Home Economy PATEL Lobbies With Gov’t For US$50m

PATEL Lobbies With Gov’t For US$50m

by newsmanager

MONROVIA: The Patriotic Entrepreneurs of Liberia (PATEL) has called on the Liberian Government through the office of the Liberia business Associations to allocate $50 Million United States dollars in the national budget annually as a way of supporting the government’s much-talked “Liberianization” Policy.

PATEL is a non-political movement established to seek economic justice for less privileged Liberian-owned Businesses. It is involved in advocacy for the establishment of Exclusive Retailers Right Policy for Liberians-owned enterprises in the country.

PATEL’s Secretary General, Lawrence Cole, in a news Conference held at its head office on the Capitol Bye in Monrovia on Saturday, February 18, 2023, indicated that this amount shall serve as a loan to Liberians-own businesses with a low interest rate of three to five percent and a payback period of three to five years.

He told Reporters that authorities of the Ministry of Commerce and Industry should be made to answer questions on the monitoring of businesses for Liberians, something, he said, is not in full effect.
He also wants the ministry of Commerce to be questioned as to why it is giving permission to foreign businesses to venture into doing businesses set aside for Liberians which include one hundred percent retailing rights.

According to the PATEL Secretary General, no foreign business is supposed to venture into supply and retailing operations in the country.

Cole maintains that the Liberian laws set aside certain businesses to be done only by Liberians but now it is a complete opposite.

He disclosed that foreigners are now in to the distribution and retailing activities which are only to be done by Liberians in line with the “Liberianization policy.”

The PATEL Secretary General also called for the purchasing power of Liberians from government be given back to Liberians.

He recalled that the Liberian government, during the presidency of Madam Ellen Johnson Sirleaf, allotted 75% government purchasing power in favor of the foreign businesses while Liberian business had 25% government purchasing power.

“Even the 25% government purchasing power for Liberians should have, we are not benefiting from it because our government allots 4% in practicality, this means foreign businesses have got 96% purchasing power,” he said.

Mr. Cole expressed the belief this is wrong and it must be changed and Liberians-own businesses be given 50%.

Torching on the Central Bank of Liberia, the PATEL Secretary General calls on the CBL to regulate all interest rates on loans for all local banks to stand between 5-7 % and the back period be arranged after said businesses have begun selling and not instant upon receiving the cash from the local banks.

He also called on the CBL to regulate the foreign exchange business of the country instead of leaving it to the mercy of the foreign businesses.

He added the CBL should also create a suitable way to educate the nation of its new coins currency instead of the jingles that was never heard.

The PATEL Secretary General told reporters also that the Patriotic Entrepreneurs of Liberia recently the petitioned the National Legislature. He claimed the Government has been deviant in its conduct to the total displeasure of the local business people of Liberia for whose happiness and satisfaction the government was established.

Mr. Cole added that failure on the part of the Liberian government to comply with the implementation of their situation, there will be a short down action by the business community and a lawful rally action will be taken at the Capitol by Liberians- owned businesses as well as other well-meaning Liberians until the full meaning of the “Liberianization policy” is implemented by government.

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