RESTRICTED  
  
WT/TPR/S/441  
19 April 2023  
(23-2629) Page: 1/95 
Trade Policy Review Body   
 
TRADE POLICY REVIEW  
REPORT BY THE SECRETARIAT  
LIBERIA  
This report, prepared for the first Trade Policy Review of Liberia, has been drawn up by the WTO 
Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing 
the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World 
Trade Organization), sought clarification from Liberia on its trade policies and practices.  
 
Any technical questions arising from this repor t may be addressed to  Jacques Degbelo 
(tel. 022 739 5583), Thomas Friedheim (tel.  022 739 5083) and Zheng Wang (tel. 022 739 5288).  
 
Document WT/TPR/G/441 contains the policy statement submitted by Liberia.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the 
first session of the meeting of the Trade Policy Review Body on Liberia. This report was drafted in 
English.  
  WT/TPR/S/ 441 • Liberia  
 
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  CONTENTS  
SUMMARY  ................................ ................................ ................................ ........................  6 
1   ECONOMIC ENVIRONMENT  ................................ ................................ ........................  10 
1.1   Main features of the economy  ................................ ................................ ....................  10 
1.2   Recent economic developments  ................................ ................................ ..................  11 
1.3   Developments in trade and foreign direct investment  ................................ .....................  15 
1.3.1   Merchandise trade  ................................ ................................ ................................ . 16 
1.3.2   Trade in services  ................................ ................................ ................................ ... 18 
1.3.3   Trends and patterns in FDI  ................................ ................................ ......................  19 
2   TRADE AND INVESTMENT REGIMES  ................................ ................................ ...........  20 
2.1   General framework  ................................ ................................ ................................ ... 20 
2.2   Trade policy formulation and objectives  ................................ ................................ ....... 21 
2.3   Trade agreements and arrangements  ................................ ................................ ..........  23 
2.3.1   World Trade Organization  ................................ ................................ ........................  23 
2.3.2   Regional and preferential agreements and arrangements  ................................ .............  25 
2.3.2.1    ECOWAS  ................................ ................................ ................................ ............  25 
2.3.2.2    African Union  ................................ ................................ ................................ ...... 26 
2.3.2.3    Preferential trade arrangements (non -reciprocal)  ................................ .....................  26 
2.3.2.4    Other agreements  ................................ ................................ ...............................  27 
2.4   Investment regime  ................................ ................................ ................................ ... 27 
2.4.1   Legislation and institution  ................................ ................................ .......................  27 
2.4.2   Foreign investment restrictions  ................................ ................................ ................  27 
2.4.3   Investment agreements  ................................ ................................ ..........................  29 
3   TRADE POLICIES AND PRACTICES BY MEASURE  ................................ ........................  31 
3.1   Measures directly affecting imports  ................................ ................................ .............  31 
3.1.1   Customs procedures, valuation, and requirements  ................................ ......................  31 
3.1.2   Rules of origin  ................................ ................................ ................................ ....... 33 
3.1.3   Tariffs  ................................ ................................ ................................ ..................  33 
3.1.3.1    Applied MFN tariffs  ................................ ................................ ..............................  33 
3.1.3.2    WTO bindings  ................................ ................................ ................................ ..... 37 
3.1.3.3    Tariff exemptions  ................................ ................................ ................................  38 
3.1.3.4    Tariff preferences  ................................ ................................ ................................  40 
3.1.4   Other duties, charges, and taxes  ................................ ................................ ..............  40 
3.1.5   Import prohibitions, restrictions, and licensing  ................................ ...........................  42 
3.1.5.1    Import prohibitions  ................................ ................................ .............................  42 
3.1.5.2    Import restrictions and licensing  ................................ ................................ ...........  43 
3.1.6   Anti-dumping, countervailing, and safeguard measures  ................................ ...............  44 
3.2   Measures directly affecting exports  ................................ ................................ .............  44 
3.2.1   Customs procedures and requirements  ................................ ................................ ..... 44 
3.2.2   Taxes, charges, and levies  ................................ ................................ ......................  45 WT/TPR/S/ 441 • Liberia  
 
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  3.2.3   Export prohibitions, restrictions, and licensing  ................................ ............................  45 
3.2.3.1    Export pro hibitions  ................................ ................................ ..............................  45 
3.2.3.2    Export restrictions and licensing requirements  ................................ .........................  45 
3.2.4   Export support  ................................ ................................ ................................ ...... 45 
3.3   Measures affecting production and trade  ................................ ................................ ...... 46 
3.3.1   Incentives  ................................ ................................ ................................ ............  46 
3.3.2   Standards and other technical requirements  ................................ ..............................  48 
3.3.3   Sanitary and phytosanitary requirements  ................................ ................................ .. 50 
3.3.4   Competition policy and price controls  ................................ ................................ ........  52 
3.3.4.1    Competition policy  ................................ ................................ ..............................  52 
3.3.4.2    Price control  ................................ ................................ ................................ ....... 52 
3.3.5   State trading, state -owned enterprises, and privatization  ................................ .............  53 
3.3.5.1    State trading  ................................ ................................ ................................ ...... 53 
3.3.5.2    State -owned enterprises and privatization  ................................ ..............................  53 
3.3.6   Government procurement  ................................ ................................ .......................  54 
3.3.7   Intellectual property rights  ................................ ................................ ......................  56 
3.3.7.1    Overview  ................................ ................................ ................................ ...........  56 
3.3.7.2    Copyright and related rights  ................................ ................................ .................  57 
3.3.7.3    Trademarks  ................................ ................................ ................................ ........  58 
3.3.7.4    Geographical indications  ................................ ................................ ......................  58 
3.3.7.5    Industrial designs ................................ ................................ ................................  59 
3.3.7.6    Patents and utility models  ................................ ................................ ....................  59 
3.3.7.7    Layout -designs of integrated circuits  ................................ ................................ ...... 59 
3.3.7.8    Plant varieties  ................................ ................................ ................................ .... 59 
3.3.7.9    Enforcement  ................................ ................................ ................................ ....... 59 
4   TRADE POLICIES BY SECTOR  ................................ ................................ .....................  62 
4.1   Agriculture, forestry, and fisheries  ................................ ................................ ..............  62 
4.1.1   Agriculture  ................................ ................................ ................................ ............  62 
4.1.1.1    Overview  ................................ ................................ ................................ ...........  62 
4.1.1.2    Agricultural policy  ................................ ................................ ...............................  62 
4.1.1.3    Market access  ................................ ................................ ................................ ..... 65 
4.1.1.4   Export measures  ................................ ................................ ................................ . 65 
4.1.1.5    Rice ................................ ................................ ................................ ..................  65 
4.1.2   Forestry  ................................ ................................ ................................ ...............  66 
4.1.3   Fisheries  ................................ ................................ ................................ ...............  68 
4.2   Mining  ................................ ................................ ................................ ....................  71 
4.2.1   Mineral policy  ................................ ................................ ................................ ........  72 
4.2.2   Gold and diamonds  ................................ ................................ ................................  73 
4.3   Energy  ................................ ................................ ................................ ....................  73 
4.3.1   Overview  ................................ ................................ ................................ ..............  73 WT/TPR/S/ 441 • Liberia  
 
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  4.3.2   Electricity  ................................ ................................ ................................ .............  74 
4.3.3   Petroleum products  ................................ ................................ ................................  75 
4.4   Manufacturing  ................................ ................................ ................................ ..........  76 
4.5   Services  ................................ ................................ ................................ ..................  77 
4.5.1   Overview  ................................ ................................ ................................ ..............  77 
4.5.2   Financial services  ................................ ................................ ................................ ... 78 
4.5.2.1    Banking services  ................................ ................................ ................................ . 79 
4.5.2.2    Insurance services  ................................ ................................ ..............................  79 
4.5.2.3    Capital market  ................................ ................................ ................................ .... 80 
4.5.3   Transport services  ................................ ................................ ................................ . 81 
4.5.3.1    Maritime transport  ................................ ................................ ..............................  81 
4.5.3.2    Air transport  ................................ ................................ ................................ ....... 83 
4.5.4   Telecommunication and postal services  ................................ ................................ ..... 84 
4.5.4.1    Tourism  ................................ ................................ ................................ .............  87 
APPENDIX TABLES  ................................ ................................ ................................ .........  89 
 
CHARTS  
 
Chart 1.1 World market prices of iron ore and gold, 2006 -21 ................................ .................  11 
Chart  1.2 Product composition of merchandise trade, 2016 and 2021  ................................ ...... 17 
Chart  1.3 Direction of merchandise trade, 2016 and 2021  ................................ ......................  18 
Chart 3.1 Distribution of MFN applied tariff rates – 2017, 2023, and ECOWAS CET  ....................  36 
Chart 3.2 Average tariff rates, by WTO product group, 20 17 and 2023  ................................ .... 37 
Chart 3.3 Distribution of bound tariffs  ................................ ................................ .................  38 
 
TABLES  
 
Table 1.1 Selected macroeconomic indicators – GDP structure, 2016 -21 ................................ .. 10 
Table 1.2 Selected macroeconomic indicators, 2016 -21 ................................ .........................  13 
Table 1.3 Balance of payments, 2016 -21 ................................ ................................ .............  15 
Table  1.4 Trade in services, 2016 -21 ................................ ................................ ..................  19 
Table  2.1 WTO notifications by Liberia, from July 2016 to March  2023 ................................ ..... 24 
Table 3.1 Liberia's migration to the ECOWAS CET  ................................ ................................ . 34 
Table 3.2 Structure of MFN tariffs, 2017, 2023, and ECOWAS CET ................................ ...........  35 
Table 3.3 Changes in Liberia's tariff structure  ................................ ................................ ....... 36 
Table 3.4 Exemption from customs duties thro ugh EOs, as of February  2023 ............................  39 
Table 3.5 Main schemes for tariff exemptions and reductions  ................................ .................  39 
Table 3.6 Excise duties, 2023  ................................ ................................ ............................  41 
Table 3.7 Non -exhaustive list of products subject to export restrictions, 2023  ...........................  45 
Table 3.8 Stat e-owned enterprises, 2023  ................................ ................................ ............  53 
Table 3.9 Annual spending on public procurement and its share in GDP, 2018 -21 ......................  55 WT/TPR/S/ 441 • Liberia  
 
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  Table 3.10 Public procurement by various methods – FY2018 -21 ................................ ..........  56 
Table 3.11 Membership in WIPO -administered and ARIPO treaties, 2022  ................................  56 
Table 3.12 Application and registration of IPRs, 2016 -22 ................................ .....................  58 
Table  4.1 Production and trade  in agricultural products, 2019 -21 ................................ ..........  62 
Table  4.2 Agricultural concessions, 2019/20  ................................ ................................ ...... 63 
Table  4.3 Timber production, 2019 -21 ................................ ................................ ..............  67 
Table  4.4 Mineral production and exports of Liberia, 2019 -21 ................................ ...............  71 
Table  4.5 Main manufacturi ng products, 2019 -21 ................................ ...............................  77 
Table  4.6 National fleet, 2015 and 2020  ................................ ................................ ............  82 
Table  4.7 Vessel throughput at Liberia's ports, 2016 -21................................ .......................  83 
Table  4.8 Liberia's bilateral air service agreements  ................................ .............................  83 
Table  4.9 Passenger arrivals by air transport, 2016 -21 ................................ ........................  84 
Table  4.10 Selected telecoms indicators, 2018 -21 ................................ ..............................  85 
Table  4.11 Tourism indicators, 2016 -19 ................................ ................................ ............  88 
 
BOXES  
 
Box 3.1 Procedures to import goods into Liberia  ................................ ................................ ... 32 
 
APPENDIX TABLES  
 
Table  A1.1 Merchandise trade by group of products, 2016 -21 ................................ .................  89 
Table  A1.2 Merchandise exports by destination, 2016 -21 ................................ .......................  90 
Table  A1.3 Merchandise imports by origin, 2016 -21 ................................ ..............................  91 
 
Table A3.1 Liberia's applied MFN tariff summary, 2017, 2023, and ECOWAS CET  .......................  92 
Table A3.2 Tariff lines where the applied rate exceeds the binding, 2023  ................................ . 94 
  WT/TPR/S/ 441 • Liberia  
 
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  SUMMARY  
1. Liberia is a natural resource -based economy exporting mainly iron ore, gold, and natural rubber 
(together accounting for about 80% of merchandise exp orts), as well as palm oil, timber, and 
diamonds. It has the second -largest shipping registry in the world after Panama. However, the 
per capita income of Liberia's 5.2  million  people was approximately USD  673 in 2021, which is 
less than USD  2 a day, and a bout half of the population remains in poverty. Net remittances 
(about 7%  of GDP in 2020) and foreign aid (about 19%  of GDP) are important to the economy. 
Key factors holding back Liberia's economic development include poor infrastructure, inadequate 
investment in human capital, and corruption.  
2. With the end of the 14 -year civil war in 2003, the economy expanded rapidly by about 7% 
annually over 2004 -14. In the following years, economic performance deteriorated with GDP 
growth averaging about 0.3%  per year d uring 2016 -21. This resulted from several factors, 
including major exogenous shocks, notably Ebola (2013 -14), the withdrawal of the 
United  Nations peace -keeping mission in 2018 with a substantial decline in financial transfers, 
and the COVID -19 pandemic.  
3. The budgetary situation has been under control with Liberia even having recorded fiscal 
surpluses in recent years. Although the public debt has grown significantly (50% of GDP in 
2021), it is deemed sustainable by the IMF. The international reserves were eq uivalent to 
4.5 months of imports at end -December  2021 (up from 2.5  months  at end -2020). Both the 
Liberian dollar and the US  dollar are legal tender in the country, which makes monetary and 
exchange rate management challenging. Inflation declined from two -digit levels to 5.5% at 
end-2021, reflecting tight monetary and prudent fiscal policies.  
4. Trade plays an important role in the economy. Trade in goods and services was equivalent to 
about 72% of GDP in 2021, and trade taxes collected at the border contribut ed over 40% of tax 
revenues. The Government's Pro-Poor Agenda for Prosperity and Development 2018 -2023 aims 
to promote exports to other ECOWAS countries, which currently are marginal. Liberia lacks 
reliable and up -to-date trade data. Based on available inf ormation, most of its exports are 
destined for the European  Union, followed by Switzerland and the United  States. Imports come 
mainly from India, followed by ECOWAS countries, China, and the United  States. Liberia is a net 
importer of food and relies entir ely on imported petroleum products.  
5. Liberia has a generally open foreign investment regime. Some activities are reserved for 
Liberians (e.g. travel agencies), and some are subject to foreign investment caps (e.g. insurance 
services) or require a minimum fo reign capital investment (e.g. poultry production).  All large 
concession agreements are subject to local content and local employment requirements. In 
2019, Liberia extended the duration of residency visas and work permits from one to five years, 
to help i mprove its business environment.  
6. Liberia participates in ECOWAS but is yet to ratify the AfCFTA  treaty and sign the EPA with the 
European  Union. Liberia currently grants tariff preferences only under the ECOWAS Trade 
Liberalization Scheme. Liberia acceded to the WTO on 14  July 2016 and this report is prepared 
for its first Trade Policy Review.  
7. The M inistry of Commerce and Industry (MoCI) is responsible for formulating and implementing 
policies on trade. Liberia has submitted a number of notifications to the WTO, but has several 
outstanding notifications in areas such as agriculture, import licensing procedures, pre -shipment 
inspection, and customs valuation. The ratification process for the WTO Agreement on Fisheries 
Subsidies is yet to start.  Many of Liberia's trade - and investment -related laws were promulgated 
at the time of Liberia's accession to t he WTO. However, in general, implementing regulations 
remain pending.  
8. Liberia accepted the WTO Agreement on Trade Facilitation (TFA) in April  2021. It has 
implemented about 68.5% of its TFA commitments, which are expected to be fully implemented 
by Februar y 2025. Liberia uses ASYCUDA World for its customs procedures. Its Customs Code, 
last amended in 2019, is fully aligned with the harmonized ECOWAS regulations, according to 
the authorities. Pre -shipment inspection was abolished and replaced by destination inspection 
by Liberian customs.  WT/TPR/S/ 441 • Liberia  
 
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  9. Liberia began implementation of the plan to migrate from its national customs tariff to the five -
band ECOWAS  CET (zero, 5%, 10%, 20%, and 35%) on 1  January  2017, two years later than 
originally planned due to the Ebola outbr eak. Owing to the economic impact of the COVID -19 
pandemic, ECOWAS members decided to postpone their transition towards the full 
implementation of the CET  (without exceptions) to 1  January  2028. Liberia is in the process of 
developing a new migration plan consistent with ECOWAS' new transition period.  
10. Like other ECOWAS members, Liberia applies the ECOWAS  CET with national exceptions. Its 
2023 customs  tariff, which is based on HS22, has nine tariff bands (instead of ECOWAS' five). 
The exceptions cover 1,443  tariff lines at the HS  six-digit level in 2023 (22.4%  of all tariff lines). 
The applied MFN tariff rates average 10.3% in 2023, down from 11.8% in 2017. Liberia has 
bound 100% of its tariff lines within a range of zero to 50%. Although most applied MFN rat es 
are considerably lower than the bound rates, the applied rates exceed their bindings in 
73 tariff lines.  
11. In Liberia's case, migration to the ECOWAS  CET by 2028 would lead to an increase in the overall 
level of tariff protection. In fact, with the full i mplementation of the ECOWAS  CET 
without  exceptions, Liberia's average MFN tariff would increase to 12.1% (up from 10.3% 
in 2023). About 30.3% of all tariff lines would have their rates increased. Significant tariff 
adjustments are ahead, especially for agr icultural products.  
12. On imports, Liberia also collects the ECOWAS Levy (0.5%) and internal taxes such as the Goods 
and Services Tax (GST) (at the standard rate of 10%) and excise duties. For a number of 
imported products, the excise duty rates are higher th an those on domestically produced goods. 
Liberia does not have national legislation on trade contingency measures and has not 
implemented any anti -dumping, countervailing, or safeguard measures, according to the 
authorities.  
13. Import prohibitions, restrictio ns, and permit requirements are applied on various grounds, such 
as safety, security, and environmental protection, and for SPS  reasons. Liberia has moved to an 
automatic import licensing regime; all imports now require an Import Notification Form for 
statistical purposes.  
14. All exports require a licence (Export Permit Declaration) from the MoCI and, in addition, several 
regulatory agencies have special export permit requirements.  
15. Liberia has somewhat streamlined its incentives regime. A Special Investment Ce rtificate, which 
provides for partial tax holidays and reductions of import tariffs and GST, is granted for 
three  years (previously five  years) to 15  eligible sectors/activities. Manufacturing incentives are 
conditional on local content or export performan ce. 
16. While Liberia has made some progress in modernizing its TBT and SPS regimes, it is however 
facing capacity constraints in implementing them. The Liberia National Standards Act 
establishing the Liberia Standards Authority entered into force in 2022 but is not yet operational. 
Liberia has provided five TBT  notifications and one SPS  notification, with no specific trade 
concern being raised in the WTO TBT and SPS Committees. All Liberia Standards and SPS 
measures are based on regional or international stand ards, according to the authorities. Liberia 
adopted a new Food  Law in 2017, which provides for, inter alia, the establishment of an 
independent Food Safety Authority (not yet established). The legal framework for phytosanitary 
and veterinary measures is ob solete but work on new draft legislation is under way, according 
to the authorities.  
17. Liberia adopted a new Competition Law in 2016. The MoCI is responsible for its implementation 
and enforcement. Commodities considered as "critical  essential" are subject t o price controls by 
the MoCI. The Bureau of State Enterprises is responsible for the oversight of SOEs. According to 
the authorities, Liberia has 18  SOEs, some of which have commercial objectives. It appears that, 
in practice, they have not been exercising  exclusive rights or privileges. The public procurement 
system is decentralized. National open bidding is the recommended procurement method. 
Liberia aims to reserve 25% of public procurement to MSMEs with 5% reserved to 
women -owned  MSMEs. In practice, this has not been achieved.  WT/TPR/S/ 441 • Liberia  
 
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  18. Liberia is a member of the World Intellectual Property Organization (WIPO) and the 
African  Regional Intellectual Property Organization (ARIPO). It is also a contracting party to 
international conventions and treaties o n the protection of intellectual property rights. Liberia 
adopted an Intellectual Property Act in 2016, which covers copyrights, trademarks, industrial 
designs, patents and utility models, and layout -designs of integrated circuits, as well as 
geographical indications. Also in 2016, Liberia established the Liberia Intellectual Property Office. 
The country is however faced with a low level of intellectual property awareness and generation, 
and weak enforcement.  
19. Agriculture, forestry, and fisheries are the bac kbone of the Liberian economy (accounting for 
about 38% of  GDP). Liberian agriculture consists of a large smallholder sector, which is primarily 
farming for subsistence, and a commercial farming sector, which includes several large, 
export -oriented rubber and palm oil plantations. Rice is the nation's staple and a "critical 
essential" commodity for social stability. Most rice is imported. The statutory CET rate (35%) 
has been suspended to reduce the price of imports. In addition, Liberia has subsidized the 
consumer price of rice with adverse consequences such as smuggling to other countries and 
distortions to agricultural incentives. Liberia's domestic support to the agriculture sector is 
limited; the country relies mainly on external funding to support its farmers.  
20. Liberia is richly endowed with forestry resources, which cover over half of the country. With the 
end of the civil war, significant reforms of the Liberian forestry regime were launched in terms 
of transparency and accountability, leading to the l ifting of the UN sanctions on Liberian timber 
exports in 2006. The reforms involved the establishment of a traceability system to guard against 
illegal logging and track logging operations from stump to the point of export. The EU -Liberia 
Voluntary Partner ship Agreement (not yet operational) aims to enable Liberia to meet 
EU requirements for the control, verification, and licensing of timber exports. Timber and wood 
products are subject to export taxes.  
21. Despite its vast fisheries resources, Liberia remains a net importer of fish and fish products. The 
most valuable activities are tuna and shrimp fisheries, but official exports are negligible. The 
country has taken steps to reform its fisheries management regime, with the fight against IUU 
fishing being a sta ted priority.  
22. The mining sector contributes about 16% to GDP, mainly coming from iron ore and gold mining. 
Large industrial mining projects are open to foreign investment, subject to the conclusion of a 
Mineral Development Agreement. Liberia has taken step s to improve transparency and 
accountability in the mining sector. The UN Security Council embargo on Liberian exports of 
rough diamonds was thus lifted in 2007, when Liberia joined the Kimberley Process Certification 
Scheme. In 2009, Liberia became a part icipant in the Extractive Industries Transparency 
Initiative. However, unlicensed and illegal mining in the artisanal mining sector remains a 
challenge.  
23. Liberia's electricity infrastructure was largely destroyed during the civil war. Despite 
rehabilitation  works, the supply of and access to electricity from the main grid remain very 
limited and blackouts are frequent. Power generation is based almost entirely on hydropower 
and fuel. A new electricity transmission line that connects to the regional ECOWAS po wer grid 
somewhat alleviates the power shortages. Liberia has established independent regulators for 
electricity and petroleum. Exploration by international petroleum companies is under way, but 
Liberia is yet to discover crude oil or natural gas in commer cial quantities. The state -owned 
Liberia Petroleum Refining Corporation's exclusive rights for imports of petroleum and petroleum 
products are not exercised; its activities are currently limited to storage, supply, and distribution.  
24. The manufacturing secto r contributes about 6% to GDP and produces mainly for the domestic 
market. While there are a few large cement and beverage producers, most local companies are 
MSMEs. The Monrovia Industrial Park (MIP) was established in 1965 with the aim to encourage 
domes tic and foreign investment in manufacturing. Currently, five enterprises operate in the 
MIP. 
25. Services contribute about 41% to Liberia's GDP. The country is a net importer of services by a 
large margin, in particular in subsectors such as transport services . Liberia has made substantial 
commitments under the GATS. It has scheduled open and non -discriminatory regimes for a WT/TPR/S/ 441 • Liberia  
 
