurement Opportunities that is to benefit them.

He cautioned Liberian owned businesses to acquaint themselves with portion of the budget concerning goods and services. “This is necessary, because each minister will report quarterly on how much they have spent to empower Liberian owned businesses,” the Liberian Commerce Minister emphasized.

Meanwhile, Minister Addy is commending the US Embassy for the event that continues to reveal the long-standing ties between Liberia and the United States.
 

 


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