As Liberia Still Struggles
Monrovia, Liberia – The 16th Liberia Extractive Industries Transparency Initiative (LEITI) Report states that although Liberia made over US$1.3 billion in 2023 from the export of minerals, timber, and agricultural commodities, the nation’s natural resource wealth is still overshadowed by widespread poverty and poor governance.
The Multi-Stakeholder Steering Group (MSG) of LEITI released the report, which shows a sharp contrast between the vast worth of Liberia’s extractive resources and the limited gains made by the country’s treasury and common people. The research states that from January 1 to December 31, 2023, the Government of Liberia actually collected US$152.46 million in revenue from the extractive industry, which includes mining, agriculture, forestry, and oil and gas.
According to the report, mining accounted for more than US$121 million in government revenue, while forestry provided US$6.45 million, agriculture contributed about US$24 million, and oil and gas contributed only US$550,000. In contrast, the export value of extractive commodities, which was mostly driven by the export of iron ore and gold, reached about US$1.35 billion during the same time period.
Additionally, gold alone brought in over US$660 million, with iron ore exports coming in second at over US$482 million. Other major contributors to export revenue included rubber, crude palm oil, and diamonds. According to the report, mining accounted for more than US$121 million in government revenue, while forestry provided US$6.45 million, agriculture contributed about US$24 million, and oil and gas contributed only US$550,000.
In contrast, the export value of extractive commodities, which was mostly driven by the export of iron ore and gold, reached about US$1.35 billion during the same time period. Additionally, gold alone brought in over US$660 million, with iron ore exports coming in second at over US$482 million. Other major contributors to export revenue included rubber, crude palm oil, and diamonds.
However, according to company-level data, ArcelorMittal and Western Cluster jointly exported iron ore valued at over US$360 million, while Bea Mountain Mining Company dominated gold exports with sales above US$691 million.
With 19,345 workers overall, employment in the extractive industry remained comparatively low despite these numbers. Males made up more over 16,600 of that total, while women made up less than 2,800, underscoring the ongoing gender disparity.
In Bea Mountain alone, there are around 1,100 permanent foreign employees, according to the research. The research addresses concerns about governance in addition to revenue and employment. The MSG revealed that it discovered questionable transactions between the Liberia Revenue Authority, ArcelorMittal, and the Liberia Petroleum Regulatory Authority.
The Liberia Anti-Corruption Commission will be tasked with looking into these matters further. Speaking at the opening, LEITI representatives stressed that the results will be disseminated nationwide to encourage public discussion and collect citizen input on enhancing oversight of the extractive industry.
However, the MSG cautioned businesses and government organizations against refusing to cooperate, emphasizing that LEITI’s efforts are supported by the law and that those who disobey will face consequences. The analysis highlights a concerning reality as Liberia prepares for yet another validation cycle: despite billions of dollars being extracted from the ground and forests, the promise of natural resource wealth translating into widespread development is still mainly unfulfilled.
Reported by: Prince Saah