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  range of service subsectors (i.e. "full" commitments without limitations on market access or 
national treatment, except mode 4), including  business services, education, environment, 
health, and telecoms.  
26. According to the IMF, the Liberian bank subsector has been relatively stable and resilient in the 
face of the economic impact of the COVID -19 pandemic. Liberia is making progress in 
strength ening its Anti -Money  Laundering/Combating the Financing of Terrorism framework. Its 
financial services regime allows the establishment of foreign financial institutions in the form of 
subsidiaries and branches. The insurance subsector is currently supervis ed by the Central Bank, 
which is to transfer its regulatory powers to an independent Insurance Commission within a few 
years.  
27. As a founding member of the International Maritime Organization, Liberia is a member of all 
major maritime treaties, including the  Port State Control system. In 2022, Liberia acceded to 
the International Convention for the Facilitation of Maritime Trade. International flight 
connections are ensured by foreign airlines, as Liberia does not have a national flag carrier. 
According to th e authorities, Liberia favours the coverage of the 5th air freedom rights by its 
international agreements on air transport.  
28. At present, Liberia has two dominant mobile operators. The regulator introduced a tariff floor in 
2019 for mobile voice and mobile d ata services in order to restore market stability and create a 
level playing field for competitors. Internet services are still underdeveloped, with 
Internet  penetration estimated at 49%.  
29. Tourism in Liberia is in the early stages of development with weak r egulation by the Ministry of 
Information, Cultural Affairs & Tourism, while the Liberia National Tourism Authority is not yet 
operational. The Liberian National Export Strategy on Tourism sees the greatest potential in the 
areas of surfing, wildlife, ecoto urism, and cultural and heritage tourism.  
 
  WT/TPR/S/ 441 • Liberia  
 
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  1  ECONOMIC ENVIRONMENT  
1.1  Main features of the economy  
1.1.  The Republic of Liberia is a country on the west African coast, bordering Côte  d'Ivoire, Guinea, 
and Sierra  Leone. It has a population of around 5.2  million and covers a land area of 111,369  km2. 
Its coastal location, mineral wealth, and fertile land indicate its strong economic potential. 
Nonetheless, Liberia remains a least  developed country (LDC) with a per capita GDP of USD  673 per 
year in 2021 (Table  1.2). It remains in the low human development category, being ranked 178th 
out of 191 countries and territories in the world in 2021 on the UNDP's Human Develo pment Index.1 
According to the UNDP, in  2022, Liberia had a poverty rate of 50.9%. Although data on 
unemployment are not available, a World Bank study indicates that, in 2020, 81% of working -age 
men and 61% of women were employed.2 Both remittances (net remittances were equivalent to 
about 7% of GDP (Table  1.1)) and foreign aid (official development assistance (ODA) was around 
19% of GDP in 2020)3 play important roles in the economy.  
1.2.  The key factors that have delayed Liberia's development include civil w ar (1989 -2003), 
infrastructure bottlenecks, limited access to financial services, and shortcomings in the business 
climate, notably high levels of perceived corruption.4 According to the IMF, in 2021 only 7% of roads 
in Liberia were paved, and 27% of the population had access to electricity.5 Limited human capital 
accumulation is another bottleneck to development.6 Children attend school only 4.2  years on 
average.7 The economy has also been facing many external shocks (Section  1.2), and is highly 
vulner able to climate change through, inter alia, coastal effects of sea level rise.  
1.3.  The majority of Liberians rely on agriculture for their livelihood. In 2021, the agriculture, 
forestry, and fisheries sector was the main contributor to GDP  (40%), followed by s ervices (37%), 
mining and quarrying (17%), and manufacturing (6%) (Table  1.1). Trade plays an important role in 
the economy: trade in goods and services was equivalent to 72% of GDP in 2021, and taxes collected 
at the border account for more than 40% of to tal tax revenue (Sections  1.2 and 1.3). 
Table 1.1 Selected macroeconomic indicators – GDP structure, 2016 -21 
 
2016  2017  2018  2019  2020  2021  
GDP (current USD  million)  3,398.4  3,390.7  3,422.8  3,319.6  3,040.0  3,486.7  
GDP per capita (USD)  740.9  721.1  710.3  672.3  601.1  673.1  
GDP growth (annual %)a -1.6 2.5 1.2 -2.5 -3.0 5.0 
Population (1,000)  4,586.8  4,702.2  4,819.0  4,937.4  5,057.7  5,180.2  
GDP by economic activity (% of GDP 
at 2018 constant prices)        
Agriculture, forestry, and fisheries  .. ..  36.1 36.9 40.3 39.9 
Mining and quarrying  ..  ..  12.3 14.3 15.0 16.9 
Manufacturing  ..  ..  6.4 5.8 6.0 6.1 
Services  ..  ..  45.3 42.9 38.6 37.1 
Real growth rate based on 2018 
constant prices (percentage change)        
 
1 UNDP,  Multiple Global Crises Reverse Human Development Gains Worldwide, UNDP Report Finds . 
Viewed at: https://www.undp.org/liberia/press -releases/multiple -global -crises -reverse -human -development -
gains -worldwide -undp-report -finds. 
2 World Bank (2022), Republic of Liberia Economic Update Third Edition – Investing in Human Capital for 
Inclusive and Sustainable Growth. Viewed at: 
https://documents1.worldbank.org/curated/en/099455109192219278/pdf/P177994009187f0f60ba8d0fe0eeb8
b19ec.pdf . 
3 World Bank, Net Official Development Assistance Received – Liberia. Viewed at: 
https://data.worldbank.org/indicator/DT.ODA.ODAT.CD?locations=LR . 
4 IMF (2022), Liberia: Staff Report for the  Article  IV Consultation, IMF Country Report No.  22/296. 
Viewed at: https://www.imf.org/en/Publicatio ns/CR/Issues/2022/09/14/Liberia -2022-Article -IV-Consultation -
and-Fourth -Review -of-the-Extended -Credit -Facility -523369 . 
5 IMF (2022), IMF Country Report No.  22/296.  
6 IMF (2019), Liberia: Staff Report for the Article  IV Consultation , IMF Country Report No.  19/169. 
Viewed at: https://www.imf.org/en/Publications/CR/Issues/2019/06/19/Liberia -2019-Article-IV-Consultation -
Press -Release -Staff-Report -and-Statement -by-the-47002 . 
7 IMF (2022), IMF Country Report No.  22/296.  WT/TPR/S/ 441 • Liberia  
 
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2016  2017  2018  2019  2020  2021  
Agriculture, forestry, and fisheries  ..  ..  ..  -0.2 5.9 3.1 
Mining and quarrying  ..  ..  ..  13.2 2.0 17.6 
Manufacturing  ..  ..  ..  -10.5 0.0 4.7 
Services  ..  ..  ..  -7.5 -12.7 0.1 
.. Not available.  
a Estimates after 2016.  
Source:  Central Bank of Liberia, Annual Report , various editions 2016 -21; World Bank Databank. Viewed at: 
https://databank.worldbank.org/home ; and  IMF data. Viewed at: https://data.imf.org/ . 
1.2  Recent economic developments  
1.4.  Over the review period, the economy faced major external shocks including the outbreak of an 
Ebola epidemic, which stopped the fast growth trend from 2004 to 20148 and led to the contraction 
of the economy in 2016; the withdrawal of the United Nations Mission in Liberia in 2018, which 
slowed the economy due to the decline in net transfers9; and the COVID -19 pandemic, which 
contributed to a GDP contraction again in 2020. Volatility in commodity prices also plays a part, as 
economic growth in Liberia is often pushed by export earnings from minerals.  
1.5.  In 2021, Liberia's economy achieved robust growth: the mining and quarrying sector registered 
a growth rate of 17.6%, mainly on account of increases in commercial gold production.10 In 2021, 
gold and diamond volumes grew by 79% and 15%, respectively, while iron ore grew by 3%.11 This 
might have been encouraged by the rise in international prices of these commodities12 (Chart  1.1). 
Chart 1.1 World market prices of iron ore and gold, 2006 -21 
(Index 2006 = 100)  
 
Source:  World Bank, Commodity Markets . Viewed at: https://www.worldbank.org/en/research/commodity -
markets . 
 
8 Since the end of the civil war in 2003, the economy expanded rapidly, with an average annual GDP 
growth of 6.9% from 2004 to 2014. Wo rld Bank, GDP Growth (Annual %) - Liberia . Viewed at: 
https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2021&locations=LR&start=2004 &view=chart ). 
9 IMF (2019), IMF Country Report No.  19/169.  
10 Central Bank of Liberia (2022), Annual Report 2021 . Viewed at: 
https://www.cbl.org.lr/sites/default/files /documents/2021annualreport.pdf .  
11 Central Bank of Liberia (2022), Annual Report 2021 . 
12 The unit price of diamonds went up from USD  86.12/cts in 2020 to USD  116.53/cts in 2021. 
Kimberley Process, Public Statistics Area . Viewed at: https://kimberleyprocessstatistics.org/public_statistics . 
WT/TPR/S/ 441 • Liberia  
 
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  1.6.  The agriculture, forestry, and fisheries sector saw its growth rate slow to 3.1% in 2021 
(from  5.9% in 2020), reflecting a decrea se in domestic rice and cassava production, as well as 
decreases in log and timber, and charcoal and wood production.13 The authorities indicate that 
reasons for the fall in output levels included the pandemic, plagues of insects, and climate change. 
The m anufacturing sector grew by  4.7% on account of increased cement and beverages output. The 
services sector stopped its contraction and registered minor growth in  2021 (0.1%). According to 
the Central Bank of Liberia (CBL), this reflected increased activitie s in the transportation and 
communications, trade and hotels, and construction subsectors.14 
1.7.  To address the challenges posed by external shocks and internal weaknesses, in 2018, the 
Government issued its Pro -Poor Agenda for Prosperity and Development (PAPD ) 2018 -2023, a 
five-year national development plan under the Liberian Vision 2030 Framework. According to the 
PAPD, Liberia is rich in human and natural resources, but is deprived of development largely because 
its human capital lacks the knowledge to tran sform natural resources into wealth.15 
1.8.  The PAPD is geared towards building more capable and trusted state institutions, and creating 
more jobs by promoting the private sector as the driver of growth. It aims to reduce poverty by 23% 
in 2023 from the 2018 l evel, in five of Liberia's six regions, through sustained and inclusive economic 
growth driven by scaled -up investments in agriculture, infrastructure, human resource development, 
and social protection.16 
1.9.  According to the PAPD, to limit macroeconomic shock s and their impacts on the economy (and 
in particular on the poor), the CBL is to implement an appropriate regime to ensure stability in the 
foreign exchange market, while the Government needs to pursue an export promotion policy and 
sustain fiscal prudenc e and discipline.17 However, the National Export Strategy 2014 -18 does not 
contain specific policy tools to promote exports from Liberia (Section  2.2). 
1.10.  Liberia recorded significant increases in its total government revenue in recent years. Total 
government  revenue went up by  51% in 2020 and declined slightly in 2021, while tax revenue 
increased by  10% in 2020 and 23% in 2021 (Table  1.2), reflecting the Government's efforts to 
mobilize revenue.18 In particular, taxes collected at the border by Customs went u p by 28%, and 
accounted for  43% of total tax revenue in 2021, equivalent to  6% of GDP. This fast increase in tax 
collected at the border may reflect an increase in import values, as the total merchandise import 
value went up by  34% from the 2020 level (Sec tion 1.3.1).  
1.11.  The increases in public revenue have contributed to overall fiscal balance surpluses in recent 
years. In 2021, although total expenditure went up by  15%, the surplus still reached 0.2%  of GDP 
(Table  1.2). Increases in public expenditure were o n, inter alia, agriculture and infrastructure, in 
particular road construction and maintenance of bridges, expanding electricity grids, and addressing 
effects of the COVID -19 pandemic. According to the Ministry of Finance and Development Planning 
(MFDP), t he expenditures targeted programmes with potential to diversify economic growth and 
stimulate economic recovery.19 
1.12.  Liberia's public debt stock grew rapidly over the review period, with its share of GDP rising 
from 25.9%  in 2017 to 49.7% in 2021. According to the IMF, public debt is still sustainable.20 The 
majority of external debt (89% in 2021) is on highly concessional terms (i.e. substantially more 
generous than market loans) and held by multilateral lenders, while most domestic debt (75%) is 
 
13 Central Bank of Liberia (2022), Annual Report 2021 . 
14 Central Bank of Liberia (2022), Annual Report 2021 . 
15 Government of Liberia, Pro-Poor Agenda for Prosperity and Development (PAPD) 2018 -2023. Viewed 
at: https://emansion.gov.lr/doc/Pro -
Poor%20Agenda%20For%20Prosperity%20And%20Development%20book%20for%20Email%20sending%20(1
).pdf%20 -%20Compressed.pdf . 
16 Government of Liberia, Pro-Poor Agenda for Prosperity and Development (PAPD) 2018 -2023. 
17 Government of Liberia, Pro-Poor Agenda for Prosperity and Development (PAPD) 2018 -2023. 
18 Central Bank of Liberia (2022), Annual Report 2021.  
19 MFDP (2022), Fiscal Outturn Report, Fiscal Year 2022, January  1-June 30, 2022. Viewed at: 
https://www.mfdp.gov.lr/index.php/policy -training -manual/fiscal -outturn -report -fy2022 -january -1-june-30-
2022. 
20 IMF (2022), IMF Country Report No.  22/29 6. WT/TPR/S/ 441 • Liberia  
 
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  owned by the CBL at favourable terms. The IMF also suggest ed that the authorities maintain their 
prudent fiscal policy with a view to containing debt distress vulnerabilities.21 
Table 1.2 Selected macroeconomic indicators, 2016 -21 
 2016  2017  2018  2019  2020  2021  
Public finance (% of GDP)        
Total government revenue  16.6 14.4 14.4 13.1 21.6 18.5 
Tax revenue, of which:  11.2 11.4 11.7 10.8 13.0 13.9 
Taxes on income and profits  4.5 4.2 4.8 4.2 5.8 6.0 
Taxes on international trade 
(customs)  .. .. 5.3 4.8 5.4 6.0 
Non-tax revenue  1.8 1.8 1.6 2.3 3.0 2.6 
Other revenues (including grants, 
borrowings, and other)  3.5 1.1 1.1 0.0 5.7 2.0 
Total expenditure  .. .. 14.1 13.0 18.2 18.3 
Current expenditure  .. .. 12.2 11.3 16.6 15.0 
Capital expenditure  .. .. 0.4 0.4 0.0 0.1 
Payments on loan, interest, and other 
charges  .. .. 1.5 1.3 1.6 3.2 
Overall balance  .. .. 0.3 0.1 3.4 0.2 
Public debt (% of GDP)        
Total debt stock  .. 25.9 30.4 38.3 52.5 49.7 
External  .. 18.0 22.6 25.6 31.3 29.4 
Multilateral  .. 15.9 19.0 22.2 27.6 26.2 
Bilateral  .. 2.2 3.6 3.4 3.7 3.2 
Domestic  .. 7.8 7.7 12.6 21.2 20.2 
Financial Institutions  .. 7.8 7.7 11.1 19.3 18.2 
CBL .. .. 7.4 9.1 16.0 15.1 
Commercial banks  .. .. 0.3 2.0 3.2 3.1 
Other debts  .. 0.0 0.0 1.6 1.9 2.0 
Money and interest rates        
Broad Money (M2) (annual percentage 
change)   14.9 31.7 19.8 5.2 -1.5 
Average commercial banks' interest 
rates       
Average lending rate  13.6 13.8 12.8 12.4 12.4 12.4 
Average personal loan rate  14.5 12.9 13.2 12.8 12.8 12.8 
Average time deposit rate  4.7 3.6 3.6 3.5 3.5 3.5 
Inflation (CPI average)a 8.8 12.4 23.5 27.0 17.0 7.8 
Inflation (CPI end -period)a 12.5 13.9 28.5 20.3 13.1 5.5 
Exchange rates        
LRD per USD  (period average)  94.4 112.7  144.1  186.4  191.5  .. 
Nominal effective exchange rateb 
(percentage change)  -5.9 -17.0 -22.9 -18.5 -2.1 13.3 
Real effective exchange rateb 
(percentage change)  0.7 -9.0 -7.2 0.6 12.8 17.9 
Remittances – net (USD  million)  245.1  102.3  131.9  119.5  212.0  257.8  
Inflow (USD  million)  549.7  571.0  436.8  323.4  316.2  344.5  
Outflow (USD  million)  304.6  468.7  304.8  203.9  104.2  86.7 
 
21 IMF (2022), IMF Country Report No.  22/296.  WT/TPR/S/ 441 • Liberia  
 
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   2016  2017  2018  2019  2020  2021  
FDI inflow in Liberia (USD  million)  453.2  247.8  129.1  86.7 87.0 45.7 
% of GDP  13.3 7.3 3.8 2.6 2.9 1.3 
FDI outflow from Liberia (USD  million)  168 54 84 102 80 91 
FDI stock in Liberia (USD  million)  8,332.9  8,580.7  8,709.9  8,796.5  8,883.5  8,929.2  
.. Not available.  
a Estimates for 2021.  
b The minus sign indicates depreciation.  
Source:  Central Bank of Liberia, Annual Report , various editions, 2016 -21; World Bank, Databank. Viewed 
at: https://databank.worldbank.org/home . African Development Bank (2021), African Statistical 
Yearbook ; UNCT AD Stat. Viewed at: https://unctadstat.unctad.org/EN/ ; IMF data. Viewed at: 
https://data.imf.org/ ; and information provided by the authorities.  
1.13.  Both the Liberian dollar  and the US  dollar are legal tender in Liberia. This dual currency regime 
makes monetary and exchange rate management particularly difficult.22 The principal mandate of 
the CBL is to achieve and maintain price stability (currently defined as average annual  inflation rates 
below  10%) in the economy. In 2021, the CBL tightened its monetary policy by, inter alia, selling 
its bills through the open market, at an annual interest rate above the inflation rate. This CBL -bill 
interest rate is used as the CBL's mone tary policy rate (MPR).23 In consequence, at the end of 2021, 
the stock of broad money supply (M2) slightly contracted by  1.5%  (Table  1.2). 
1.14.  The CBL maintained its MPR at 25% until August  2021, when it decided to lower it to  20%.24 
Excessive US  dollarizatio n meant the share of money under the direct control of the CBL is limited. 
Consequently, the CBL's ability to contain inflation by tightening monetary conditions is constrained. 
The authorities have to turn to a very high policy rate to ensure that monetar y policy remains geared 
towards price stability.25 The commercial banks' average interest rates remained the same in 2021 
as in 2020 and 2019 (Table  1.2). 
1.15.  Inflation came down to  5.5% at end -2021, from a two -digit level in the years before, reflecting 
tight monetary and prudent fiscal policies, and a shortage of "fit for purpose" (i.e. acceptable to the 
public) Liberian dollar banknotes.26 According to the CBL, the quality of existing Liberian dollar 
banknotes has deteriorated over the years. At the end of December  2021, at least an estimated  35% 
of banknotes were considered no longer acceptable to the public.27 The CBL was authorized by the 
National Legislature to print and mint new banknotes and coins in  2021,  2022,  and 2024, to replace 
the old ones.  
1.16.  Liberia has a de jure managed floating exchange rate scheme, with a de facto stabilized 
exchange rate arrangement from 17  March  2021.28 The CBL allows the exchange rate to be 
determined in the foreign exchange market, while FX interventions are limited to smoothing 
excessive exchange rate volatility.29 In 2021, the Liberian dollar appreciated against the US  dollar, 
driven largely by the tight monetary policy, the shortage of Liberian dollar banknotes, and an 
increase in net remittances. Net remittance inflo ws expanded in  2021 by 21.6% from the 2020 level, 
when inward remittances grew by  9% and outward remittances shrank by  16.8%.  
1.17.  Liberia's current account was in deficit throughout the review period, at about  17% of GDP in 
2021 (Table  1.3). Compared to the be ginning of this review period (i.e.  2016), a significant change 
to Liberia's balance of payments is in the secondary income account. Net inflows from this account 
declined from USD  950 million in 2016 to USD  223 million in 2017 and reached USD  243 million in 
2021, mainly on account of decreases in current transfers related to foreign aid flows to the 
Government.  
 
