American mining firm High Power Exploration Inc Chief Executive Officer Bronwyn Barnes will be traveling to Monrovia as company likens planned investment package for the redevelopment of the railway linking Nimba iron ore project in Guinea to Liberia’s Buchannan seaport to that of the Angola-DRC corridor project.
Liberia authorities’ hope of earning fortune through the usage of its railway and seaport facilities by multinational corporations operating in neighboring Guinea to export iron ore and other minerals appears lost as superpower China backs an ambitious railroad project in the West African country.
With Liberia struggling to meet increased demand for electricity despite more than $400 million spent on post war energy restoration programs, the country’s power utility has devised a short term solution as authorities work on an ambitious $500 million project to stem decades of power deficit.
The Central Bank of Liberia is reporting a loss of $28.2 million United States dollars in annual revenue for 2022 mainly on account of poor yields on treasury bills and market interest.
The Group Managing Director of Africa’s Global Bank, United Bank for Africa (UBA), Plc, Oliver Alawuba, has reiterated the bank’s commitment to increase revenue and improved profitability across major lines, in the 2023 financial year.
Transitioning Liberia’s railway industry to a multi-user rail model could lead to significant investments by multiple mining companies in the country and create
economic benefit for Liberians, the U.S. Embassy near Monrovia said in a statement.
Liberia forecast it would yield $500 million in four years end 2025 as it embarks on an ambitious project to gain market shares and keep it in readiness should Firestone Liberia Inc. – a subsidiary of Bridgestone Americas, Leaves.
Iron ore and other leading export commodities production in Liberia declined in the third quarter of 2022 according to the Central Bank of Liberia Financial and Economic Bulletin published in February this year.
Omar Alieu Touray, President of the ECOWAS Commission has implored members of the Convergence Council discussing the regional bloc’s single currency regime to reach a decision in the interest of member states.
