Home Politics Weah Brought 19 Foreign Direct Investments … Wolokolie Discloses; Brushes Off Lack Of FDIs Criticisms

Weah Brought 19 Foreign Direct Investments … Wolokolie Discloses; Brushes Off Lack Of FDIs Criticisms

by News Manager

By: Varney Dukuly

MONROVIA: Liberia’s investment climate is being clearly interpreted in arguments across the country of 5 million plus people.

Almost daily, leaders and other diehard supporters of opposition political parties stand before surging crowds on campaign trail, outlining their owned perspectives relative to the country’s investment climate.

However, a key official of the incumbent government, who is also Deputy Minister of Finance for Fiscal Affairs, Samora Wolokolie, strongly believes that messages from such criticisms against the government are usually vague, and evidence, if any, is often shoddy about the country’s investment climate under President George Manneh Weah.

Wolokolie’s assertions come just a few weeks before a pivotal Presidential and Legislative elections in the country, scheduled for 10, October, 2023.

About half of the nearly two dozen opposition presidential candidates are accusing the Weah-led government of miserable failure to attract Foreign Direct Investments (FDIs) after six years in state power.

The main opposition Unity Party (UP), voiced out more about the government’s alleged failure to bring in the much-needed investments for jobs creation.

However, one recent afternoon, Samora Wolokolie ushered in the clarity.

In an interview with OK FM, a local radio station, Mr. Wolokolie, said the opposition political parties are all around, making unfounded comments without reference that since the Weah-led government came to power, there have been no Foreign Direct Investments (FDIs).

“We took domestic revenue far above what it was. Do you think it happened by magic?” Asked Wolokolie who is a stalwart of governing Coalition for Democratic Change (CDC). “Our national budget size has increased,” he added.

Decades ago, Liberia has been known as an economic success story, compared to Japan with a strong focus on export of its iron ore and rubber wealth that brought a steady flow of dollars, increased employment in the economy, then.

But, beneath the nation’s past glory, the Weah administration said, it would improve on the existing resources to attract more investments for progress and development.

According to Mr. Wolokolie, the CDC-led government opted instead to rely on legislations and policies to enhance the powers of state institutions responsible to review investments.

“Apart from CEMENCO, we, as a government, have attracted three additional cement companies to Liberia. They are “Star Cement, Fouta Cement and Capital Link Cement,” he disclosed.

The Deputy Finance Minister for Fiscal Affairs explained that these companies are in full operation, producing cement currently in Montserrado County, and Grand Bassa County with products used to do road works across the country.

“The rubber manufacturing company, owned by businessman ‘Jetty’ and the first pharmaceutical company are in addition to new investments under the CDC led government,” Wolokolie added.

The list of new investments, provided to our reporter, he maintains, capped a raging debate between the opposition who prefers “scoring political goals” and the CDC government, an administration committed to implement its flagship national development agenda, styled: “Pro-poor Agenda for Development and Prosperity.”

The attached list of concessionaires, according to Mr. Wolokolie, highlights sectors such as Agric-rubber, mining-gold, mining iron-ore, trade and commerce, flour manufacturing, among many others.

However, out of the nineteen concession companies captured as new investments, there are several which he referred to as Foreign Direct Investments (FDIs) with Nimba Rubber Corporation based in Cocoapa, Nimba County, having 30 years tenure for operation.

For jobs creation, he disclosed that these 19 investments provided thousands of jobs in the last five plus years of the Weah first term in office.

“These are things that are easily verified,” said Samora Wolokolie.

“There are different investments that have happened here,” he stressed.

Deputy Minister Wolokolie’s disclosures were warranted by widespread speculations from members of opposition community, suggesting that the Weah administration has failed to bring new investments to the country since it ascended to state power in 2018.

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