22 Government of Liberia, Pro-Poor Agenda for Prosperity and Development (PAPD) 2018 -2023.  
23 IMF (2022), IMF Country Report No.  22/296.  
24 Central Bank of Liberia (2022), Annual Report 2021 . 
25 IMF (2022), IMF C ountry Report No.  22/296.  
26 IMF (2022), IMF Country Report No.  22/296.  
27 Central Bank of Liberia (2022), Annual Report 2021 . 
28 Since March  2021, the exchange rate has stabilized within a 2% band against the US  dollar. 
IMF (2022), IMF Country Report No.  22/296. 
29 IMF (2022), IMF Country Report No.  22/296.  WT/TPR/S/ 441 • Liberia  
 
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  1.18.  The traditional surplus of Liberia's capital account fell from USD  390.5  million in 2020 to 
USD 215.6  million in 2021. According to the CBL, this r esulted from declines in capital transfers from 
development partners.30 In the financial account, net borrowing more than doubled in 2021 from its 
2020 level, due to increased direct and other investment inflows. The reserve assets grew from 
USD 82.5 million in 2020 to USD  400.8  million in 2021, mainly because of the allocations of Special 
Drawing Rights (SDR) by the IMF in the second half of 2021. For the same reason, Liberia's 
international reserves rose significantly, and covered 4.5 months of imports at  end-December  2021 
(up from 2.5  months of import coverage in 2020).  
Table 1.3 Balance of payments, 2016 -21 
(USD  million)  
  2016  2017  2018  2019  2020  2021  
Current account (CA)  -270.1  -741.5  -787.1  -680.8  -545.1  -607.1  
Credit  1,693.5  1,271.6  1,069.1  916.9  1,007.7  1,253.3  
Debit  1,963.6  2,013.1  1,856.2  1,597.7  1,552.8  1,860.4  
Goods and services  -1,051.5  -820.7  -812.8  -689.8  -693.3  -745.0  
Credit  372.7  390.2  558.8  554.0  619.4  883.4  
Debit  1,424.2  1,211.0  1,371.7  1,243.8  1,312.7  1,628.4  
Goods  -921.7  -639.6  -492.7  -390.9  -390.3  -459.3  
Exports  279.4  358.3  548.5  542.9  607.7  878.5  
Imports (f.o.b. basis)  1,201.1  997.9  1,041.1  933.8  998.0  1,337.7  
Services (net)  -129.8  -181.1  -320.1  -298.9  -303.1  -285.7  
Credit  93.3 32.0 10.4 11.1 11.7 4.9 
Debit  223.1  213.1  330.5  310.0  314.7  290.6  
Primary income (net)  -169.1  -144.2  -125.9  -112.4  -99.5 -105.5  
Credit  30.5 39.5 23.2 23.8 21.0 21.8 
Debit  199.6  183.7  149.1  136.2  120.4  127.3  
Secondary income (net) 950.5  223.4  151.7  121.4  247.8  243.4  
Credit  1,290.3  841.9  487.1  339.1  367.4  348.1  
Debit  339.8  618.5  335.4  217.7  119.6  104.7  
Capital account  62.9 68.8 316.4  229.6  390.5  215.6  
Financial account        
Net lending (+) / net borrowing ( -) -629.6  -584.4  -259.8  -218.2  -207.8  -430.1  
Direct investment (net)  -311.7  -242.6  -129.1  -86.8 -66.1 -95.0 
Other investment (net)  -317.9  -341.8  -130.7  -131.4  -141.7  -335.1  
Reserve assets, of which:  18.7 82.8 -63.8 -30.9 82.5 400.8  
Special Drawing Rights (SDR)  -45.1 0.3 0.7 -13.7 -7.5 351.1  
Net errors and omissions  -403.7  171.1  147.2  202.1  29.3 362.2  
Overall balance  -18.7 -82.8 63.8 30.9 -82.5 -400.8  
Memorandum items         
Current account (% of GDP ) -7.9 -21.9 -23.0 -20.5 -17.9 -17.4 
Gross external reserves  394.1  335.5  287.2  252.4  294.4  661.4  
Months of import cover  3.1 3.1 2.4 2.3 2.5 4.5 
Source:  Central Bank of Liberia, Annual Report , various editions, 2016 -21. 
1.19.  According to the authorities, GDP growth slowed in 2022, due to, inter alia, the international 
rise in energy and food prices, and tighter monetary conditions globally in response to the rise in 
inflation. Higher import prices, combined with Liberia's sign ificant reliance on food and energy 
imports, would result in the widening of the current account deficit, as well as the increase in 
inflation.  
1.3  Developments in trade and foreign direct investment  
1.20.  Liberia relies on commodity exports to narrow the current ac count deficit.31 The PAPD aims 
at promoting regional integration to increase market for its products; this is likely to increase 
 
30 Central Bank of Liberia (2022), Annual Report 2021 . 
31 IMF (2022), IMF Country Report No.  22/296.  WT/TPR/S/ 441 • Liberia  
 
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  revenue derived by the Government from trade.32 Liberia's National Trade Policy states that 
structural bottlenecks continue to hold back the economy's competitiveness in engaging in 
international trade. Weaknesses include the high cost of doing business, limited capacity for 
businesses to effectively p articipate in global markets, and weak institutional arrangements. The 
informal trade sector remains large.  Exports are highly concentrated on very few primary products 
and few destination markets, making Liberia vulnerable to economic shocks.33 
1.3.1   Merchandis e trade  
1.21.  As identified in Liberia's National Trade Policy, there is a lack of reliable and timely trade data 
in the country.34 The United Nations Comtrade database has no data on Liberia's trade flows, while 
trade values calculated from mirror data (i.e.  partners' data) are around 10  times the values 
recorded by the Liberia Institute of Statistics and Geoinformation Services.35 Trade data captured in 
the ASYCUDA system does not contain export values of mineral products, while mineral exports such 
as iron ore  are a very important source of export revenue. Of these data sources, the CBL seems to 
be the best compromise.  
1.22.  Trade in goods and services accounts for 72% of GDP in 2021, up from 53% in 2016. Total 
merchandise exports reached approximately USD  878 millio n in 2021, up by 45% from the year 
before (Table  A1.1). This increase was pushed by the increase in the export values of gold (up by 
75%), natural rubber (up by 34%), and iron ore (up by 20%), reflecting higher prices and higher 
output (Chart  1.1). The exp ort value of diamonds also went up by 25%, although the share is small. 
Liberia's export basket is concentrated: exports of iron ore and concentrates, gold, and natural 
rubber together accounted for over 90% of its total merchandise exports in 2021.  
1.23.  In 202 1, merchandise imports increased by 34% from the 2020 level, and reached 
USD 1,337  million (Table  A1.1). In particular, import values of machinery and transport equipment, 
and that of rice, went up by more than 50%. Major import items are food and live ani mals (of which 
half is rice), machinery and transport equipment, and minerals, fuel, and lubricants (Chart  1.2). 
"Other" goods also accounted for 30% of total imports.  
1.24.  According to CBL data, a large share (44% in 2021) of Liberia's exports goes to the euro zone 
(i.e. the euro area, which comprises 19  countries of the European  Union)36 (Chart  1.3 and 
Table  A1.2), followed by Switzerland (38%) and the United  States (8%). Over the review period, 
the trade share with African partners declined, and exports to oth er Economic Community of West 
African States (ECOWAS) countries accounted for 1.4% of Liberia's exports in 2021.  
1.25.  In 2021, India was Liberia's main supplier of merchandise (20.8%) (Chart  1.3 and 
Table  A1.3), followed by ECOWAS (15.2%), China (14.4%), and th e United  States (4.8%). One  third 
of Liberia's imports comes from "Other" countries.  
 
32 Government of Liberia, Pro-Poor Agenda for Prosperity and Development (PAPD) 2018 -2023.  
33 Ministry of Commerce and Industry (2014), Liberia National Trade Policy 2014 -2019: Promoting 
Inclusive Growth through Trade Competitiveness . Viewed at: 
https://www.moci.gov.lr/doc/Liberia%20National%20Trade%20Policy -11.compressed(2).pdf . 
34 Ministry of Commerce and Industry (2014), Liberia National Trade Policy 2014 -2019: Promoting 
Inclusive Growth through Trade Competitiveness . 
35 Liberia Institute of Statis tics and Geoinformation Services (LISGIS) (2022), External Trade Annual 
Report 2021 . Viewed at: https://www.lisgis.gov.lr/admin_area/data_pdf/20220510846742021report. pdf. 
36 Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, 
Luxembourg, Malta, the Netherlands, Portugal, Slovak  Republic , Slovenia, and Spain.  WT/TPR/S/ 441 • Liberia  
 
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  Chart  1.2 Product composition of merchandise trade, 2016 and 2021  
 
Source:  WTO Secretariat estimates, based on Central Bank of Liberia, Annual Report , various editions, 
2018-21. 
Chart 1.[LBR]  Product composition of merchandise trade, 2016 and 2021
20162021
Exports 
Minerals
52.0%Iron ore
39.5%Other 
3.8%
Palm oil 3.7%
Rubber 
12.5%
Total: USD 279.4 million Total: USD 878.5 million
Imports 
Other minerals 
3.3%Petroleum 
products
24.8%Other 
30.2%Rice 13.9%
Other food 
and live 
animals
12.7%
Petroleum 
products
10.3%
Other minerals 
6.3%Machinery and 
transport 
equipment  
26.6%
Total: USD 1,201.1 million Total: USD 1,337.7 millionMachinery and 
transport 
equipment  
22.6%Minerals 
40.5%
WTO Secretariat estimates, based on Central Bank of Liberia, Annual Reports 2018 -2021.Rubber 
20.0%
Other food 
and live 
animals
14.4%Rice 7.9%Other 
10.8%
Other 
27.0%Iron ore
17.3%
Source:WT/TPR/S/ 441 • Liberia  
 
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  Chart  1.3 Direction of merchandise trade, 2016 and 2021  
 
Source:  WTO Secretariat estimates, based on Cent ral Bank of Liberia, Annual Report , various editions, 
2018-21. 
1.3.2   Trade in services  
1.26.  According to CBL data, exports of services declined from 2020 to 2021. Compared to the 
beginning of the review period (2016), this value shrank, from USD  93 million to USD  4.4 million 
(Table  1.4). In 2019, the largest components of services trade were insurance services and travel.  
1.27.  Liberia's imports of services have in general increased, although they declined from 
USD 319.8  million in 2020 to USD  288.4  million in 2021. Major c omponents were transport services 
(particularly maritime transport) and government goods and services.  
United States 
12.1% Switzerland 0.04%United States
8.0%Eurozone
44.0%
ECOWAS 
1.4%
China 0.4%Other 8.2%
Switzerland
38.1%
UAE 3.8%Other  
36.5%
ECOWAS
15.2%
Other Africa 
3.1% China
14.4%UAE 2.5%Eurozone 
2.7%
India
20.8%United States 
4.8%Chart 1.[LBR] Direction of merchandise trade, 2014 and 2021
2016 2021
Exports 
Imports 
ECOWAS
27.5%Total: USD 279.4 million Total: USD 878.5 million
Total:  USD 1,201.1 million Total: USD 1,337.7 millionOther 66.7%
Eurozone 0.6%
Eurozone 5.6%China 3.8%
Other  
38.3%
China
14.9%ECOWAS 16.8%
Other Africa 
2.6%United States 
7.3%
Source: WTO Secretariat estimates, based on Central Bank of Liberia, Annual Reports 2018 -2021.WT/TPR/S/ 441 • Liberia  
 
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  Table  1.4 Trade in services, 2016 -21 
(USD  million)  
  2016  2017  2018  2019  2020  2021  
Total services exports  93.3 72.9 10.4 11.1 10.9 4.4 
Manufacturing services on physical inputs owned by others  .. .. .. 0.0 .. .. 
Maintenance and repair services, n.i.e.  .. .. .. 0.0 .. .. 
Transport  0.0 0.0 .. 0.0 .. .. 
Travel  6.1 11.1 .. 1.9 .. .. 
Construction  .. .. .. 0.0 .. .. 
Insurance and pension services  23.9 10.1 .. 8.7 9.7 3.4 
Direct insurance  17.6 6.3 9.3 6.9 .. .. 
Reinsurance  4.9 3.0 .. .. .. .. 
Auxiliary insurance services  1.4 0.8 0.7 1.8 .. .. 
Financial services  .. .. .. 0.0 .. .. 
Charges for the use of intellectual property, n.i.e.  .. .. .. 0.0 .. .. 
Telecommunications, computer, and information services  .. .. .. 0.0 .. .. 
Other business services  0.0 0.0 .. 0.0 .. .. 
Personal, cultural, and recreational services  .. .. .. 0.0 .. .. 
Government goods and services, n.i.e.  63.2 51.6 0.4 0.5 0.4 0.2 
Total services imports  222.7  234.3  204.3  310.0  319.8  288.4  
Maintenance and repair services, n.i.e.  28.7 38.8 23.0 33.5 34.5 31.1 
Transport  80.4 84.6 87.9 92.5 97.3 87.6 
Sea transport  73.7 77.6 86.9 90.9 95.6 86.1 
Air transport  6.7 7.0 1.1 1.6 1.7 1.5 
Travel  3.5 6.0 7.7 5.7 .. .. 
Insurance and pension services  35.0 35.8 65.8 36.4 38.3 34.4 
Direct insurance  22.3 20.5 29.2 23.2 .. .. 
Reinsurance  9.2 14.8 22.5 6.2 .. .. 
Auxiliary insurance services  3.5 0.6 14.1 6.9 .. .. 
Other business services  48.4 51.6 15.8 49.4 52.0 46.8 
Professional and management consulting services  0.3 0.7 0.3 .. .. .. 
Technical, trade -related, and other business services  48.1 50.9 15.5 49.4 52.0 46.8 
Government goods and services, n.i.e.  26.7 17.5 4.2 92.5 95.4 86.1 
.. Not available.  
Note:  Due to different data source information, total imports and exports are not exactly the same as data 
in Table  1.3. 
Source:  WTO Stats portal. Viewed at: https://stats.wto.org/ . 
1.3.3   Trends and patterns in FDI  
1.28.  FDI inflows decreased by half from 2020 to 2021 (Table  1.2). The decline is more obvious 
when compared with the level at the beginning of  the review period: USD  45.7 million FDI flowed 
into Liberia, accounting for only 10% of the level in 2016 (USD  453.2  million) (Table  1.2). There 
were net outflows of FDI in 2019 and in 2021. For this reason, FDI stock did not change significantly 
over the  review period. Data on sectoral distribution and sources of investment are not available to 
the Secretariat.  WT/TPR/S/ 441 • Liberia  
 
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  2  TRADE AND INVESTMENT REGIMES  
2.1  General framework  
2.1.  Under the 1986 Constitution, Liberia is a unitary sovereign state divided into counties for 
administrative purposes. The form of government is Republican with three separate coordinate 
branches: legislative, executive, and judiciary.1 
2.2.  The executive branch is headed by the President, who is elected for a term of six years and 
cannot serve for more than two terms. The executive branch is composed of ministries and agencies. 
The President has the authority to conduct foreign affairs, and in that connection, is empowered to 
conclude treaties, conventions, and similar international agreements with the concurrence of a 
majority of each House of the Legislature. Under the Constitution, the President nominates and 
appoints the heads of regulatory bodies and of state -owned enterprises (SOEs). The heads of the 
following regulatory bodies must be appointe d by the President: the Liberia Telecommunication 
Authority, the Liberia Civil Aviation Authority, the Liberia Maritime Authority, the Liberia Rubber 
Development Authority, the National Port Authority, and the National Oil Company of Liberia 
(NOCAL).2 
2.3.  Liberia has a bicameral Legislature: a Senate of 30 senators and a House of Representatives 
of 73 representatives. The term of office for a senator is in general nine  years, while that for a 
representative is six years, both are eligible for re -election. Unde r the Constitution, the Legislature 
has the power to ratify treaties, conventions, and other international agreements negotiated or 
signed by the executive branch on behalf of Liberia, and to regulate trade and commerce between 
Liberia and other nations. I t also has the power to levy taxes, and constitute courts inferior to the 
Supreme Court.  
2.4.  The Legislature is also in charge of making and enacting laws. Proposals for making a law are 
made in the form of a bill by members of the Legislature or the executive . Policies (including trade 
policies) are introduced or amended through bills, which may come from citizens, communities, civil 
society organizations, or government institutions. They are introduced to the Legislature (either 
Chamber) by members. The bills  must be passed by a majority vote (2/3) in both Chambers 
(successively) before being signed by the President and published into law. If a bill, passed by the 
two Chambers, is vetoed by the President, it should be returned to the House in which it originat ed. 
This veto maybe overridden by the repassage of such bill, in which case it is published into law 
(Article  35). 
2.5.  In accordance with Liberian Codes of Laws Revised and subject to approval by the President, 
heads of ministries or independent agencies under  the executive branch may issue regulations within 
their respective mandates. These regulations may implement legislation already enacted, or may 
extend to issues not directly addressed by existing legislation. The President may issue Executive 
Orders in t he public interest to address emergencies "which cannot await lengthy Legislative 
processes".3 This is an important instrument used in Liberian trade policy (Section  3.1.3).  
2.6.  The judiciary structure reflects Liberia's dual legal system, which comprises sta tutory law based 
on common law, and customary law based on customary practices. It is headed by the Supreme 
Court. All courts (including Supreme and subordinate courts) are required to apply both statutory 
and customary laws. Liberia has 15 counties: apart  from Montserrado County, each of the other 
14 counties has one Circuit Court, and several subordinate courts (Magistrates' courts). Montserrado 
County has six Circuit Courts, and five specialized courts - the Debt Court, the Labour Court, the 
Juvenile Cou rt, the Tax Court, and the Commercial Court. In addition, traditional or lay courts in 
 
1 The 1986 Constitution of the Republic of Liberia. Viewed a t: http://judiciary.gov.lr/wp -
content/uploads/2017/11/CONSTITUTION -OF-THE-REPUBLIC -OF-LIBERIA.pdf . There has not been any change 
to the Constitut ion since Liberia's accession to the WTO.  
2 WTO document WT/ACC/LBR/23, 9  October  2015.  
3 The Executive Mansion, Executive Orders . Viewed at: 
https://www.emansion.gov .lr/2content.php?sub=49&related=19&third=49&pg=sp ; and Executive Order 
No. 103. Viewed at: https://www.emansion.gov.lr/doc/Executive%20Order%20_103%20Revised.pdf . WT/TPR/S/ 441 • Liberia  
 
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  rural areas handle issues such as ownership of movable properties (chattel).4 The judicial system 
remains hampered by severe shortages of qualified judges and judicial officers.5 
2.7.  The hierarchy of law consists of the Constitution; acts of the Legislature; subsidiary legislation 
including regulations, by -laws, ordinances, orders; and customary or traditional law. Treaties and 
international agreements, including WTO agreements and the Economic Community of West African 
States ( ECOWAS) act s, must be domesticated through internal ratification by the Legislature.  If the 
laws of Liberia are found to contradict treaties or international agreements, provisions of the treati es 
or agreements prevail.  
2.8.  All Liberian laws including trade -related ones are posted on the website of the Liberia Legal 
Information Institute ( www.liberlii.org ). Liberia notified to the WTO that generally its nationa l laws, 
regulations, and other legal provisions are published in the Official Gazette.6 
2.2  Trade policy formulation and objectives  
2.9.  The Ministry of Commerce and Industry (MoCI) is in charge of formulating and implementing 
policies on trade, including those on import/export prohibitions and restrictions . It is also responsible 
for, inter alia, establishing and regulating commodity and trade -related standards (Section  3.3.2); 
collecting, evaluating, and publishing data on commerce and industry; developing plans for the 
movement of goods and people to and from Liberia; and managing business registration. The MoCI, 
in consultation with the Ministry of Foreign Affairs, is in charge of negotiating treaties and 
international agreements on trade.  The Modernized Customs  Code of 2018 authorizes the Liberia 
Revenue Authority (LRA) to amend the customs tariff on any national exceptions under the ECOWAS 
CET ( Common External Tariff) . 
2.10.  The Ministry of Finance and Development Planning (MFDP), together with the LRA, is in charge 
of administering customs procedures and collecting duties and taxes on imports. The Ministry of 
Agriculture ( MOA) and the Ministry of Health ( MOH) are responsible for sanitary and phytosanitary 
(SPS) inspections at ports of entry, while the Environmental P rotection Agency is responsible for 
SPS inspections for imports and exports of chemicals and controlled substances (Section  3.3.3).7 
2.11.  The Liberia Chamber of Commerce (LCC) represents the interests of the private sector. It is 
involved on an ad hoc  basis in  the formulation of trade policies. According to the authorities, a 
Technical Working Group involved in the development of trade policy comprises representatives from 
the private sector headed by the LCC.  
2.12.  In 2018, t he Pro -Poor Agenda for Prosperity and Development (PAPD) 2018 -2023, a five -year 
national development plan under the Liberian Vision 2030 Framework, was issued. One of the goals 
of the PAPD is to provide greater income security and reduce absolute poverty through sustained 
and in clusive economic growth driven by scaled -up investments in agriculture, infrastructure, human 
resource development, and social protection (Section  1.2).8 
2.13.  The Liberian National Trade Policy (LNTP) 2014 -2019 aims at playing an important role in 
achieving ta rgets of the PAPD. According to the LNTP, Liberia's main trade policy objectives are to 
promote international trade and a competitive domestic private sector by supporting the agricultural, 
industrial, and services sectors to trade at the local and interna tional levels, thus contributing to the 
generation of more jobs, the improvement of people's livelihood, and the reduction of poverty.9 The 
authorities state that the LNTP aims to promote a balanced relationship between trade integration 
and sustainable d evelopment, while the latter promotes a more transparent and predictable business 
environment, and protects both domestic businesses and the disadvantaged population including 
 
4 Herbert Smith Freehills (2016), A Multi -Jurisdictional Review – Dispute Resolution in Africa . 
5 WTO document WT/ACC/LBR/23, 9  October  2015.  
6 WTO document G/TRIMS/N/2/Rev.27/Add.1, 13 June 2018.  
7 WTO document WT/ACC/LBR/23, 9  October  2015.  
8 Pro-Poor Agenda f or Prosperity and Development (PAPD) 2018 -2023. Viewed at: 
https://emansion.gov.lr/doc/Pro -Poor%20Agenda%20For%20Prosperity%20And%20Development%20book%2
0for%20Email%20sending%20(1).pdf%20 -%20Compressed.pdf . 
9 MoCI, Liberian National Trade Policy 2014 -2019, Promoting Inclusive Growth through Trade 
Competitiveness . Viewed at: https://www.moci.gov.lr/doc/Liberia%20National%20Trade%20Policy -
11.compressed(2).pdf . WT/TPR/S/ 441 • Liberia  
 
