Inaugurates Petty Trade Registration Center; says registrations at the new center is free
Monrovia, Liberia – The Minister of Commerce and Industry Amin Modad has officially launched a new Petty Trade Registration Center, underscoring the importance of the informal sector in Liberia’s economy.
The informal sector, primarily composed of domestically owned small and medium enterprises (SMEs), accounts for 80-85% of the country’s employment, playing a crucial role in generating sustainable income for the poor and vulnerable.
According to a 2010 UNDP assessment, women made up a sizable portion of the employment in Liberia’s informal sector, which employed nearly half of the country’s workforce outside of agriculture.
More recently, a UNDP-led evaluation of the socioeconomic effects of COVID-19 discovered that the epidemic has had a significant negative impact on independent contractors and increased poverty among susceptible groups.
Minister Modad stated that many people, particularly women and young people, now depend on unofficial enterprises for their means of subsistence as a result of the health crisis and economic difficulties.
Small company owners and independent contractors run these companies, which are primarily found in Monrovia and adjacent county capitals.
The informal sector is given priority in the ARREST Agenda because of its potential, given sufficient support according to the ministry of commerce.
Minister Modad complimented the technical teams from MOCI and UNDP for their outstanding work and thanked Mr. Louis Kuukpen and the UNDP Liberia team for their financial support.
In addition, Minister Modad expressed gratitude to Mr. Kuukpen for extending the Livelihood Project by five more years, which started in 2021. He gave the assurance that the government would keep a careful eye on the initiative to make sure its beneficiaries had a favorable economic impact.
The Ministry plans to collaborate with city corporations to organize petty traders, facilitating their transition to formal businesses. Minister Modad also acknowledged the support of the Liberia Revenue Authority (LRA), the Liberian Business Association (LIBA), BSC Monrovia, and other partners in enhancing the sector.
At the new location, registration will be free until December 31, 2024. Registration fees, which are payable to the LRA according to the trader’s category, will be mandatory as of January 1, 2024.
The objective of this program is to improve the sector’s integration into the formal economy and boost government revenue by compiling a comprehensive database of the industry.
Under the direction of President Joseph N. Boakai, the Petty Trade Registration Center is a noteworthy achievement that will help thousands of petty traders move from the unofficial to the official economy according to the minister. For women, young people, and those with impairments, this industry offers essential jobs and financial stability.
Minister Modad emphasized the importance of the unorganized sector to Liberia’s economic growth and asked government allies to embrace a coordinated strategy to assist it.
The opening of the center, which took place on Tuesday, was graced by Mr. Louis Kuukpen, Resident Representative of UNDP; Bashelu Kromah, Assistant Commissioner of the Micro and Small Tax Division at LRA; Patience B. Randall, Director General of Liberia Business Registry; Charles Konah, President of the Federation of Petty Traders and Informal Worker Union of Liberia; James Strother, President of the Liberia Business Association; and William Dennis, CEO of the Monrovia Business Startup Center.
Reported by: Simeon Wiakanty
Contact: +231 881538878
