MONROVIA, LIBERIA-A 2022 US report on Liberia’s investment Climate shows that economic growth in 2023 will be driven mainly by the mining sector.
The report also indicated that structural reforms in the mining sector of the Country are also expected to increase activities in structure and construction.
According to report, there have been improvements in the fishery sector, though more needs to be done in order to attract investments.
It said COVID-19 pandemic disrupted many sectors of the economy, which contracted in 2019 and 2020.
However, the World Bank and International Monetary Fund (IMF) expect per capital GDP to return to pre-COVID levels by the next year.
The report also reference growing public awareness of the Land Rights Law, but still limited.
At the same time, the 2022 US State Department report has revealed low human development indicators.
It also highlighted expensive and unreliable electricity, poor roads, lack of reliable internet access, especially in rural Liberia.
According to the document, those issues constrain investment and development.
It said most part of the Country lack reliable power, although efforts to expand access to the electricity grid are ongoing.
The report stated that those efforts are being done through an ex tension of the Mount Coffee Hydropower Plant, connection to the West Africa Power Pool and other internationally supported energy projects.
In the Security Sector, the report said soldier and police’s effectiveness is being challenged by the lack of money and poor infrastructure.
Despite challenges facing the Country, the report mentioned that Government-backed Business Climate Working Groups is working with public and private sector stakeholders, to explore ways to create a friendlier business environment.