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  women; youth; poor, rural residents; and those suffering from the adverse effect s of market 
opening.  
2.14.  The National Export Strategy 2014 -18, issued in 2014, specified support to key sectors that 
the Government considers as having the best opportunity to diversify its export basket. These 
sectoral strategies include the Cocoa Export Stra tegy, the Oil Palm Export Strategy, the Cassava 
Sector Strategy, the Fish and Crustaceans Export Strategy, the Rubberwood Furniture Export 
Strategy, and the Export Strategy on Tourism.10 However, it seems that there is a lack of details of 
their support co ntents.  
2.15.  The MoCI, in its Transition Report 2017 (its most recent annual report), stated that it focuses 
on industrializing the economy, promoting private sector development, and expanding trade 
opportunities both through regional integration efforts, and a lignment with international norms 
through the accession to the WTO.11 
2.16.  To achieve the trade objectives, a number of institutions were created under the MoCI: the 
Small Business Administration, to facilitate the access to finance, markets, and trainings of M SMEs; 
the Business Reform Committee, to address constraints faced by the private sector and to create a 
less cumbersome legal and regulatory framework for businesses; the Liberian Intellectual Property 
Office (LIPO), to set up a one -stop shop for all matte rs relating to copyrights and industrial 
properties; and the National Standards Laboratory as Liberia's national testing facility 
(Section  3.3.2). The Government also reformed the Import - and Export -Permit Declaration 
Procedures, and took over the developm ent of the Monrovia Industrial Park.12 
2.17.  Liberia's main trade - and investment -related laws were promulgated before or around 2016, 
when the country was acceding to the WTO. The implementation regulations of many laws, however, 
remain pending . Its main commer cial laws are published online on the websites of the LRA and the 
MoCI.13 The Foreign Trade Law, adopted in June  2016, provides the framework to create a more 
efficient free market system in line with the obligations under the WTO rules. The Customs Code 
(Part V of the Liberia Revenue Code) was amended and enacted in 2019 (Section  3.1.1) . Other main 
trade- and investment -related laws include:  
• the Small Business Empowerment Act of 2014;  
• the Competition Law of 2016;  
• the Intellectual Property Law of 2016;  
• the Insolvency Law of 2016;  
• the Special Economic Zones Act of 2017;  
• the Revenue Code of 2000 as amended in 2011; and  
• the Investment Act of 2010.  
2.18.  The Government has also adopted measures, many of which commenced before 2016, to 
improve transparency. For example, in 2010, the Public Procurement and Concession s Commission 
(PPCC) Act was amended to include new regulations on improving the transparency of public 
procurements and concessions, with provisions on threshold for competitive biddi ng, limits on sole 
sourcing, conflict of interest regulations, and blacklisting, among others. Also in 2010, the Freedom 
of Information Act was enacted, followed by the establishment of the Independent Information 
Commission, with provisions on clear and c oncise procedures for obtaining information from the 
 
10 MoCI (2018), Transition Report 2017 – Rebranding Commerce . Viewed at: 
https://www.moci.gov.lr/doc/MoCI.Min.Addy.Transition.Rebranding%20Commerce.Final_small_1.pdf . 
11 MoCI (2018), Transit ion Report 2017 – Rebranding Commerce . 
12 MoCI (2018), Transition Report 2017 – Rebranding Commerce . 
13 LRA, Laws & Regulations . Viewed at: https://revenue.lra.gov.lr/laws -issuances/ ; and MoCI , Laws. 
Viewed at: https://www.moci.gov.lr/2content.php?sub=164&related=16&third=164&pg=sp . WT/TPR/S/ 441 • Liberia  
 
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  Government. In 2013, an Open Budget Initiative was launched, with a view to enhancing budget 
transparency.  
2.19.  Liberia signed the United Nations Convention against Corruption in 2005 and ratified it in 
2007.14 The Liberia Anti -Corruption Commission (LACC) was established in 2008 to investigate and 
prosecute acts of corruption. Other relevant agencies include the Independent Information 
Commission, the Internal Audit Agency, the Financial Intelligence Unit, th e General Auditing 
Commission, and the Liberia Extractive Industries Transparency Initiative. According to a report 
prepared by the Centre for Security Studies and Development, all Liberian anti -corruption -related 
laws are easily accessible online; nonethe less, there is a mismatch between the sophisticated legal 
framework and the poor implementation of the laws.15 According to Transparency International, 
Liberia ranked 136th among the 180  countries in the Corruption Perception Index in 2021.16 
2.20.  In 2019, the Government identified the risk associated with money laundering as "high", and 
terrorism financing as "low".17 Money laundering is difficult to detect in Liberia because of its 
cash-based and dual -currency economy, and due to its lack of financial transparency and 
record -keeping, as well as political interference, corruption, and weak capacity within law 
enforcement, among others.18 Liberia is a member of the Inter Governmental Action Group against 
Money Laundering in West Africa (GIABA), an institu tion of the ECOWAS responsible for facilitating 
the adoption and implementation of anti -money laundering and counter -terrorism financing 
initiatives in the region. The latest mutual evaluation report under the GIABA was conducted in 
May 2015.19 
2.3  Trade agree ments and arrangements  
2.3.1   World Trade Organization  
2.21.  On 14  July 2016, Liberia became the 163rd Member of the WTO. It extends at least MFN 
treatment to all of its trading partners.  Liberia has not been involved in any WTO disputes as a 
complainant, a respondent,  or a third party.20 
2.22.  Liberia ratified the Agreement on Trade Facilitation (TFA) in 2019 and deposited the document 
in April  2021 (Section  3.1.1). In December  2021, Liberia, together with another 111 WTO Members, 
co-sponsored the Joint Statement on Investme nt Facilitation for Development. The authorities 
indicate that Liberia appreciates the Agreement on Fisheries Subsidies. However, its internal 
ratification process is yet to start. MoCI, with technical support from the National Fisheries and 
Aquaculture Au thority (NaFAA), is in charge of the internal ratification process. All notifications 
related to the Agreement are to be submitted to the WTO by MoCI. The authorities indicate that the 
runup to the 2023 presidential election is likely to further delay the ratification process.  
2.23.  In the WTO, Liberia is a member of the ACP (African, Caribbean and Pacific) and the African 
Groups . The authorities indicate that Liberia is also a co -coordinator of the Trade for Peace Initiative, 
in support of fragile and conflict -affected states.  
2.24.  Since its accession to the WTO (up to 28  February  2023), Liberia has made multiple 
notifications to the WTO (Table  2.1). It has outstanding notifications in the areas of agricultural 
 
14 Center for Security Studies and Development (2022), Civil Society Report on the I mplementation of 
Chapter II (Prevention) & Chapter V (Asset Recovery) of the United Nations Convention Against Corruption in 
Liberia . Viewed at: https://uncaccoalition.org/wp -content/uploads/Civil -society -report -UNCAC -Liberia -
CENSSAD -UNCAC -Coalition_FINAL -10.03.2022 -1.pdf. 
15 Center for Security Studies and Development (2022), Civil Society Report on the Implementati on of 
Chapter II (Prevention) & Chapter V (Asset Recovery) of the United Nations Convention Against Corruption in 
Liberia . 
16 Transparency International, Liberia . Viewed at: https://www.trans parency.org/en/countries/liberia . 
17 Financial Intelligence Unit (2019), National Risk Assessment on Money Laundering and Terrorist 
Financing . Viewed at: https://www.fiuliberia.gov.lr/wp -content/uploads/2021/09/Liberia -NRA-Report -Final.pdf . 
18 Financial Intelligence Unit (2019), National Risk Assessment on Mon ey Laundering and Terrorist 
Financing . 
19 GIABA, Mutual Evaluation & Follow -up Reports . Viewed at: https://www.giaba.org/reports/mutual -
evaluation/Liberia.html . 
20 WTO, Liberia and the WTO . Viewed at: 
https://www.wto.org/english/thewto_e/countries_e/liberia_e.htm . WT/TPR/S/ 441 • Liberia  
 
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  domestic support and export subsidies, import licensing p rocedures and quantitative restrictions, 
pre-shipment inspection, customs valuation, subsidies and countervailing measures, state trading 
enterprises, anti -dumping actions for 2021 and 2022, and GATS. The authorities indicate that they  
are working on these  notifications for submission . 
Table  2.1 WTO notifications by Liberia, from July 2016 to March  2023  
Symbol  Title Document date  
Agreement on Trade Facilitation  
G/TFA/N/LBR/1  Notification of category commitments under the TFA  23 July 2019 
G/TFA/N/LBR/1/Add.1  Notification of category commitments under the TFA 
– addendum  19 August  2022 
G/TFA/N/LBR/2  Notification under Article  22.3 of the TFA  23 February  2021 
G/TFA/N/LBR/3  Notification under Articles 1.4, 10.4.3, and 10.6.2 of 
the TFA  2 March  2021 
G/TFA/N/LBR/4  Notification of arrangements and progress in the 
provision of technical assistance and 
capacity -building support of Category C designations  22 August  2022 
Agreement on Technical Barriers to Trade  
G/TBT/N/LBR/1  Coffee and cocoa  14 February  2018 
G/TBT/N/LBR/2  Pumps for dispensing fuel or lubricants  26 July 2018 
G/TBT/N/LBR/3  Containers for compressed or liquefied gas, of iron 
or steel  26 July 2018 
G/TBT/2/Add.125  Implementation and administration of the 
TBT Agreement  6 September  2017 
G/TBT/2/Add.125/Rev.1  Implementation and administration of the 
TBT Agreement – revision  25 September  2017 
Agreement on Subsidies and Countervailing Meas ures 
G/SCM/N/1/LBR/1  Notification under Article  32.6 of the relevant 
Agreement  1 December  2017 
G/SCM/N/1/LBR/1/Corr.1  Notification under Article  32.6 of the relevant 
Agreement – corrigendum  26 March  2018 
Agreement on Safeguards  
G/SG/N/1/LBR/1  Notification under Article  12.6 of the relevant 
Agreement  1 December  2017 
G/SG/N/1/LBR/1/Corr.1  Notification under Article  12.6 of the relevant 
Agreement – corrigendum  26 March  2018 
Agreement on the Application of Sanitary and Phytosanitary Measures  
G/SPS/N/LBR/1  Packaged drinking water  13 June 2018 
Regional Trade Agreements  
WT/REG399/N/1  RTA – Benin , Burkina  Faso, Cabo  Verde, 
Côte d'Ivoire, The Gambia, Ghana, Guinea, 
Guinea -Bissau, Liberia, Mali, Niger, Nigeria, Senegal, 
Sierra  Leone, and Togo  6 May 2019 
Agreement on Implementation of Article  VI of the GATT  1994 (Anti -dumping)  
G/ADP/N/1/LBR/1  Notification of laws and regulations under 
Article  18.5 of the relevant agreements – Regulation 
relative to defence measures to be imposed on 
imports, which are dumped from non -member 
states of ECOWAS  1 December  2017 
Rules of Origin  
G/RO/N/173  Non-preferential and preferential rules of origin  5 July 2018 
Agreement on Trade -Related Investment Measures  
G/TRIMS/N/2/Rev.27/Add.1  Notification under Article  6.2 of the relevant 
Agreement  13 June 2018 
Agreement on Trade -Related Aspects of Intellectual Property Rights  
IP/N/3/LBR/1  Notified under Article  69 of the TRIPS  Agreement – 
contact point  14 September  2017 
Source:  Compiled by the WTO Secretariat, based on notification documents.  WT/TPR/S/ 441 • Liberia  
 
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  2.3.2   Regional and preferential agreements and arrangements  
2.3.2.1   ECOWAS  
2.25.  Liberia is a founding member of ECOWAS21, which aims at promoting regional economic 
integration, leading to the establishment of an economic union in West Africa.22 One step to achieve 
this goal is to set up a customs union with trade liberalization among members, and a CET applicable 
to goods originating from countries outside the Community.23 ECOWAS members agreed on the 
implementation of the CET from 2015. Liberia  has implemented the ECOWAS CET (with exceptions) 
from 2017.  In November  2022, ECOWAS members decided to extend the CET migration plan to 
1 January  2028, in consideration of the impact of COVID -19 on the region's economies.  
2.26.  Liberia promotes regional trade through the ECOWAS Trade Liberalization Scheme (ETLS), 
under which products produced locally are traded within ECOWAS duty -free. Companies need to 
apply to the National Origin Recognition Committee to be accepted for ETLS and to have their 
products approve d. However, according to MoCI's Transition Report, for Liberia to fully benefit from 
the regional export potentials, the National Standards Laboratory (NSL) must be improved. Without 
an accredited standards laboratory, obtaining the qualifications required  for exports is extremely 
difficult for Liberian producers. Even though an MOU between the NSL and the Ghanaian Standards 
Authority was signed, further progress is required.24 According to information from the Central Bank 
of Liberia (CBL), Liberia's impor ts from ECOWAS countries were around 15% of its total imports in 
2021, while its exports to ECOWAS countries represent about 1.4% of its total exports.25 
2.27.  Liberia  adopted the common ECOWAS passport, and waived visa and residency permit 
requirements for all ECOWAS citizens for 90 -day stays.  It is also fully implementing Article  5 of the 
ECOWAS Protocol on the Free Movement of Persons, Residence and Establishment.  
2.28.  A joint border post (JBP) is under construction between Liberia and Sierra  Leone.26 
2.29.  One of the targets of the ECOWAS is the creation of a single monetary zone, comprising both 
the eight members of the West African Economic and Monetary Union (WAEMU)27, and another six 
members of the West African Monetary Zone (WAMZ)28 including Liberia. The adoption  of a single 
currency is to be preceded by a convergence phase focused on the strengthening of member States' 
 and currencies.29 The CBL states that Liberia is in compliance with three of four primary 
macroeconomic convergence criteria (budget def icit, gross external reserve in months of import 
cover, and central bank financing of national budget deficit), as well as one of the two secondary 
criteria (public debt to GDP). It did not reach the inflation target (5%) or the exchange rate criteria. 
Liberia regularly participates in the WAMZ Trade Ministers' Forum,  which serves as a discussion 
ground for expanding regional trade opportunities through further economic and monetary 
integration.30 
 
21 ECOWAS members are Benin, Burkina  Faso, Cabo  Verde, Côte  d'Ivoire, The Gambia, Ghana, Guine a, 
Guinea -Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra  Leone, and Togo.  
22 ECOWAS. Viewed at: https://www.ecowas.int/ . 
23 The Members of ECOWAS re -notified the Agreement under Article  XXIV of the GATT in 2019; the 
previous notification under the Enabling Clause was superseded (WTO document WT/REG399/N/1, 
6 May 2019).  
24 MoCI (2018), Transition Report 2017 – Rebranding Commerce . 
25 Central Ban k Liberia (2021), Annual Report 2021 . Viewed at: 
https://www.cbl.org.lr/sites/default/files/documents/2021annualreport.pdf . 
26 JBPs are built with a view to facilitati ng cross -border trade and the free movement of persons and 
goods within the region.  
27 The eight members of the WAEMU are Benin, Burkina  Faso, Côte  D'Ivoire, Guinea -Bissau, Mali, Niger, 
Senegal, and Togo.  
28 The six members of WAMZ are The Gambia, Ghana, Gui nea, Liberia, Nigeria, and Sierra  Leone.  
29 ECOWAS (2021), 59th Ordinary Session of the Authority of Heads of State and Government , 19 June. 
Viewed at: https://www.afdb.org/sites/default/files/documents/2021/06/20 -uk_final_communique -
venglish.pdf . 
30 MoCI (2018), Transition Report 2017 – Rebranding Commerce . WT/TPR/S/ 441 • Liberia  
 
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  2.3.2.2   African Union  
2.30.  Liberia is also a founding member of the Afric an Union.  One of the flagship projects of 
Agenda  2063 of the African Union is the establishment of the African Continental Free Trade Area 
(AfCFTA).31 The AfCFTA was established in 2012, and entered into force on 30  May 2021, with a 
focus on creating a sin gle market for goods and services and laying the foundation for the 
establishment of a single continental customs union. The AfCFTA has not yet been notified to the 
WTO, although reportedly seven countries have already started trading under the preferences  
negotiated under it. Liberia signed the AfCFTA Agreement on 21  March  2018 but has not ratified it 
yet.32 The authorities indicate that Liberia, with support from the UN Economic Commission for 
Africa,  is developing a National AfCFTA Strategy.  
2.3.2.3   Preferential  trade arrangements (non -reciprocal)  
2.31.  Liberia benefits from generalized system of preferences (GSP) from Armenia, Australia, 
Canada, the European  Union, Iceland, Japan, Kazakhstan, New  Zealand, Norway, the 
Russian  Federation, Switzerland, Türkiye, the Unite d Kingdom, and the United  States.33 It also 
benefits from LDC -specific duty -free or preferential treatment from Chile, China, India, the Republic 
of Korea, Montenegro, Morocco, Chinese  Taipei, Tajikistan, and Thailand.  
2.32.  Liberia benefits from non -reciprocal trade preferences from the United  States under the 
African Growth and Opportunity Act (AGOA). The AGOA Extension and Enhancement Act of 2015 
extended to 30  September  2025 the duration of the preferential treatment.34 The authorities state 
that main export items to the United  States include cocoa, coffee, and fish. According to USITC data, 
in 2021, 93.6% of US imports from Liberia was non -coniferous wood in chips or particles 
(HS 44012200).  
2.33.  As an LDC, Liberia benefits from full duty -free and quota -free acces s to the EU market for all 
exports except arms under the Everything but Arms initiative, under which the rules of origin are 
the same as those under the GSP of the European  Union.35 In 2021, the main export items from 
Liberia to the EU market were minerals  and transport equipment, which were also its main import 
items from the European  Union.  
2.34.  In 2014, the European  Union notified the WTO that it has initialled an EPA with 16 West 
African States, i.e. the 15 members of ECOWAS (including Liberia) and Mauritani a, giving these 
countries duty -free access to the EU market.36 According to a MoCI report, the EPA will gradually 
open 75% of the EU market to ECOWAS countries.37 As at early 2023, Ghana and Côte  d'Ivoire have 
signed the EPA while Liberia has not. According to the authorities, Liberia is developing a system to 
control and verify policies leading to the full implementation of the EPA.  
2.35.  A 2017 MoCI report stated that potential benefits from these preferential schemes and 
agreements are dampened by cumbersome rules of origin and other non -tariff barriers, and "Liberian 
businesses have hardly been able to export under preferential trade agreements".38 The authorities 
state that efforts have been made to improve quality standards.  
 
