World Bank urged government, private sector and development partners on Thursday to deepen support for micro, small and medium-sized enterprises (MSMEs) in Liberia, warning that the country’s current business structure is locking many workers into low wage, vulnerable jobs.
Delivering remarks at the Seventh National MSME Conference and Trade Fair at the Ellen Johnson Sirleaf Ministerial Complex, World Bank Liberia Country Manager Georgia Wallen praised the revival of the annual event and described MSMEs as “bright stars and beacons of hope” for Liberia’s economy.
Wallen said the World Bank’s recent Liberia Economic Update underscores three stark realities: “Liberia’s private sector is dominated by MSMEs — 90 percent of the private sector are microfilms who employ between 1 8 employees; the dominance of microfilms keeps most of Liberia’s working population in low wage, low productive and vulnerable employment; and young people who have striven hard to attain skills and education are often significantly underemployed.”
The Country Manager said addressing these challenges will require coordinated action across all levels of government, the private sector and development partners.
“This is why our new Country Partnership Framework explicitly aims to build foundations for more and better jobs — including a focus on boosting private investment,” Wallen said.
Wallen highlighted World Bank Group efforts to help spur private sector development in Liberia, including the Liberia Investment, Finance and Trade (LIFT) Project, which she said aims to improve access to finance, markets and capabilities for MSMEs.
The event brought together senior government officials, including the Minister of State for Presidential Affairs and the Minister of Commerce and Industry, cabinet members, MSME leaders and private sector partners. Wallen noted that many of the entrepreneurs she has met in counties across Liberia are led by women and young people who are striving to grow businesses and improve livelihoods.
“The task ahead is to translate potential into action — by removing barriers to investment, improving access to finance and markets, and building the capabilities of entrepreneurs so they can create quality, stable jobs,” she said.
The conference is part of renewed efforts by the Government of Liberia and partners to spotlight the role of MSMEs in driving inclusive growth and employment, particularly among youth and women.
