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.
Small-scale mining of gold, diamond and other industrial minerals is the likely game changer in the push to unlock the cycle of poverty in African’s oddest republic of 5.5 million people but corruption, poor regulation, lack of finance and flourishing underground operation are hindering gains.
Liberia aims to triple the capacity of its national grid to nearly 300 megawatt beyond the existing 88MW as it accelerates plans for a new hydro power station.
Liberia’s monetary policy rate remains at 15% for the third time to contain rising food prices and promote financial sector stability as export earnings decline while the Liberian dollar depreciates.