31 African Union, Flagship Projects of Agenda  2063. Viewed at: https://au.int/en/agenda2063/flagship -
projects . 
32 MoCI (2021), "Stakeholders Brainstorm on Liberia's AfCFTA Status", 9  February. Viewed at: 
https://www.moci.gov.lr/2press.php?news_id=272&related=46 . 
33 WTO PTA database. Viewed at: http://ptadb.wto.org/Country.aspx?code=430 . 
34 AGOA, AGOA Extension and Enhancement Act o f 2015. Viewed at: 
https://agoa.info/images/documents/5660/bills -114hr1891ih.pdf . 
35 European Commission, Everything but Arms (EBA) . Viewed at: https://trade.ec.europa.eu/access -to-
markets/en/content/everything -arms-eba. 
36 WTO RTA database. Viewed at: 
http://rtais.wto.org/UI/PublicSearchByMemberResult.aspx?membercode=430 . 
37 MoCI (2018), Transition Report 2017 – Rebranding Commerce . 
38 MoCI (2018), Transition Report 2017 – Rebranding Commerce . WT/TPR/S/ 441 • Liberia  
 
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  2.3.2.4   Other agreements  
2.36.  In 2013, Liberia ratified the Voluntary  Partnership Agreement with the European  Union with 
a view to controlling illegal logging and improving forest governance.  Currently, Liber ia is developing 
a system to control, verify, and license trade in timber and timber products (Section  4.1.2).39 
2.37.  The Mano River Union (MRU) was established between Liberia and Sierra  Leone in 1973. 
Guinea joined in 1980 and Côte d'Ivoire in 2008. The four MRU members are also members of 
ECOWAS. The MRU aims at, inter alia, reinforcing regional integration and develop ment to integrate 
commerce and industry and to create employment.40 The integration process was disrupted by 
episodes of political instability and armed conflicts within the region. The MRU resumed its activities 
in 2004. A number of infrastructure project s have been carried out under the MRU, such as the 
47.1 km road linking north -eastern Liberia with Côte  d'Ivoire, and a one -stop border post between 
the two countries. The authorities indicate that the MRU has performed better in the area of security 
than trade.  
2.4  Investment regime  
2.38.  Liberia relies heavily on foreign direct investment (FDI) to fulfil its development goals and 
growth potential. However, investors face constraints due to infrastructure bottlenecks including 
power supply and roads, a lack of relia ble Internet access especially in rural areas, corruption, and 
low human development indicators (Section  1). 
2.4.1   Legislation and institution  
2.39.  In 2010, Liberia's Investment Act entered into force. It repealed the Investment Incentives 
Act of 1973 and the Nationa l Investment Commission Act of 1979. The Investment Act 2010 covers 
both direct and indirect investment, and portfolio investment; it applies to all enterprises in Liberia.41 
The Act requires all investors to incorporate and/or register a business organiza tion in Liberia. The 
Liberia Business Registry (LBR) was created as a one -stop shop to register businesses. According to 
a 2017 MoCI report, the timeframe to register a business was reduced from 99 days to a maximum 
of 6 days.42 The authorities indicate th at currently it takes a maximum of five days to complete a 
business registration.  
2.40.  The National Investment Commission (NIC) regulates direct investment in Liberia. It develops 
investment strategies, policies, and programmes to attract foreign investment, an d negotiates 
investment contracts or concessions. The Business Climate Working Group (BCWG) cooperates with 
both public - and private -sector stakeholders to explore opportunities for a business -friendly 
environment. In March  2019, based on recommendation fr om the BCWG, an Executive Order was 
issued to improve business environment by cancelling Import Permit Declaration requirements 
(Section  3.1.5), and by extending residency visas and work permits from one to five years. The NIC, 
the BCWG, and other private sector groups, such as the LCC, facilitate dialogues among investors 
and government officials on investment climate issues.  
2.41.  According to the NIC, local content requirements, in the areas of employment (Section  2.4.2), 
investment incentives (Section  3.3.1),  and public procurement (Section  3.3.6), appear in all large 
concession agreements.  
2.4.2   Foreign investment restrictions  
2.42.  Under the Investment Act 2010, foreign investors, with some exceptions, may own or control, 
totally or in partnership with Liberians, busine ss organizations in any sector of the economy, based 
on, inter alia, national treatment in terms of licences or permits, accounting standards, insurance 
requirements, and taxation. Foreign investors have equal access as Liberians to the protection of 
 
39 EU Forest Law Enforcement, Governance and Trade (FLEGT). Viewed at: 
https://www.euflegt.efi.int/liberia . 
40 European Council on Foreign Relations, Mano River Union . Viewed at: https://ecfr.eu/special/african -
cooperation/mano -river-union/ . 
41 Liberia Investment Act of 2010. Viewed at: 
https://www.moci.gov.lr/ doc/TheInvestmentActof2010(1).pdf . 
42 MoCI (2018), Transition Report 2017 – Rebranding Commerce . WT/TPR/S/ 441 • Liberia  
 
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  Liberian law, including  right of appeal, the right to hold bank accounts, the right to dispose of 
proceeds  subject to payment of taxes,  and the right to repatriate capital, make payments abroad, 
and remit proceeds upon sale of the investment.43 
2.43.  The following ac tivities are reserved for Liberians:  
• supply of sand;  
• block making;  
• peddling;  
• travel agencies;  
• retail sale of rice and cement44; 
• ice making and sale of ice;  
• tire repair shops;  
• auto repair shops with investments of less than USD  50,000;  
• shoe repair shops;  
• retail sale of timber and planks;  
• operation of gas stations;  
• video clubs;  
• operation of taxis;  
• importation or sale of second -hand or used clothing;  
• distribution in Liberia of locally manufactured products; and  
• importation and sale of used cars (excep t authorized dealerships, which may deal in 
certified used vehicles of their make).  
2.44.  In addition to the reserved activities, Liberia maintains FDI restrictions that are conditional 
on the investment amount. Foreign investors may invest in the following busi ness activities if they 
meet certain minimum capital investment requirements. First, if an enterprise is owned exclusively 
by non -Liberians, its total capital investment must not be less than USD  500,000. Second, if an 
enterprise is owned by non -Liberians in partnership with Liberians and the aggregate shareholding 
of the Liberian is at least 25%, the total capital invested must not be less than USD  300,000. These 
requirements apply to the following business activities:  
• production and supply of stone and gr anite;  
• ice cream manufacturing;  
• commercial printing;  
• advertising agencies, graphics, and commercial artists;  
 
43 WTO document WT/ACC/LBR/23, 9  October  2015.  
44 The ownership restriction on the retail sale of rice and cement does not apply to the wholesale of 
these two products. WTO document WT/ACC/LBR/23, 9  October  2015.  WT/TPR/S/ 441 • Liberia  
 
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  • cinemas;  
• production of poultry and poultry products;  
• operation of water purification or bottling plants (exclusively the production and sale of 
water in sachets);  
• entertainment centres not connected with a hotel;  
• sale of animal and poultry feed;  
• operation of heavy -duty trucks;  
• bakeries; and  
• wholesale of pharmaceuticals.  
2.45.  The Decent Work Act gives preference to employing Liberians. Except for administr ative, 
supervisory, or technical positions, work permits will not be granted to foreign employees unless the 
list of qualified Liberians is exhausted or there is no qualified person on the list capable of performing 
the job to be filled.  
2.46.  The Liberian Const itution restricts land ownership to citizens, but non -Liberians may hold 
long-term leases, which run for 25 to 50 years.  The Liberian Land Authority (LLA) estimates that 
less than 20% of the country's total land is formally registered, and conflicting land  ownership 
records are common. For this reason, investors sometimes experience costly and complex land 
dispute issues even after they conclude land -lease agreements with the Government. The Land 
Rights Act, enacted in 2018, is intended to help resolve hist orical land disputes that have caused 
conflict and communal strife in the past. Article  48(3) of the Land Rights Act requires that 
communities where concessions are located maintain a 5% undiluted free carried interest in the 
rights of the concession . 
2.4.3   Investment agreements  
2.47.  The authorities indicate that Liberia signed bilateral investment treaties (BITs) with France 
and Germany, while the ones with Morocco and with United Arab Emirates are not ratified.  
2.48.  Liberia also signed the Trade and Investment Framew ork Agreement (TIFA) with the 
United  States in 2007; TIFA entered into force on the date of its signature.45 Under TIFA, a 
United  States –Liberia Trade and Investment Council was set up. The Council is to, inter alia, monitor 
bilateral trade and investment relations, identify opportunities for expanding bilateral trade and 
investment, and identify and work to remove impediments to bilateral trade and investment.  
2.49.  Liberia signed a double taxation avoidance agreement (DTAA) with Germany in 1970. It 
initiated ne gotiations of a DTAA with Qatar in 2017, but the process has not concluded.46 It is also 
reviewing a DTAA proposed by China.  
2.50.  Liberia's arbitration law is contained in the Civil Procedure Law (chapter 64). There is no direct 
reference to the UNCITRAL Model Law. Liberia is a signatory to the Multilateral Investment Guarantee 
Agency (MIGA) Convention, the International Centre for Settlement of Investment Disputes (ICSID 
Convention), and the Convention on the Recognition and Enforcement of Foreign Arbitral Awar ds 
(the New York Convention), among others.47 Its Commercial Code provides for enforcement of 
 
45 USTR. Viewed at: 
https://ustr.gov/sites/default/files/uploads/agreements/tifa/asset_upload_file278_10544.pdf . 
46 Presentation made by the LRA in 2021, for "LRA Tax Practitioner Training Module VII – International 
Taxation".  
47 Others includ e the UN Code of Conduct on Transnational Corporations, the UN Guiding Principles on 
Business and Human Rights, ILO Tripartite Declarations on Multinational Enterprises, the World Bank 
Investment Guidelines, the New International Economic Order UN Resoluti on, the Voluntary Partnership 
Agreement with the European  Union, the Economic Partnership Agreement with the European  Union, the 
Charter of Economic Rights and Duties of States, and the Permanent Sovereignty UN Resolution.  WT/TPR/S/ 441 • Liberia  
 
- 30 - 
 
  awards under either the ICSID or the New York Convention.48 The ECOWAS Treaty also contains 
investor -state dispute settlement provisions. According to the Investm ent Act 2010, although 
Liberian courts have jurisdiction over the resolution of business disputes, parties to investment 
disputes may specify any arbitration or other dispute resolution procedures they may agree. Once a 
foreign award meets the criteria set  out under the enforcement of a foreign judgement, it will be 
enforced under Liberian law. There have not been amendments to the arbitration legislation.  
  
 
48 Liberian Commercial Code of 201 0, para.  7.56. Viewed at: 
https://www.moci.gov.lr/doc/Commercial%20Code%20 -%20Title%207%20 -
%20Liberian%20Code%20of%20Laws%20Revise d.pdf. WT/TPR/S/ 441 • Liberia  
 
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  3  TRADE POLICIES AND PRACTICES BY MEASURE  
3.1  Measures directly affecting imports  
3.1.1   Customs procedures, valuation, and requirements  
3.1.  Part V of the Liberia Revenue Code (LR Code), also referred to as the Modernized Customs 
Code of 2018, was most recently amended in 2019. It sets out the rules governing all customs 
procedures and formalities.1 The amendment in corporates several provisions of the WTO  Agreement 
on Trade Facilitation (TFA) including on advance cargo declaration, pre -arrival clearance, protest 
and appeal mechanism, notification, and simplified declarations. The authorities state that the 
amended Mo dernized Customs Code is fully aligned with the harmonized ECOWAS Customs Code 
and that the common regulations on customs procedures under the ECOWAS Customs Code are 
currently implemented by Liberia.  
3.2.  According to the Modernized Customs Code, customs proce dures are administered by the 
Customs Department under the Liberia Revenue Authority (LRA). Under the Foreign Trade Law, any 
person, domestic or foreign, may import or export goods and services into and out of Liberia.2 An 
individual may be licensed by th e LRA to become a customs broker if the person is a Liberian citizen, 
and the LRA may grant a customs broker licence to any legal entity if at least one member of the 
corporation/association/partnership holds a valid non -transferable customs broker licence . The use 
of Customs broker is not mandatory.  
3.3.  On 14  December  2020, Liberia deposited the instrument of ratification of the International 
Convention on the Simplification and Harmonization of Customs Procedures (Revised Kyoto 
Convention).3 Liberia ratified  the TFA in 2019 and deposited documents in April  2021. The current 
rate of implementation of commitments stands at 68.5% (i.e.  35.7% of Category  A, 31.9% of 
Category  B, and 0.8% of Category  C commitments), with a timeframe spanning from February  2018 
to February  2025.4 On 19  August  2022, Liberia notified that pre -arrival processing, previously a 
Category  C commitment, was shifted to Category  B commitment and was fully implemented without 
capacity -building support in February  2021.5 Liberia also notified that it has completed its first Time 
Release Study with technical assistance from the WCO.6 
3.4.  Currently, four Category  C commitments remain to be implemented, with definitive date for 
implementation being 22  February  2025. They are test procedures, trade facilitation measures for 
authorized operators, single window, and customs cooperation. Accordi ng to Liberia's notification to 
the WTO, the World  Bank provides funds for the operation of a national single window  system for 
domestic and international trade, by connecting all government ministries, agencies, and 
commissions involved with trade facilit ation.7 The authorities indicate that a work plan to set up  this 
national single window  was drafted.  
3.5.  The LRA began implementing the ASYCUDA World system in 2009 to enhance the customs 
clearance process at the Freeport of Monrovia.8 It set up a one -stop p latform, which incorporates 
operations of a Customs Freeport Collectorate, a private bank, and the National Port Authority (NPA). 
The platform also has a mechanism to receive declarations, conduct compliance checks, issue 
assessment notices, receive paymen ts, and release cargo by terminal operators, among others. 
From 2009, ASYCUDA World expanded to 12 of Liberia's 17 customs ports of entry, as well as to 
 
1 LRA (2021), Liberia Revenue Code as Amended . Viewed at: https://revenue.lra.gov.lr/wp -
content/uploads/2021/08/REVENUE -CODE-LIBERIA -REVENUE -CODE -AMENDEMENT -2020-min.pdf .  
2 Ministry of Commerce and Industry (MoCI), Foreign Trade Law. Viewed at: 
https://www.moci.gov.lr/doc/Foreign%20Trade%20Law.%201.p df.  
3 The Revised Kyoto Convention is a WCO legal instrument aimed at harmonizing customs practices and 
procedures around the world, by improving the effectiveness and efficiency of customs administrations through 
a series of legal provisions detailing th e application of modern and efficient customs procedures.  
4 WTO TFA database. Viewed at: https://tfadatabase.org/members/liberia .  
5 WTO document G/TFA/N/LBR/1/Add.1, 19  August  2022.  
6 WTO document G /TFA/N/LBR/4, 22  August  2022; and LRA (2022), Liberia Time Release Study Report.  
Viewed at: https://revenue.lra.gov.lr/wp -content/uploads/2022/08/TRS -REPORT -August -22-2022.pdf .  
7 WTO document G/TFA/N/LBR/4, 22  August  2022.  
8 WTO document WT/ACC/LBR/23, 9  October  2015.  WT/TPR/S/ 441 • Liberia  
 
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  2 seaports, the petroleum port, the mineral port, the parcel post office, 2 airports (1 of which is not  
fully operational due to a lack of international flights), and 4 land border ports.  
3.6.  Liberia's customs procedures consist of 11 steps (Box  3.1). According to the authorities, more 
than 90% of declarations are done electronically. The most recent Time Relea se Study found that 
in 2020 the average time for a consignment to be cleared from the Freeport of Monrovia was 
12 days, 22  hours, and 8  minutes.9 The authorities indicate that the clearance time has been 
shortened since then.  
Box 3.1 Procedures to import goods into Liberia  
Step 1 – Pre-arrival: shipping lines send to Customs electronically advance cargo information, which may be 
used for risk profiling and targeting. Relevant documents include the bill of lading , the invoice, and the packing 
list. The pre -shipment inspection (PSI) report was replaced by the destination inspection report.  
Step 2 – Arrival of vessel and cargo offloaded in port: Shipping line submits electronic manifest in ASYCUDA 
World to Customs, which then validates the manifest.  
Step 3 – Registration with Customs: importer/broker registers the declaration and all suppor ting documents 
with Customs.  
Step 4 – Registration in ASYCUDA: documents received by Customs must be registered in ASYCUDA World.  
Step 5 – Selectivity: all documents submitted to Customs need to be checked, and ASYCUDA World 
automatically routes the docu ments into four lanes: (i)  green – goods are released with no further scrutiny; 
(ii) yellow – documentary check is required; (iii)  red – physical examination is required; and 
(iv) blue – post-clearance is required.  
Step 6 – Queries and amendment: when doc uments submitted to Customs have errors, the errors are 
communicated to the importer or the customs broker for subsequent amendment.  
Step 7 – Payment: importers or brokers pay import duties.  
Step 8 – Release: when all customs formalities are completed, g oods are released. Customs also releases 
goods channelled to the green and blue lanes for post -clearance audit.  
Step 9 – Post-clearance audit: after goods are released, the relevant import documents are verified and 
archived at the Customs. This also appl ies to some yellow lane and red lane imports.  
Step 10 – National Port Authority (NPA) process: the NPA prepares a gate pass once it receives the delivery 
order from the shipping line, and proof of payment of port charges from importers or customs broker.  
Step 11 – Exit: on completion of all processes related to Customs and other stakeholders, ASYCUDA World 
issues an exit note to allow the vehicles/cargo to exit the Customs premises.  
Source:  WTO document WT/ACC/LBR/23, 9  October  2015, updated by the aut horities.  
3.7.  In 2019, the Business Climate Working Group (BCWG), under the Ministry of Commerce and 
Industry (MoCI), decided to replace the Import Permit Declaration (IPD) requirements by Importer 
Notification Forms; hence, IPDs were removed in  2020 and Liberia has been moving from 
non-automatic import licensing regime to an automatic one (Section  3.1.5.2). Nonetheless, 
destination inspection is being conducted by MedTech Scientific Limited, a company contracted by 
the Government.  
3.8.  Regarding the selection of lanes (Box  3.1, step 5), Liberia's risk assessment criteria are based 
on, inter alia, the type of commodity (e.g. products at high risk for revenue fraud or for health and 
security concerns); the compliance record of the importer, his/her agents or cust oms brokers; the 
country of origin; and information collected by Customs.10 In addition, depending on the nature of 
the high risk, a special procedure involving the LRA and the National Standards Laboratory may 
apply (Section  3.3.2). The Time Release Study  found that in  2020, 81%  of the declarations were 
directed to the red lane, which involve, inter alia, documentary and physical inspections. According 
to this study, this is mainly due to importers' noncompliance with customs requirements and 
procedures (with regard to, inter alia, declared value, quantity, classification and origin, and the 
requirement t o keep adequate records). In addition, the study also mentions time lapses between 
the issuance of an assessment notice by Customs, and the payment of customs duties and taxes by 
 
9 LRA (2022), Liberia Time Release Study Report.  
10 WTO document WT/ACC/LBR/23, 9  October  2015.  WT/TPR/S/ 441 • Liberia  
 
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  importers. The lapse may be attributed to, inter alia, groupage consignments or lack of available 
funding after the receipt of assessment notices.11 
3.9.  The Modernized Customs Code provides for the use of WTO  Agreement on Customs Valuation. 
It states that t he primary basis for the customs value is the transaction value as declared by 
importers or their brokers. When Customs does not accept a declared value, the Code recommends 
Customs to follow the sequence as provided for by the relevant WTO provisions. The authorities 
indicate that valuation fraud is their biggest problem. To address this issue, the Customs Code was 
amended. Unlike the old Customs Code, which imposed a fixed penalty of LRD  200,000 irrespective 
of the gravity or frequency of the offence, the Modernized Customs Code provides for both civil and 
administrative penalties an d fines depending on the nature of the offence.  
3.1.2   Rules of origin  
3.10.  In 2018, Liberia notified to the WTO that it did not have any non -preferential rules of origin.12 
However, the Modernized Customs Code contains provisions on both non -preferential and 
preferen tial rules of origin. On non -preferential rules of origin, under Section  1625 of the Code:  
• goods wholly obtained in a single country or territory are considered as having their origin 
in that country/territory; or  
• goods the production of which involves mor e than one country/territory are considered to 
originate in the country/territory where they underwent their last substantial 
transformation, i.e. change of tariff heading at the HS  6-digit level.  
3.11.  The authorities indicate that they are working on the submi ssion of the relevant notification.  
3.12.   Regarding preferential rules of origin, Liberia implements the ECOWAS Rules of Origin, which 
enable all qualifying goods sourced from approved producers in other ECOWAS members to be 
imported into Liberia duty -free.13 Goods are defined as originating from an ECOWAS member if they 
have been wholly produced or sufficiently transformed in that country. Sufficient transformation is 
either a change in tariff subheading at the HS  6-digit level, or at least 30% local content.  
3.1.3   Tariffs 
3.1.3.1   Applied MFN tariffs  
3.13.  The LR Code of 2000, as amended by t he Modernized Customs Code of  2018, provides the 
legal framework for the customs tariff.14 Tariff rates are set and amended through proposals from 
the President in consultation with the Cabinet/ Ministry of Finance and Development Planning (MFDP) 
and enacted by Parliament. Changes (amendments) to the customs tariff are initiated by the LRA 
through the Commissioner General (Modernized Customs Code, Sections  1603 and  1605). The 
business community is  given an opportunity to comment on amendments before taking effect. The 
LRA maintains a public online database (Customs Online Tariff) on applied MFN tariffs and other 
charges.15 
3.14.  Liberia's implementation of the plan to migrate from its national (pre -ECOWA S) customs tariff 
to the five -band CET (zero, 5%, 10%, 20%, and 35%) started on 1  January  2017, two years later 
than originally planned due to the 2014 -16 Ebola outbreak. The migration was scheduled to be 
completed by  2020, but the date was subsequently po stponed to January  2022. In November  2022, 
ECOWAS Ministers of Finance and the heads of Customs delayed the CET migration plan by an 
additional five years, owing to the impact of the COVID -19 pandemic on the region's economies. 
The new date for all ECOWAS members to fully implement the CET without  exceptions is 
 
11 LRA (2022), Liberia Time Release Study Report . 
12 WTO document G/RO/N/173, 5  July 2018.  
13 WTO document G/RO/N/173, 5  July 2018.  
14 Viewed at: https://revenue.lra.gov.lr/08/REVENUE -CODE -MODERNIZED -CUSTOMS -CODE -2019-
CUSTOMS.pdf . 
15 LRA, Customs Online Tariff . Viewed at: https://eservices.lra.gov.lr/etariff/ .  WT/TPR/S/ 441 • Liberia  
 
- 34 - 
 
  1 January  2028. Liberia is in the process of developing a new migration plan consistent with 
ECOWAS' new transition period.  
3.15.  According to the authorities, the 2023 customs tariff remains unchanged com pared to the 
2022 tariff. It is based on the HS22 version of the Harmonized Commodity Description and Coding 
System16, and comprises 6,440  tariff lines at the 10 -digit tariff line level. All tariff lines carry 
ad valorem  rates.  
3.16.  The migration towards the EC OWAS CET results in a simplification of Liberia's customs tariff 
(Table  3.1). From its national pre -ECOWAS customs tariff with 12  ad valorem  rates and 24 specific 
duty rates17, Liberia transitioned to a 21 -band structure in 2017 and to 9 bands in 2023.  
3.17.  Like other ECOWAS members, Liberia applies the ECOWAS CET with national exceptions 
(Table  3.1), which covered 1,443  tariff lines in 2023 (22.4% of all tariff lines). The 2023  tariff has 
four bands that do not exist in the CET: 7%, 7.5%, 15%, and 16.67%. Most of these exceptions are 
in the 15%  band (1,411  tariff lines) and cover, inter alia, iron and steel  products  (HS 73), 
fish (HS 03), and electrical machinery and equipment  (HS 85). 
3.18.  The applied MFN tariff rates average 10.3% in 2023, down from 11.8% in 2017 ( Table  3.1). 
The migration from 2017 to 2023 means a tariff reduction for 28.8% of all tariff lines, and an increase 
for 8.3% (Table  3.2). The most frequent change involves a shift from the 20% band in 2017 to the 
15% band in 2023 (Table  3.2 and Chart  3.1). Therefore, the national exceptions have generally been 
in favour of more tariff liberalization.  
3.19.  On agricultural products (WTO definition), the average applied MFN tariff rate is 11.2% in 
2023, down from 14.3% in 2017 (Table  3.1). Most agricultural product  groups saw a tariff reduction, 
especially animals and animal products such as meat and live animals (20.5% in 2017 vs 10.4% in 
2023), followed by fruits and vegetables (15.9% in 2017 vs 11.1% in 2023) (Chart  3.2 and 
Table  A3.1). The average tariffs on non -agricultural products decreased from 11.4% in 2017 to 
10.2% in 2023.  
3.20.  In Liberia's case, migration to the ECOWAS  CET by 2028 would lead to an increase in the 
overall level of tariff protection18: with the full implementation of the ECOWAS  CET 
without  exceptions, Liberia's average MFN tariff would increase to 12.1% (up from 10.3% in 2023). 
Significant tariff adjustments are ahead. About 30.3% of all tariff lines would carry higher rates. 
About 20%  of all tariff lines in the 15% band in 2023 would carry rates of 20% or 35%. About 9% 
of all tariff lines with a rate of 10% would carry rates of 20% or 35% (Table  3.2 and Chart  3.1). 
3.21.  By 2028, the level of tariff protection would rise significantly for mo st product groups, 
especially for agricultural products, where the average CET rates would increase to 15.6% (up from 
11.2% in 2023). The tariffs on live animals and animal products would be most affected with an 
increase of 13.7  percentage  points (Chart  3.2 and Table  A3.1). The average CET rate on 
non-agricultural products would increase to 11.5%, up from 10.2% in 2023. Fish and fishery 
products and textiles would face increases of more than 3  percentage  points.  
Table 3.1 Liberia's migration to the ECOWAS CET  
Pre-ECOWAS  
national tariff  2017 CET  
with exceptions  2023 CET  
with exceptions  ECOWAS CET  
without exceptions  
12 ad valorem  rates 
and 24 specific duties  21 bands  9 bands  5 bands  
Zero (2 TLs, 0.03%)  Zero (96 TLs, 1.5%)  Zero (91 TLs, 1.4%)  Zero (102 TLs, 1.6%)  
1.5% (9  TLs, 0.2%)  3% (1  TLs, 0.02%)    
2.5% (473  TLs, 8.0%)     
5% (1930  TLs, 32.7%)  5% (2,092  TLs, 33.6%)  5% (1,992  TLs, 30.9%)  5% (2,368  TLs, 37.1%)  
7.5% (870  TLs, 14.8%)  7% (70  TLs, 1.1%)    
 8% (111  TLs, 1.8%)  7% (1  TLs, 0.02%)   
  7.5% (16  TLs, 0.2%)   
 
16 Liberia Official Gazette , No. 28, 22 April 2022.  
17 For the tariff applied prior to the introduction of the ECOWAS CET, see Annexes  10 and 11 of Liberia's 
Accession Working Party Report, WTO document WT/ACC/LBR/22, 23  September  2015.  
18 According to Liberia's Working Party Report, the weighted average tariff rate in 2007 was  11.32%.  WT/TPR/S/ 441 • Liberia  
 
- 35 - 
 
  Pre-ECOWAS  
national tariff  2017 CET  
with exceptions  2023 CET  
with exceptions  ECOWAS CET  
without exceptions  
    
10%  (440 TLs, 7.5%)  10%  (1,391  TLs, 
22.3%)  10%  (2,338  TLs, 
36.3%)  10%  (1,469  TLs, 23%)  
11% (99  TLs, 1.7%)  12% (13  TLs, 0.2%)    
15% (989  TLs, 16.8%)  13% (43 TLs, 0.7%)  15% (1,411  TLs, 21.9%)   
 14% (43  TLs, 0.7%)  16.67% (15  TLs, 0.2%)   
 15% (231  TLs, 3.7%)    
 16% (254  TLs, 4.1%)    
 17% (120  TLs, 1.9%)    
20%  (607 TLs, 10.3%)  20%  (1490  TLs, 23.9%)  20%  (566 TLs, 8.8%)  20% (2,311  TLs, 
36.2%)  
 22% (147 TLs, 2.4%)    
 24% (12  TLs, 0.2%)    
25% (311  TLs, 5.3%)  25% (2  TLs, 0.03%)    
 26% (22  TLs, 0.4%)    
 27% (30  TLs, 0.5%)    
 28% (9  TLs, 0.1%)    
 30% (2  TLs, 0.03%)    
 35%  (54 TLs, 0.9%)  35%  (10 TLs, 0.2%)  35%  (131 TLs, 2.1%)  
    
45% (1 TLs, 0.02%)     
    
50% (57  TLs, 1%)     
    
Specific duties  
(110 TLs, 1.9%)     
45% (1  TLs, 0.02%)     
Note:  Figures in parentheses indicate the number of tariff lines and percentages of total tariff lines for each 
period, respectively. Tariff bands in bold are in line with the ECOWAS CET (five bands).  
Source:  WTO Secretariat calculations, based on Liberia's Accession Working Party Report, WTO document 
WT/ACC/LBR/22, 23  September  2015, Annexes  10 and  11; LRA, Customs Tariffs. Viewed at: 
https://revenue.lra.gov.lr/customs -laws-regulations/ ; and WTO IDB.  
Table 3.2 Structure of MFN tariffs, 2017, 2023, and ECOWAS CET  
 
MFN applied  ECOWAS  
CET Final  
2017  2023  bounda 
Bound tariff lines (% of all tariff lines)  n.a. n.a. n.a. 100.0  
Simple average rate  11.8 10.3 12.1 26.7 
WTO agricultural products  14.3 11.2 15.6 23.6 
WTO non -agricultural products  11.4 10.2 11.5 27.2 
Agriculture, hunting, forestry and fishing (ISIC 1)  11.2 9.7 11.9 23.0 
Mining and quarrying (ISIC 2)  5.2 7.6 5.1 25.1 
Manufacturing (ISIC 3)  12.0 10.4 12.3 27.0 
Duty-free tariff lines (% of all tariff lines)  1.5 1.4 1.6 0.1 
Simple average rate of dutiable lines only  12.0 10.5 12.3 26.7 
Domestic tariff "peaks" (% of all tariff lines)b 0.0 0.2 0.0 0.0 
International tariff "peaks" (% of all tariff lines)c 34.4 9.2 38.3 86.2 
Coefficient of variation  0.6 0.5 0.6 0.4 
Nuisance applied rates (% of all tariff lines)d 0 0 0 0 
Total number of tariff lines  6,233  6,440  6,381  5,827  
of which: duty -free rates  96 91 102 3 
n.a. Not applicable.  
a Final bound rates are based on the Consolidated Tariff Schedule (CTS) in HS17  nomenclature.  
 Calculations are based on total tariff lines.  
b Domestic tariff peaks are defined as those exceeding three times the overall simple average applied 
rate. 
c  International tariff peaks are defined as those exceeding  15%.  
d  Nuisance rates are those greater than zero, but less than or equal to  2%. 
Note:  The 2017 tariff is based on HS17  nomenclature at the 10 -digit tariff line level. The 2023 tariff and 
the CET are based on HS22  nomenclature at the 10 -digit tariff line level.  
Source:  WTO Secretariat calculati ons, based on data provided by the authorities; LRA, Customs Tariffs. 
Viewed at: https://revenue.lra.gov.lr/customs -laws-regulations/ ; and WTO CTS database.  WT/TPR/S/ 441 • Liberia  
 
- 36 - 
 
  Table 3.3 Changes in Liberia's tariff structure  
Tariff rates reduced  Tariff rates increased  
 
Changes from 2017 tariff to 2023 tariff  
 
28.8% of total tariff lines have tariff rates reduceda 
 
of which:  
from 20% to 15% (11.8% of tariff lines)  
from 20% to 10% (3.7%)  
from 16% to 10% (2.4%)  
from 22% to 15% (2.3%)  
from 16% to 15% (1.5%)  8.3% of total tariff lines have tariff rates increaseda 
 
of which:  
from 5% to 10% (3.4% of tariff lines)  
from 8% to 10% (1.6%)  
 
 
Changes from 2023 tariff to ECOWAS CET by 2028 ( without  exceptions)  
 
7.8% of total tariff lines will have tariff rates reduceda 
 
of which:  
from 10% to 5% (5.8% of tariff lines)  
from 15% to 10% (0.9%)  
from 15% to 5% (0.87%) 
 30.3% of total tariff lines will have tariff rates 
increaseda 
 
of which:  
from 15% to 20% (18.6% of tariff lines)  
from 10% to 20% (8.7%)  
from 15% to 35% (1.6%)  
from 10% to 35% (0.3%)  
a Calculations of percentage of lines are based on the national tariff li ne level of the 2023 tariff 
schedule (total  tariff lines:  6,440).  
Note:  For the purpose of analysing tariff changes from 2017 to 2023 and from 2023 to ECOWAS CET, the 
2017 rates (HS17 version) and the ECOWAS CET (HS22 version) are aligned with the 2023 ra tes 
(HS22 version) at the 10 -digit tariff line level. In the case of tariff changes from 2017 to 2023, due 
to HS nomenclature  changes, WCO correlation tables were used for the tariff analysis, but 
approximately 0.2% of tariff lines could not be compared du e to nomenclatures differences.  
Source:  WTO Secretariat calculations, based on data provided by the authorities; and LRA, Customs Tariffs. 
Viewed at: https://revenue.lra.gov.lr/customs -laws-regulations . 
Chart 3.1 Distribution of MFN applied tariff rates – 2017, 2023, and ECOWAS CET  
 
Note:  Some 5.9% of the 2017 tariff lines are not shown as they correspond to "sporadic" rates falling in 
between the main tariff rates (e.g. 3%, 7%, 12% -14%, and 24%, 25%, 26%, 27%, 28%, and 
30%). In 2023, some 0.5% of tariff lines are carrying rates of 7%, 7.5%, and 16.67%; they do not 
appear on the chart given their negligible shares of the total.  
Source:  WTO Secretariat calculations, based on data provided by the authorities; LRA, Customs Tariffs. 
Viewed at: https://revenue.lra.gov.lr/customs -laws-regulations/ ; and WTO CTS database.  
0%5%10%15%20%25%30%35%40%
0 5 8 10 15 16 17 20 22 35MFN 2017 (6,233 tariff lines)
MFN 2023 (6,440 tariff lines)
ECOWAS CET 2022 (6,381 tariff lines)Chart 3.2 Distributin of MFN applied tariff rates, 2017, 2022, and ECOWAS CET
(% of total tariff lines)
Tariff rates (%)
Note: In 2017, some 5.9% of tariff lines are not shown as they correspond to sporadic rates falling in between the main tariff rate s 
(e.g. 3%, 7 %, 12%-14%, and 24 %, 25%, 26%, 27%, 28%, and 3 0%).
In 2022, some 0.5% of tariff lines are not shown as they correspond to sporadic rates falling in between the main tariff rate s 
(e.g. 7 %, 7.5%, and 16.67%).
Source: WTO calculations, based on data provided by the Liberian authorities; Liberia Revenue Authority, the Customs Tariffs. 
Viewed at: https://revenue.lra.gov.lr/customs -laws-regulations/; and WTO CTS database.WT/TPR/S/ 441 • Liberia  
 
- 37 - 
 
  Chart 3.2 Average tariff rates, by W TO product group, 2017 and 2023  
 
Note:  The 2017 tariff is based on HS17  nomenclature (6,233  lines at the 10 -digit tariff line level); and the 
2023 tariff and CET tariff are based on HS22  nomenclature (6,440 and 6,381  lines at the 10 -digit 
tariff line lev el, respectively).  
Source:  WTO Secretariat calculations, based on data provided by the authorities; LRA, Customs Tariffs. 
Viewed at: https://revenue.lra.gov.lr/customs -laws-regulations/ ; and WTO CTS database.  
3.1.3.2   WTO bindings  
3.22.  With its accession to the WTO, Liberia bound 100% of its MFN tariff lines.19 According to its 
latest certified Schedule of Concessions (HS17), all duties are bound at ad valorem  rates, ranging 
from zero to 50%. Nearly one third of the lines are bound at 25%, and 21.5% of the lines are bound 
at 30% (Chart  3.3). Three tariff lines are bound at zero. High bound import duties are more frequent 
on non -agricultural products than agricu ltural products (WTO definition). For instance, bindings 
higher than 30% primarily concern non -agricultural products such as cotton, paper and paperboard, 
furniture, fish, electrical machinery and equipment, and articles of iron or steel (Chart  3.3). 
 
19 WTO document WT/Let/1522, 17  February  2021. The tariff schedule under Liberia's Accession 
Protocol is in the HS12 nomenclature.  
0.0%5.0%10.0%15.0%20.0%25.0%30.0%
1 2 3 4 5 6 7 8 9 10 11MFN 2017 MFN 2023 ECOWAS CET
0.0%5.0%10.0%15.0%20.0%25.0%
12 13 14 15 16 17 18 19 20 21 22 23 24Chart 3.2 Average tariff rates, by WTO product categories
1 WTO Agriculture
2 Animals and products
3 Dairy products
4 Fruit, vegetables, and plants
5 Coffee and tea
6 Cereals and preparations
7 Oil seeds, fats and oils and 
their products      8 Sugars and confectionery
9 Beverages, spirits, and 
tobacco
10 Cotton
11 Other agricultural products
12 WTO non -agriculture
13 Fish and fishery products
14 Minerals and metals15 Chemicals and 
photographic supplies
16 Wood, pulp, paper, and 
furniture
17 Textiles
18 Clothing19 Leather, rubber, footwear, 
and travel goods
20 Non -electric machinery
21 Electric machinery
22 Transport equipment
23 Non -agricultural products
24 Petroleum
WTO Secretariat calculations, based on data provided by the authorities of Liberia. Source:WTO agriculture
WTO non -agricultureWT/TPR/S/ 441 • Liberia  
 
- 38 - 
 
  3.23.  There  is a large gap between the bound and applied rates. The simple average bound tariff 
is 26.7%, which is more than two times higher than the simple average applied MFN rate of  10.3% 
in 2023 (Table  3.1). A similar pattern can be seen at product level: the si mple average bound tariff 
is 23.6%  for agricultural  products (against  11.2% for the average applied MFN  tariff) and 27.2%  for 
non-agricultural products (against  10.2% for the average applied MFN tariff).  
3.24.  Although most applied rates are considerably lower t han the corresponding bindings, the 
applied MFN rates in 2023 exceed the bound rates in the case of 73  tariff lines, mainly machinery 
and mechanical appliances (HS  84) and electrical machinery and equipment and parts thereof 
(HS 85) (Table  A3.2). However, upon the full implementation of the ECOWAS CET, the number of 
such cases would be reduced to six tariff lines.  
3.25.  In its Schedule of Concessions, Liberia has bound Other Duties and Charges (ODCs) at 0.5% 
on all products.  
Chart 3.3 Distribution of bound tariffs  
 
Note:  Figures above the bars refer to the percentage of total lines. Main items are mainly based on product 
descriptions at the HS  2-digit level.  
Source:  WTO Secretariat calculations, based on WTO CTS dat abase.  
3.1.3.3   Tariff exemptions  
3.26.  Liberia resorts to exemptions from the statutory CET rates through Presidential Executive 
Orders (EO). The President may issue EOs in the public interest, to address emergencies "which 
cannot await lengthy Legislative processes".20 To be eligible for duty exemptions, one of the following 
criteria must apply: concessions, investment incentives, diplomatic amenities, returning students or 
citizens with personal effects, government agencies, medical supplies, educational materials 
(textbooks), religious materials (books), and certain SOEs. Temporary tariff exemptions may thus 
be granted to SOEs that provide public utilities such as electricity, water, and sanitation. Tariff relief 
is granted for one year, renewable.  
3.27.  During the review pe riod, Liberia granted tariff relief for products such as agricultural 
machinery, road construction equipment, products used for water treatment facilities, and rice 
(Table  3.3). According to the authorities, the tariff suspension on rice (currently EO  No. 113) has 
 
20 EO No. 103. Viewed at: 
https://www.emansion.gov.lr/doc/Executive%20Order%20_103%20Revised.pdf . 
0.1%6.1%
3.3%4.4%12.2%31.8%
21.5%
0.02%16.1%
2.4%
02004006008001,0001,2001,4001,6001,8002,000
0 510 15 20 2527.5 30 35 40 45 50Chart 3. [LBR] Distribution of bound tariffs
WTO agriculture
WTO non-agricultureMain items with duties from 30% to 
50%: 
30%: apparel and  clothing accessories; 
fish/ crustaceans, vehicles, and 
miscellaneous chemical products
35%: bicycles and other cycles
40%: fish and crustaceans; electrical 
machinery and equipment; articles of iron 
or steel; miscellaneous manufactured 
articles; glass and glassware; and clocks 
and watches
45%: meat; fish/crustaceans 
preparations; cocoa and cocoa 
preparations; vegetable fats and oils; 
preparations of cereals, flour, starch or 
milk
50%: cotton; paper and paper board; 
furniture; plastics; soap, organic surface -
active agents, washing preparations.
Bound duty rate (%)( No. of tariff lines)
0.5%1.5%
Note:
Source: WTO Secretariat calculations, based on WTO CTS database. Figures above the bars refer to the percentage of total lines. Product descriptions are mainly based on HS 2 -digit level. WT/TPR/S/ 441 • Liberia  
 
- 39 - 
 
  been renewed every year for the past 15  years.21 Other tariff exemptions currently in force include 
agriculture products and equipment (EO  No. 115 of 19  January  2023) and off -grid solar renewable 
energy products (EO  No. 107 of 27  April 2022).  
Table 3.4 Exemption from customs duties through EOs, as of February  2023  
EO Date Items  
107 27/04/2022  Off-grids solar lighting appliances, equipment and system components and other 
systems directly related to renewable energy development.  
109 16/05/2022  Extension of EOs  78, 86, 95, and 100. EO exempts the Liberia Water and Sewer 
Corporation (LWSC) from c ustoms duties on certain products for LWSC's water 
treatment plants and sewerage facilities.  
111 11/10/2022  Extension of EOs  79, 90, 94, and 104. Exempting the Liberia Electricity Corporation 
from customs duty and Goods and Services Tax (GST) on petroleum products 
generation, transmission and distribution equipment, materials, and fuel.  
113 04/01/2023  Extension of E Os 80, 87, 93, 98, and 105. Suspension of import tariff on rice under 
tariff numbers  1006.30.00, in packing of more than 5  kg or in t he bulk; 1006.30.00, 
in packing of at least 5  kg; and 1006.40.00  (broken rice)  
115 19/01/2023  Extension of EOs  81, 97, 102, and  106. Suspension of tariffs on agriculture products 
and equipment directly related to agriculture development.  
Source:  Compiled  by WTO Secretariat, based on LRA, Customs Laws & Regulations, Executive Orders . 
Viewed at: https://revenue.lra.gov.lr/customs -laws-regulations/ ; and Republic of Liberia (Executive 
Mansio n), Executive Orders . Viewed at: 
https://www.emansion.gov.lr/2content.php?sub=49&related=19&third=49&pg=sp . 
3.28.  The LR Code provides for various schemes on customs duty relief, including the temporary 
admission of goods/inward processing, customs warehouses, free zone, and transit/transhipmen t 
(Table  3.5). 
Table 3.5 Main schemes for tariff exemptions and reductions  
Scheme  Summary  
Re-importation for 
home use  
(Sections  1540-1544)  Goods remain in the same state in which they were exported.  
Goods subjected to processing (repair or further manufacture) outside Liberia.  
Temporary admission  
(Sections  1545-1554)  Under the temporary admission procedure, goods may be imported into Liberia 
conditionally relieved totally or partially from payment of  import duties. Goods are 
not intended to undergo any change. The maximum period during which goods 
may remain under the temporary admission procedure shall be 12  months.  
Customs Warehouse  
(Sections  1555-1564)  Goods can be temporarily stored without paying import duties. No goods shall 
remain in customs warehouse for longer than two years from the date first placed 
under the customs warehouse procedure; provided that the Customs Department 
may grant an extension of time but that any such exten sion shall not exceed four 
years from the date the goods are first placed under the Customs warehouse 
procedure.  
Free zone  
(Sections  1565-1574)  Imported goods may be placed in an area designated under the laws  
of Liberia as a free zone without paying impo rt duties.  
Transit  
(Sections  1575-1579)  Any imported goods other than any prohibited imported goods may be moved 
from one port of entry or exit to another within Liberia by a bonded carrier 
without being subject to import duties.  
Trans -shipment  
(Sections  1580-1583)  
 Any imported goods may be transferred from an importing vessel or aircraft to an 
exporting vessel or aircraft within the same port of entry or exit without being 
subject to import duties. A declaration to place goods under the trans -shipment 
procedure may be lodged prior to the arrival of the goods to Liberia.  
Inward processing  
(Sections  1584-1594)  Goods under the inward processing procedure may be subject to full exemption 
from import duties when entering Liberia. The procedure can be applied to goods 
that are temporarily processed Liberia (other than repair of goods or destruction 
of goods). The LR A shall specify the period within which the inward processing 
procedure is to be discharged. The period shall run from the date on which the 
import goods are placed under the procedure and shall take account the time 
required to undergo the processing oper ations.  
Source:  Compiled by WTO Secretariat, based on LR Code, as amended.  
 
21 EO No. 11. Viewed at: https://www.emansion.gov.lr/doc/EXECUTIVE%20ORDER%20_%2011%20 -
%20Suspension%20of%20Tariff%20on%20Rice.pdf . WT/TPR/S/ 441 • Liberia  
 
- 40 - 
 
  3.1.3.4   Tariff preferences  
3.29.  At present, Liberia grants tariff preferences only under the ECOWAS Trade Liberalization 
Scheme (Section  2.3.2.1).  
3.1.4   Other duties, charges, and taxes  
3.30.  In addition t o customs tariffs, Liberia imposes additional duties (overage) on imported 
second -hand cars at the rates of 20% for those above 15 but not more than 25  years and 30% for 
those above 25  years.  
3.31.  Imports into Liberia from non -ECOWAS members are charged 0.5% of  the c.i.f. value as the 
ECOWAS Levy. This charge is the statutory contribution by each member to the ECOWAS for running 
the community's operations.  
3.32.  For the destination inspection service provided at the Free Port of Monrovia, where more than 
90% of international trade takes place in Liberia, MedTech Scientific Limited collects fees. These fees 
are specific: for example, for a 20  ft containerized shipm ent, the fee is USD  280 per container. For 
a 40 ft containerized shipment, the fee is USD  400 per container. Customs collects customs service 
fees for destination inspection services it provides at all other border entry points in Liberia. They 
are ad valo rem: 1.2% of the c.i.f. value of imports.  
3.33.  Customs also collects the G oods and Services Tax (GST) and excise duties at the border. 
Liberia is in the process of migrating GST to a VAT regime. The authorities indicate that the legislation 
on the migration pro cess was drafted, and full migration from GST to VAT is expected by 
1 January  2024. At the same time, ECOWAS is trying to harmonize VAT in its member countries.  
3.34.  GST is 10% of the taxable amount, while zero -rate GST applies to goods and services for 
export.  LRA collects the GST at the border on imports at 10% of the c.i.f. value plus tariff, customs 
service fee, ECOWAS Levy, and excise duties (if any).22 
3.35.  The items exempt from GST include:  
• foodstuffs for human consumption for the general use of educational an d philanthropic 
institutions;  
• goods for the relief of distressed persons in the case of natural disasters or other 
humanitarian emergencies;  
• pharmaceutical or medicinal preparation specified by regulation issued by the MoCI;  
• medical aids or appliances spec ifically designed for persons with an illness or disability;  
• textbooks or other instructional materials designed for use in schools or adult education 
programs; and,  
• supplies made to a certain manufacturer, agriculture business, mining project producer or 
petroleum project producer, or the holder of a Forestry Resource Licence engaged in 
forestry.  
3.36.  GST is also applied in the form of a Port Service Tax: USD  25 (or its equivalent in 
Liberian  dollars) is imposed on passengers leaving Liberia by luxu ry ocean liner, USD  10 on 
passengers leaving by other commercial sea transport, and USD  5 on passengers leaving by 
commercial land transport (LR  Code, Section  1027).  
3.37.  Excise duties are levied on, inter alia, alcoholic and non -alcoholic beverages, tobacco an d 
tobacco products, luxury goods, cosmetics, sugar, and gambling equipment. They are ad valorem  
or specific. For domestically produced goods, the taxation base is the ex -factory price. For imports, 
excise duties are levied on the c.i.f. value plus import t ariffs, customs service fee, ECOWAS Levy, 
 
22 LR Code, Section  1004(d).  WT/TPR/S/ 441 • Liberia  
 
- 41 - 
 
  and any other duties except GST. However, for a number of imported products, the rates are higher 
than for those produced locally (Table  3.6). 
Table 3.6 Excise duties,  2023  
HS heading  Product description  Duty rate  
  Imported  Local  
2009 Fruit juices (including grape must) and vegetable 
juices, unfermented and not containing added 
spirit, whether or not containing added sugar or 
other sweetening matter  USD 0.45/litre  USD 0.05/litre  
2201 Waters, including natural or artificial mineral 
waters and aerated waters, not containing added 
sugar or other sweetening matter nor flavoured; 
ice and snow  USD 0.45/litre  - 
2202 Waters, including mineral waters and aerated 
waters, containing added sugar or other 
sweetening matter or flavoured, and other 
non-alcoholic beverages, not including fruit or 
vegetable juices of heading 2009  USD 0.30/litre  USD 0.02/litre  
2203 Beer made from malt  USD 1.0/litre  USD 0.35/litre  
2204 Wine of fresh grapes, including fortified wines; 
grape must other than that of heading 20.09  USD 1.0/litre  USD 0.35/litre  
2205 Vermouth and other wine of fresh grapes 
flavoured with plants or aromatic substances  USD 1.0/litre  USD 0.35/litre 
2206 Other fermented beverages (for example, cider, 
Perry, mead, sake); mixtures of fermented 
beverages and mixtures of fermented beverages 
and non -alcoholic beverages, not elsewhere 
specified or included  USD 1.0/litre  USD 0.35/litre  
2208 Undenatured ethyl alcohol of an alcoholic 
strength by volume of less than 80%  vol.; 
spirits, liqueurs and other spirituous beverages  USD 3.0/litre  USD 2.0/litre  
2401 Unmanufactured tobacco, tobacco refuse  USD 0.40/kilogram  
2402.20  Cigarettes, of tobacco or tobacco substitutes  USD 0.40/stick of 20  cigarettes  
2402.10  Cigars, cheroots, cigarillos  USD 0.40/stick of 20  cigarettes  
2402.90  Others  80% 
2403 Other manufactured tobacco and manufactured 
tobacco substitutes; "homogenized" or 
"reconstituted" tobacco; tobacco extracts and 
essences (i.e. shisha and shisha ingredients or 
hookah)  80% 
8543 E-cigarette  50% 
9614 Smoking pipes (including pipe bowls) and cigar 
or cigarette holders, and parts thereof 
(i.e. hookah utensils)  50% 
33 Cosmetics and cosmetic aids including perfumes, 
toilet preparation, hair products and nail 
products (soap, toothpaste, toilet tissues and 
disinfectants are not cosmetics or cosmetic aids)  20% 
1701.99.10.00  Cane or beet sugar and chemically pure sucrose, 
in solid form – in powder, crystal or granule form  5% 
1701.99.90.00  Cane or beet sugar and chemically pure sucrose, 
in solid form – other  5% 
8703 Luxury vehicles and vessels (including boats and 
yachts and other vessels for sports and 
pleasure) "Luxury Ve hicles" means any 
automobile that is in the class of private 
passenger automobiles and that has a minimum 
of a CIF value of USD  60,000 for a new car or 
USD 30,000 for a used car  10% 
7113-7118 Jewellery, goldsmiths' and silversmiths' wares 
and other articles  10% WT/TPR/S/ 441 • Liberia  
 
- 42 - 
 
  HS heading  Product description  Duty rate  
9504 Video game consoles and machines, articles for 
funfair, table or parlour games, including 
pintables, billiards, special tables for casino 
games and automatic bowling alley equipment  30% 
- Nil. 
Source:  Amended Customs Code  2019.  
3.38.  Some items are exempt from excise duties:  
• denatured ethyl alcohol used for industrial/medical purposes and not fit for 
beverage/human consumption;  
• goods purchased or imported for official use by foreign diplomatic missions and 
representative offices with equiva lent status;  
• imports by bona fide travellers, and returning residents and for articles to be re -exported;  
• goods in transit and transhipment;  
• alcoholic beverages produced by a physical person for self -consumption within the limit 
fixed by the Government, an d import of one litre of alcoholic beverage and one carton of 
(200) cigarettes by a physical person for personal consumption;  
• excisable goods, except alcohol, tobacco, and tobacco products, imported as humanitarian 
aid in cases of natural disasters;  
• excisa ble products supplied by tax -free shops that are carried away in the personal 
luggage of travellers leaving the country by air or by sea;  
• excisable products supplied on board an aircraft or a ship during international passenger 
service;  
• cigarettes and/or a lcoholic beverages marked by excise tax control stamps, which have 
been destroyed by their producer by permission or order of the competent authorities;  
• all excisable goods meant for repairing, reconditioning, and re -engineering; and  
• all excisable goods se nt abroad as exhibits for exhibition in International Trade Fairs or for 
demonstration or carrying out tests or trials.  
3.1.5   Import prohibitions, restrictions, and licensing  
3.39.  Since its accession, Liberia has not submitted any notification to the WTO under the Im port 
Licensing Agreement. The authorities state that they intend to submit the relevant notification soon.  
3.40.  The Foreign  Trade  Law 2016 contains provisions on the import licensing regime.23 The MoCI 
is responsible for the issuance of import licences.  
3.1.5.1   Import prohibitions  
3.41.  The amended LR  Code (Section  1214) stipulates that the Customs Department may impose 
import prohibitions and restrictions on grounds of, inter alia, public morality; public policy or public 
security; the protection of the health and life of hu mans, animals, or plants; and environment 
protection. In accordance with the LR  Code, Liberia prohibits the imports of:  
 
23 MoCI, Laws. Viewed at: 
https://www.moci.gov.lr/2content.php?sub=164&related=16&third=164&pg=sp . WT/TPR/S/ 441 • Liberia  
 
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  • goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in 
part in any foreign country by convict, forced, or  indentured labour under penal sanctions 
(Section  1817);  
• right-hand drive vehicles of any category (Section  2202); and,  
• used motor vehicles more than 15  years old designed for transport of both passenger and 
goods. However, these vehicles may still be impo rted if the "overage" duty is paid 
(Section  3.1.4). This import ban does not cover earth -moving machinery; heavy -duty 
trucks used in logging, and transportation of heavy equipment; industrial vehicles and 
tankers; special purpose motor vehicles; and other trucks above 10  tonnes 
(Section  2202).  
3.42.  The following chemicals are prohibited from importation: aldrin; chlordan; dioxins;  endris; 
furans; heptachlor; dieldrun; mirex; toxaphene; polychlorinate; DDT; hexachlorabenzene; and 
methyl bromide.24 The authorities  state that ozone -depleting substances are also prohibited from 
importation.  
3.43.  The authorities state that the following products are also banned from importation into and 
exportation from Liberia: leopard skin; animal horn; wild cat skin; charcoal; bush meat ; ivory and 
products thereof; python skin; shark fin; and turtles.  
3.1.5.2   Import restrictions and licensing  
3.44.  The following products require permits from relevant ministries or agencies before the MoCI 
issues an Import Notification Form:  
• Soil from foreign land – banned from entering except for scientific reasons;  
• All plants and plant products including processed;  
• All live animals and animal products including processed;  
• All human consumables: food (including rice and flour), alcohol, soft drinks, and 
tobacco/cigarettes;  
• All agro -chemicals and veterinary drugs;  
• All wildlife species (flora and fauna) including timber , log, plywood, and plant -packing 
materials;  
• Chewing stick;  
• Chain sawn wood;  
• Bird feathers except for scientific reasons;  
• All non -timber forest products;  
• Hazardous substances and chemicals;  
• Petroleum and petroleum products;  
• Cement;  
• Medicines and pharmaceut ical products and biological substances;  
 
24 Liberia Tariff Schedule 2019. Viewed at: https://r evenue.lra.gov.lr/08/TARIFF -LIBERIA -CUSTOMS -
ECOWAS -CET-HS-2019.pdf . WT/TPR/S/ 441 • Liberia  
 
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  • Explosives;  
• Fireworks and combustible liquid or gas preparations;  
• Military tanks and weapons;  
• Arms and ammunition; and  
• Building materials (including lime, steel rods, plywood, PVC pipes, zinc, and ceramic 
flooring b locks).  
3.45.  In December  2020,  Liberia decided through an EO to replace 
Import  Permit  Declarations  (IPD) by Import Notification Forms (INFs). That is, importers do not need 
to submit any IPDs to the MoCI. Rather, they need to submit an INF as "an administrative  document 
to collect trade statistical data and monitor the inflow and outflow of good and facilitate trade".25 
This reflects a move from a non -automatic to an automatic import licensing regime.  
3.1.6   Anti-dumping, countervailing, and safeguard measures  
3.46.  In 2017,  Liberia notified to the WTO that it implements ECOWAS trade remedy legislation.26 
3.47.  Liberia does not have any national legislation on contingency measures, and the authorities 
state that Liberia has not implemented any anti -dumping, countervailing, or safeg uard measures.  
3.48.  At the time of accession to the WTO, Liberia imposed a surtax of USD  0.10/kg on imported 
flour, "due to a sharp increase in the importation of flour that substantially affected local price thus 
creating injury and a potential threat of greater injury".27 According to the Working Party report, the 
surtax was to make the local flour industry price competitive considering the high production cost of 
the good in Liberia.28 The authorities confirmed that this surtax was eliminated in 2019.  
3.2  Measures directly af fecting exports  
3.2.1   Customs procedures and requirements  
3.49.  According to guidelines issued by the MoCI, all natural persons or legal entities wishing to 
export from Liberia must first register with the MoCI to obtain Export Permit Declaration (EPD) 
forms. They nee d to submit proforma invoices and other documents such as quarantine certificates 
from relevant ministries/agencies before obtaining approval from the MoCI. In addition, all 
commercial exporters must pay a non -refundable processing fee of USD  150 (or its e quivalent in 
Liberian dollars) for every 10  containers per EPD.29 
3.50.  According to Section  1622 of the Modernized  Customs  Code, the basis of customs valuation 
of exported goods is the market value of such goods at the time of export.  
3.51.  The Customs Department iss ues certificates of origin ( COOs) for exports from Liberia. Liberian 
exports, if covered by a COO, may enter other ECOWAS countries duty -free under the ETLS 
(Section  3.1.2).  However, if rules of origin are deemed too costly or complex to comply with, firms  
may instead forgo the preferences. According to an UNCTAD study, the underutilization rate reached 
 
25 EO No. 103. Viewed at: 
https://www.emansion.gov.lr/doc/Executive%20Order%20_103%20Revised.pdf . 
26 WTO documents  G/ADP/N/1/LBR/1, 1 December  2017;  G/SG/N/1/LBR/1, 1 December  2017; 
and G/SCM/N/1/LB R/1, 1 December  2017.  
27 WTO document WT/ACC/LBR/23, 9  October  2015.  
28 WTO document WT/ACC/LBR/23, 9  October  2015.  
29 MoCI, Standard Operating Procedure (SOP) for Exportation by MOCI . Viewed at: 
https://www.moci.gov.lr/doc/Export%20SOP.pdf . WT/TPR/S/ 441 • Liberia  
 
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  100% in Liberia, indicating that Liberia is unable to make use of preferential treatment for its exports 
to external partners.30 
3.2.2   Taxes, charges, and levies  
3.52.  Exports of unprocessed goods used to be subject to export duties. According to the 
authorities, this was removed, and currently no export duty applies.  
3.53.  Logs and wood products are subject to export taxes (fees) (Section  4.1.2).  
3.2.3   Export prohibitions, restrict ions, and licensing  
3.2.3.1   Export prohibitions  
3.54.  Liberia banned the exportation of unprocessed natural rubber from 2008  to 2017, with a view 
to curbing the decline in the local rubber industry.  
3.2.3.2   Export restrictions and licensing requirements  
3.55.  According to a document called Restricted Exports  issued in 2014 by the MoCI, a 
permit/certificate is required for the exportation of a number of products (Table  3.7). Then a licence 
is issued by MoCI upon presentation of permits/certificates.  
Table 3.7 Non-exhaustive list of products subject to export restrictions, 2023  
Description  Responsible entity  Rationale  
Cocoa and coffee  Liberia Agriculture Commodity Regulatory 
Authority (LACRA)  Testing to determine quality  
Fish and fish 
products  National Fisheries and Aquaculture Authority 
(NaFAA) SPS 
Other edible 
products  Ministries of Agriculture and Health  SPS  
Logs and wood 
products  Forestry Development Authority (FDA) and 
Société Générale de Surveillance SA (SGS)  SGS certificates contain information 
on the value and the species, and 
useful for deciding royalty payments;  
FDA on forestry inspection  
Camwood  FDA FDA on forestry inspection  
Iron ore  Ministry of Mines and Energy (MME) issues 
licences   
Scraps  Ministries  of Justice and Land, MME  Ministry of Justice provides clearance 
for scrap metal exports on security 
grounds  
Gold Office of Precious Minerals (OPM) of the MME   
Diamonds  OPM of the MME, Kimberley Process 
Certificate Scheme   
Source:  MoCI (2014), Restricted Exports . Viewed at: 
https://www.moci.gov.lr/doc/MoCI.Conditional.Exports.040714.v2.pdf ; and information provided by 
the authorities.  
3.2.4   Export support  
3.56.  The authorities state that currently there is no export promotion body with a mandate to 
develop and promote exports in Liberia.  
3.57.  Liberia has no duty -drawback mechanism. According to the Working Par ty report, all export 
duty-drawbacks and tax credits have been abolished since 2006.31 
 
30 UNCTAD  (2019), Economic Development in Africa (Report  2019) – Made in Africa: Rules of Origin for 
Enhanced Intra -Africa Trade . Viewed at: https://unctad.org/system/files/official -
document/edar2019_en_ch2.pdf . 
31 WTO document WT/ACC/LBR/23, 9  October  2015.  WT/TPR/S/ 441 • Liberia  
 
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  3.58.  Liberia does not have any officially supported export finance, export credit or guarantee, or 
export insurance programmes.  
3.3  Measures affecting production and trade  
3.3.1   Incent ives 
3.59.  The Investment  Act 2010 seeks to "rationalize, standardize and ensure transparency in the 
award of investment incentives by consolidating fiscal incentives in the Liberia Revenue Code 
of 2000" (as amended in 2011) "and developing a coordinated institu tional capacity involving all 
relevant government agencies for the administration of such incentives".32 The National Investment 
Commission (NIC) is in charge of evaluating business plans of enterprises seeking government 
support. Based on the NIC's recomm endations, the MFDP certifies eligible enterprises as recipients 
of various incentives.  
3.60.  On 5 July 2021, Section  16 of the LR  Code on Special Investment Incentives was amended. 
The amendment is to expire on 30  June 2026 unless extended by an Act of the Legi slature.33 The 
amendment stipulates that investment incentives may be granted to enterprises, including foreign 
enterprises, for three years from the commencement of investment, if their investment exceeds 
USD 500,000, or, for those investing in the health  and agriculture sectors, if their investment 
exceeds USD  50,000. Applications for incentives are submitted to the NIC for review, and once 
reviewed and recommended by the NIC, the MFDP issues a Special Investment Incentive Certificate 
within 15  working da ys. Holders of the Certificate are exempt from GST and import tariffs on the 
purchase of specific equipment, materials, supplies, and other critical items, for the direct use by 
the particular business activity for which the Certificate was issued. Eligibl e activities cover the 
following 15 areas:  
• tourism;  
• manufacturing of finished products with at least 30% local raw material content excluding 
water;  
• energy;  
• hospitals and medical clinics;  
• housing for low - and medium -income households;  
• air, sea, rail, and road transport infrastructure, including ports;  
• high-impact information and communication technology;  
• banking in the areas lacking financial services (non -bank areas in the south -eastern 
region) and in Zone 134 (i.e. economically deprived areas);  
• agricultural food -crop cultivation and processing, including cocoa and coffee;  
• poultry production;  
• horticulture;  
• small- and medium -scale rubber and oil palm cultivation and processing;  
• exports of sea products;  
 
32 WTO document WT/ACC/LBR/23, 9  October  2015, para.  22. 
33 Act to Amend Section  16 of the Liberia Revenue Code as Amended, to be referred to as the Liberia 
Tax Amendment Act of  2021. Viewed at: https://revenue.lra.gov.lr/wp -content/uploads/2022/01/Section -16-
amendment -2021.pdf .  
34 LR Code  of 2000, as amended in  2011.  WT/TPR/S/ 441 • Liberia  
 
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  • manufacturing or assembly of finished products for export, provided that at least 70% of 
production is exported from Liberia within 12 -month period; and  
• waste management.  
3.61.  Eligible enterprises may qualify for incentives in the form of (i)  30% tax (GST and import 
tariffs) deduction on up to 100% of the cost of equipment and machinery used in the activity in the 
year the asset is placed in service; (ii)  30% tax deduction on up to 100% of construction cost of a 
new hotel or tourist resort; (iii)  10% tax deduction on the cost of the buildings and fixtures used i n 
a manufacturing process that produces finished products (for domestic consumption or export) if 
they have a gradual -scale local raw material content.35 
3.62.  For investments exceeding USD  10 million, incentives may be allowed for a period of up to 
15 years.36 
3.63.  From January  2020 to October  2022, the Government issued special investment incentive 
certificates to 25  enterprises, of which 18  engage in manufacturing, while others are in the areas of 
poultry, fishery, energy, hotel and tourism, transport infrastructur e, and information and 
communication technology.  
3.64.  The LR Code contains provisions on free zones  (Sections  1565-1574), and the Special 
Economic Zones Act (SEZ  Act) went into effect in 2017. The SEZ Act does not determine the 
regulatory and administrative procedures or fiscal incentives to firms to be located in SEZs. However, 
the SEZ  Act established the Liberia SEZ Authority and entrusts it with the task of implementing 
regulations on incentives available to SEZs and SEZ companies.37 
3.65.  In 2019, the Government established a Special Economic Zone (SEZ) Steering Committee "to 
create, drive, guide, enhance, coordinate, and  manage single, multiple and mixed -use SEZs in 
Liberia".38 The Government identified the port city of Buchanan as the site for the construction of 
Liberia's first SEZ.39 The authorities state that the site in Buchanan is under construction, while the 
SEZ A uthority has not been set up yet.  
3.66.  The Monrovia Industrial Park (MIP) was established in 1965 with a view to promoting and 
incentivizing domestic and foreign investments in manufacturing. In July  2016, the management of 
the MIP was officially transferred fr om the NIC to the MoCI. Currently, the following enterprises 
operate in the MIP: TIBA Group Industries (biscuits and confectionery); NP Liberia (cooking gas 
packaging); Garson Steel (wire nails); West African Venture Fund (noodles and packaging); Sethi 
Brothers (steel); Premiere Milling (wheat flour); and Supreme Mattresses (mattresses).  
3.67.  The authorities indicate that an MIP regulation entered into force in 2017, and established an 
interagency board to administer the MIP. A detailed development plan is being  prepared, aiming to 
serve as a roadmap to fully develop the MIP. According to the authorities, incentives provided to the 
MIP include easier access to financial leasing services, credits provided by the Liberian Enterprise 
Development Finance Company, GST  deductions or exemptions, and capital financing provided by 
the West African Venture Fund.  
3.68.  In addition, incentives are also provided to MSMEs through the public procurement regime: 
the Small Business Empowerment Act sets aside 25% of all public procurement for MSMEs. 
Five percentage  points of this 25% are reserved for women -owned MSMEs (Section  3.3.6). In 
 
35 Revenue Code of 2000 as amended in 2011.  
36 Revenue Code of 2000 as amended in 2011.  
37 MFDP (2020), Feasibility Study for the Special Economic Zone and Port, Buchanan, Liberia . Viewed at: 
https://www.mfdp.gov.lr/index.php/component/edocman/publications/feasibility -study -for-the-special -
economic -zone-and-port-buchanan -liberia?Itemid=1734 . 
38 Executive Mansion online news, 8  April 2019. Viewed at: 
https://www.emansion.gov.lr/2press.php?news_id=4841&r elated=7&pg=sp . 
39 In September  2020, in response to the Government's request, USAID prepared a Feasibility Study 
that concluded that an SEZ at the Buchanan port represents the most economically feasible option for an SEZ 
in Liberia. MFDP (2020), Feasibilit y Study for the Special Economic Zone and Port, Buchanan, Liberia . Viewed 
at: https://www .mfdp.gov.lr/index.php/component/edocman/publications/feasibility -study -for-the-special -
economic -zone-and-port-buchanan -liberia?Itemid=1734 . WT/TPR/S/ 441 • Liberia  
 
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  FY2016/17, the Central Bank of Liberia (CBL) lowered interest rates on loans to MSMEs to 8%40, 
while commercial banks were providing loans at  15%-18%. However, the MoCI's Annual Report 
noted that loans are difficult to obtain given requirements on collateral by all but two financial 
institutions.41 
3.3.2   Standards and other technical requirements  
3.69.  The Division of Standards of the MoCI functions as Liberia's standardizing body, TBT enquiry 
point, and national notification authority.42 Under the Executive  Law (Chapter  29, Section  29 2(a)), 
the MoCI has the mandate to regulate commodities and trade standards. In addition, the MoCI is 
authorized to exercise its broad powers to ensure the achievement of national goals through the 
establishment and enforcement  of standards.  
3.70.  Liberia has made some progress in reforming its TBT regime. The Liberia National Standards 
Act to establish the Liberia Standards Authority entered into force in July  2022. Liberia is, however, 
facing challenges in developing and implementin g TBT (and SPS) measures. A national 
TBT/SPS  Committee, established in 2017, has not been able to meet since 2018 due to lack of 
funding. Guidelines for implementing good regulatory practices were drafted and efforts have been 
made to improve regulatory co operation and coordination among agencies, but progress has been 
slow due to overlapping responsibilities.  
3.71.   Liberia has provided five TBT notifications (see below). No specific trade concern concerning 
Liberia's TBT measures has been raised in the TBT Comm ittee. 
3.72.  Liberia is a member of ISO and IEC. At the regional level, Liberia participates in ECOWAS 
activities in the areas of standardization, technical regulations, conformity assessment procedures, 
accreditation, quality management systems, and metrology. As a member of the African 
Organization for Standardization (ARSO), Liberia participates in activities concerning cocoa; animal 
health; food and agriculture; and water, sanitation, and hygiene (WASH).  
3.73.  According to the authorities, Liberian policy is to bas e national standards on regional or 
international standards to the maximum extent feasible. Indeed, all Liberia Standards are aligned 
with regional or international standards. As of February  2023, Liberia had adopted 119  standards, 
of which 33 were regiona l standards (ECOWAS or ARSO) and 86 were international standards 
(ISO/IEC or Codex Alimentarius). Copies are available at the National Standards Desk of the National 
Standards Laboratory (NSL); the standards have yet to be gazetted as Liberian Standards.  
3.74.  The development and adoption of standards follows established procedures, known as the 
Liberian Standards Harmonization Model Procedure (LISHAM procedure). LISHAM was developed by 
the NSL in collaboration with the Division of Standards and adopted in  2018. It is based on the 
ECOWAS Standards Harmonization Scheme (ECOSHAM) and the African Union Standards 
Harmonization Model (ASHAM). LISHAM establishes the principles of standardization and procedures 
for technical work with emphasis on harmonized regional and international standards for use as 
Liberian Standards.43 According to the authorities, these procedures are based on ISO/IEC Directives 
Parts 1 & 2 and the TBT  Agreement.  
3.75.  The standardization process has eight stages: preliminary; proposals; preparatory; 
committee; public enquiry44; ballot; approval; and publication. LISHAM procedures foresee up to 
3.5 months for the adoption of harmonized standards as Liberian Standards and up to 9.5  months 
for the development of local standards. Participation in the LISHAM  process is open, on a 
non-discriminatory basis, to all interested parties, through representation in technical committees, 
subcommittees, or working groups, and during the public enquiry process on draft standards.  
3.76.  The standard harmonization process is ca rried out by seven technical committees for food 
and agriculture, electro -technical products, buildings and construction, chemicals and cosmetics, 
 
40 MoCI (2018), Transition Report 2017 – Rebranding Commerce . 
41 MoCI (2018), Transition Report 2017 – Rebranding Com merce . 
42 Administrative  regulation  MCI/No.  009/2015.  
43 MoCI issued a Policy  Guide  (2017) entitled "Adoption procedure of international regional as national 
standards".  
44 MoCI issued a Notice  (2017) entitled "Public enquiry on identical adoption of standard s". WT/TPR/S/ 441 • Liberia  
 
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  WASH, environment management, and animal health. The technical committees are managed by a 
steering committee  (National Technical Management Committee), which has adopted a work 
programme.  
3.77.  Five ministries (MoCI, Ministry of Health (MOH), Ministry of Lands, Mines and Energy 
(MLM&E) , Ministry of Agriculture (MOA), Ministry of Public  Works ( MPW)) and nine agencies ( EPA; 
Liberia Electricity Corporation ( LEC); Liberia Water and Sewer Corporation ; Liberia 
Telecommunications Corporation ; Liberia Petroleum Refining Company ( LPRC); NaFAA; LACRA ; 
National Public Health Institute of Liberia; and Liberia Water, Sanitation and  Hygiene Commission) 
are involved in the standardization process. For each institution, two persons are designated as 
representatives/focal points in the technical committees. The TBT focal points meet quarterly to 
exchange draft technical regulations. A t imeline is given before a final draft is prepared for final 
comment. The LISHAM procedure provides for a review to be undertaken within five years of the 
continued suitability of each Liberian Standard. According to the authorities, the adoption of 
standar ds at MoCI started in 2018; therefore the review of standards will not begin before  2023.  
3.78.  Technical regulations enter into force upon a declaration by the minister and are published in 
the National Gazette. Final technical regulations and conformity assess ment procedures are 
published on the MoCI website ( www.moci.gov.lr ). According to the authorities, the standard 
timeline for the submission of comments on draft technical regulations, standards, and conformity 
assessment procedures is 60  days (Administrative  Regulation  MCI/No.  001/09/2015).45 
3.79.  Liberia's technical regulations cover, inter alia: 
• wheat flour fortification (Administrative  notice  MCI/No.  011/07/2017);  
• Liberia Agriculture Commodity  Regulator y Authority (LACRA) – mandate to ensure 
consumer protection of unsafe and substandard products (coffee and cocoa) with regard 
to imports and exports (Section  4.1.1);46 
• gas stations (Administrative  Notice  MCI/No.  008/07);47 
• liquefied petroleum gas (LPG);48 
• equipment certification under the Telecommunication s Act of 2007; and 
• Monrovia Industrial Parks (Administrative  Notice  MCI/No.  009).  
3.80.  The NSL, established in 2010, is responsible for conformity assessment procedures 
(inspection, certification, and testing).49 The procedure for the international accreditation of the 
laboratory has been launched. The NSL has chemical, microbiology, and metrology labs. It provides 
technical services among others to the MoCI (high -risk goods, see below); MOA (SPS measur es); 
MOH (food safety); EPA (water quality and environmental control in the area of waste water and 
effluent analysis); and MME (water and mining activities).  
3.81.  In general, the NSL's conformity assessment procedures involve five steps: preliminary 
verificati on; preparation of tasks (sampling, lab analysis, factory audit, pre -shipment inspection); 
evaluation; verification of conformity (VOC); and surveillance. The VOC comes in the form of a letter 
indicating that the product meets the technical requirements; o therwise a non -conformity report 
may be issued leading to confiscation of the product. The surveillance is performed randomly in 
different ways: random inspection, arrival verification, surveillance of quality management, regular 
inspection, random product  laboratory testing, and control of factory production. The frequency and 
extent of surveillance are defined jointly with the authorities, while the NSL is responsible for setting 
up the VOC programme.  
 
45 WTO document  G/TBT/2/Add.125/Rev.1,  26 September  2017.  
46 WTO document  G/TBT/N/LBR/1,  14 February  2018.  
47 WTO document  G/TBT/N/LBR/2,  26 July 2018.  
48 WTO document  G/TBT/N/LBR/3,  26 July 2018.  
49 MoCI, Overview of the National Standards Laboratory (NSL). Viewed at: 
https://www.moci.gov.lr/2content.php?sub=117&related=36&third=22&pg=tp . WT/TPR/S/ 441 • Liberia  
 
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  3.82.  Since  2010, the NSL has also been responsible for the testing of imported high -risk goods, 
which are  goods that are deemed to have serious health, safety, and environmental effects and 
include pharmaceuticals, cosmetics, medical services, alcohol and alcoholic products, chemical and 
petroleum products, electr ical cables, electronic products, building materials, African textile prints, 
used goods, pyrotechnic products, motor vehicle batteries, arms and ammunitions, and LPG 
cylinders. According to the authorities, technical regulations do not exist for these pro ducts, 
except  LPG. 
3.83.   The procedure for clearing of high -risk goods at the ports of entry involves the following:  
• High-risk goods are registered with the LRA.  
• Importer purchases applicable Liberian Standard.  
• INF is submitted to the MoCI, followed by a reques t for sampling by the NSL. The sample 
should be accompanied by a certificate of analysis (COA) or certificate of conformity 
(COC). The testing fees are set by the lab administrator and approved by the MoCI.  
• Upon arrival and depending on the risk profile of  the good, the product is subject to 
inspection by the NSL. If necessary, the NSL takes random samples for verification and 
review of the risk -rating of the brand, exporter, and importer.  
• Goods are released, provided the COA/COC is authenticated, the label  conforms to 
requirements of the standard, permits from other agencies are provided, and Customs 
completes a satisfactory inspection of documents.  
 
3.84.  The NSL applies both type approval as well as 100%  testing (mainly food items). Furthermore, 
the Liberia Tel ecommunications Authority (LTA) monitors the market to ensure that radio and 
telecom equipment has been type -approved in accordance with LTA procedures. These certification 
procedures involve an application from the manufacturer, review of the manufacturer 's 
documentation, approval of design or drawing, review of the test programme, witness of type test, 
review of the type test reports, and issuance of type approval certification.  
3.85.  Labelling requirements are under the authority of the MoCI. Liberia relies on  the General 
Business Law, which includes provisions on "false labelling". Mandatory labelling of pre -packaged 
food requires a minimum shelf -life of 90  days with the label (in English) indicating the "best before" 
date. The Division of Inspectorate (under the MoCI) is authorized to ensure that expired products 
are removed from shelves. A new regulation on "Labelling and Packaging of Pre -packaged Food and 
Non-food Products" is in the process of adoption.50 
3.3.3   Sanitary and phytosanitary requirements  
3.86.  In the conte xt of its WTO accession, Liberia was granted a transition period, which is bridged 
by an SPS Action Plan, leading to the full implementation of the SPS  Agreement from 
1 August  2017.51 
3.87.  The MOH, the MOA, and the MoCI are primarily responsible for SPS measure s. The 
Department of Technical Services of the MOA functions as National Enquiry Point (NEP) and National 
Notification Authority (NNA).52 According to the authorities, the contact points of the NEP and NNA 
are currently not active and not sufficiently comp etent to handle the WTO TBT SPS ePingAlert tool 
for SPS notifications and enquires from Members.  A national TBT/SPS Committee was established 
with a strategic workplan for 2021 -23 (Section  3.3.2).  
 
50 The regulation does not apply to drugs or devices within the meaning of the Liberia Medicine and 
Health Product Regulatory Authority Act.  
51 WTO document WT/ACC/LBR/23, 9  October  2015.  
52 Basic office equipment is available, including desktop computers. Staff was given basic traini ng on 
transparency notifications, and to operate and manage the contact points of the NNA and NEP. Four members 
of the national SPS  Committee were sent to the WTO in 2017 and 2018 to improve their knowledge and 
understanding on the conduct of the SPS Commi ttee meetings. Several awareness and training seminars were 
conducted for members of the national SPS  Committee.  WT/TPR/S/ 441 • Liberia  
 
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  3.88.  To date, Liberia has submitted one SPS notification concerning packaged drinking water.53 No 
specific trade concerns regarding Liberia's SPS  measures were raised in the SPS  Committee.  
3.89.  Liberia is a member of the FAO/WHO Codex Alimentarius Commission, the World Organisation 
for Animal Health  (WOA H), and the International Plant Protection Convention  (IPPC). At the regional 
level, Liberia cooperates with other members of ECOWAS and the African Union to arrive at a 
common policy on SPS measures. According to the authorities, Liberia is implementing E COWAS 
Regulation  C/REG.21/11/10 related to the structural and operational rules for plant health, animal 
health, and food safety.  
3.90.  The MoCI is mandated to ensure quality standards of domestic and imported products and 
ensure conformity of imported products with the applicable SPS requirements, in accordance with 
Chapter  29.2(a) of Title  12 of the Liberian Codes of Laws Revised (Executive Law).  
3.91.  The MOH is responsible for food safety, operating under the authority of the Executive Law 
and Article  26 of the Pub lic Health  Law of 1976. The Ministry's oversight and inspection role for food 
hygiene covers meat and poultry products, hotels, public eating places, and drinking houses. Liberia 
adopted a new Food Law of Liberia on 17  September  2017.54 The Law provides for the general 
principles, based on the SPS  Agreement, of national measures in the area of food and feed safety, 
and for the establishment of an independent Food Safety Authority of Liberia (not yet established).  
3.92.  According to the authori ties, Liberia's food safety measures are based on international and 
regional standards. To date, Liberia has adopted 53  regional and Codex standards. Liberia has not 
developed any national food safety standards.  
3.93.  The Plant and Animal Quarantine Services (PA QS), Department of Technical Services of the 
MOA, is responsible for phytosanitary and veterinary measures.55 The PAQS  operates under the 
authority of Title  3, Chapter  1 (Plant and Animal Quarantine) of the Liberian Codes of Laws Revised 
(Agriculture  Law of 1950, as revised in 1972). The legal framework for phytosanitary and veterinary 
measures is obsolete. A new Draft Veterinary Law and a Draft SPS Law are pending.  
3.94.  In practice, according to the authorities, phytosanitary measures, including import permit 
procedures, are based on international (IPPC) standards, regional (e.g. African Union Inter -African 
Phytosanitary Council (AU -IAPSC), Manu River Union) and the national Plant Quarantine Law of 
1950. The Ministry has the authority to prohibit imports of plan ts if the country of origin is suspected 
to have a pest or disease outbreak. Veterinary measures are based on international (WOAH) and 
regional standards (e.g.  African  Union  Interafrican  Bureau  of Animal  Resources  (AU-IBAR)).  
3.95.  Import permits are required fr om the PAQS for (i)  pathogenic microorganisms (including seed 
culture of and viruses) of animals and plants, insect pests, and other organisms; (ii)  animals and 
plants, their products, and other quarantine objects from countries or regions with prevalent 
epidemic animal or plant diseases; (iii)  animal carcasses that were infested and untreated; (iv)  wood 
and wooden packaging materials not in compliance with ISPM  No. 15; (v)  processed food items; 
(vi) soil or soil on propagated materials; and (vii)  banned an d restricted agro -chemicals and 
veterinary drugs.  
3.96.  Import permit applications should normally be processed within 24  hours. Liberia does not 
yet have an electronic, web -based system for import permit procedures. The PAQS issues, inter alia, 
the following ty pes of permits and certificates:  
• Import and export permit (animal products): USD  100, valid 3  months;  
• Import and export permit (other products): USD  100, valid 3  months;  
• Phytosanitary certificate: USD  100 (commercial shipments) and USD  10 (personal use);  
 
53 WTO, ePing. Viewed at: https://eping.wto.org/en/Search/Inde x?domainIds=2&countryIds=C430 . 
54 An Act to Amend the Executive Law of Liberia to Create a National Food and Feed Quality and Safety 
Act. Viewed at: https://www.m oa.gov.lr/sites/default/files/documents/NATIONAL%20FOOD%20ACT.pdf . 
55 MOA, National Quarantine and Environmental Services . Viewed at: 
https://www.moa.gov.lr/genera l/national -quarantine -and-environmental -services . WT/TPR/S/ 441 • Liberia  
 
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  • Zoo-sanitary certificate for exports of processed food: USD  100 (commercial shipments) 
and USD  10 (personal use);  
• Veterinary certificate (exports): cattle – USD 2/head; small ruminants – USD 0.50/head; 
fowl – USD 0.50 per batch; and  
• Standards certificate: a nnual certificate for exports of rubber and palm oil, based on IPPC 
standards.  
3.97.  Liberia operates three laboratories: the NSL (Section  3.3.2), the Drugs Testing Laboratory of 
the Liberia Medicines and Health Products Regulatory Authority, and the Central Vet erinary 
Diagnostic Laboratory in Fendell (Ledlum  Lab). The Ledlum Lab provides microbiological, virology, 
and parasitology testing to the field veterinary services and to enhance animal disease diagnosis 
and control. Its testing activities also cover bee h ealth for honey production and bees' wax. The Lab 
is a member of the AU -IBAR network of veterinary labs and sends cases for confirmation to designate 
labs in the region.  
3.98.  According to the authorities, the Environmental Protection Unit of the EPA is responsi ble for 
issuing permits for imports and use of GMOs and genetically -modified products, after clearance from 
the MOH, the MOA, and the Central Agricultural Research Institute (CARI).  
3.99.  Liberia adopted a new Liberia Plant Pesticides Regulatory Services Bureau Act on 
17 September  2019.56 The planned Bureau is not yet operational. The new law applies to the 
authorization, marketing, use, safety and control of pesticides and bio -pesticides. It is intended to 
align Liberia's pesticides regime with the harmonized EC OWAS  regulation  C/REG.3/05/2008 
governing pesticides registration.  
3.3.4   Competition policy and price controls  
3.3.4.1   Competition policy  
3.100.   In 2016, Liberia's Competition Law went into force.57 It addresses unlawful conduct including 
price fixing, market allocation, and b id-rigging; unfair trade practices including misrepresentation 
and price maintenance; and anti -competitive behaviour including abuse of dominant position and 
merger -related concerns. The Law applies to foreign, private, and state -owned companies and it 
contains provisions on monetary penalties and imprisonment for infringements of competition rules. 
The Minister of the MoCI is responsible for the administration and enforcement of the Law. So far, 
no implementing regulation has been issued, and no investigat ion on anti -competitive behaviour has 
been conducted.  
3.101.   Some sectors, such as telecommunications services, have their own sector -specific 
competition rules, and their own sectoral regulators (Section  4). 
3.102.   In May  2019, the ECOWAS Regional Competition Authority  (ERCA) was set up as a 
competition regulator for ECOWAS countries.  
3.3.4.2   Price control  
3.103.   The prices of the following "critical essential commodities" are monitored by the MoCI: 
cement, flour, petroleum products, pharmaceutical products, and rice. The MoCI may set  prices for 
rice (Section  4.1), review prices monthly for petroleum products (Section  4.3.3), or set profit 
margins on pharmaceuticals and flour.  
3.104.   The full list of goods and services subject to price control  is not available to the Secretariat.  
 
56 Ministry of Agriculture. Viewed at: 
https://www.moa.gov.lr/sites/default/files/documents/PESTICIDES.pdf . 
57 Competition L aw. Viewed at: https://www.moci.gov.lr/doc/Competition%20Law.compressed.pdf , and 
https://w ww.moci.gov.lr/doc/Competition%20Law%20continues.compressed.pdf . WT/TPR/S/ 441 • Liberia  
 
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  3.3.5   State trading, state -owned enterprises, and privatization  
3.3.5.1   State trading  
3.105.   Liberia has not made any notification to the WTO under Article  XVII of the GATT  1994 on 
state trading arrangements.  
3.3.5.2   State -owned enterprises and privatization  
3.106.   The Bureau of State Enterprise ( BSE), established in 1985, is a parastatal organization 
responsible for SOEs' financial and management oversight. It reports directly to the President's 
Office. At the time of Liberia's accession to the WTO, the BSE lacked the Government's budgetary 
suppor t and thus was not effective.58 According to the authorities, this problem was solved, and the 
BSE is currently operating effectively.  
3.107.   The main legislation on BSE is the Public Finance Management (PFM) Act  of 2009, which was 
amended and restated in 2019. I t reaffirms the mandate and functions of the BSE to exercise 
oversight of SOEs, and requires SOEs to submit their annual reports to the BSE. Under the 
PFM Act 2009, an SOE is a commercial enterprise or any other organization established by law in 
which the  Government has controlling shares. Heads of SOEs must be appointed by the President 
as requested by the Constitution (Article  54). Other relevant legislations include the 
PFM Regulations  (2009) and the BSE  Decree  (1985). The authorities state that, with a  view to 
strengthening the corporate governance and oversight of SOEs, the BSE is preparing two other 
pieces of legislation: a Corporate Governance Code, and an SOE  Act. 
3.108.   According to the BSE, Liberia has 18  SOEs, of which 8 are commercial. The NPA, the Nat ional 
Airport Authority, the Liberia Maritime Authority, and the Liberia Broadcasting System are all 
considered by the BSE as commercial SOEs, while the National Oil Company of Liberia is considered 
as a non -commercial SOE (Table  3.8). All SOEs are 100% ow ned by the Government.  
Table 3.8 State -owned enterprises, 2023  
Entity  Government 
ownership 
(%) Sector  Commercial or 
non-commercial  
(C/NC)  
Liberia Electricity Corporation (LEC)  100%  Energy  C 
Liberia Petroleum Refining Company 
(LPRC)  100%  Energy  C 
National Oil Company of Liberia 
(NOCAL)  100%  Energy  NC 
Liberia Water and Sewer Corporation 
(LWSC)  100%  Utility/Infrastructure  C 
National Housing Authority (NHA)  100%  Utility/Infrastructure  NC 
National Transit Authority (NTA)  100%  Transportation  NC 
National Port Authority (NPA)  100%  Transportation  C 
National Airport Authority (LAA)  100%  Transportation  C 
Liberia Maritime Authority (LiMA)  100%  Transportation  C 
Liberia Telecommunication 
Corporation (LIBTELCO)  100%  Information & 
Communication  C 
Liberia Broadcasting System (LBS)  100%  Information & 
Communication  C 
Liberia Telecommunications Authority 
(LTA)  100%  Information & 
Communication  NC 
Forestry Development Authority 
(FDA)  100%  Agriculture  NC 
National Fisheries and Aquaculture 
Authority (NaFAA)  100%  Agriculture  NC 
Liberia Agriculture Commodity 
Regulatory Authority (LACRA)  100%  Agriculture  NC 
National Social Security and Welfare 
Corporation (NASSCORP)  100%  Financial  NC 
 
58 WTO document  WT/ACC/LBR/23, 9  October  2015.  WT/TPR/S/ 441 • Liberia  
 
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  Entity  Government 
ownership 
(%) Sector  Commercial or 
non-commercial  
(C/NC)  
National Insurance Corporation of 
Liberia (NICOL)  100%  Financial  NC 
National Lottery Authority (NLA)  100%  Leisure  NC 
Source:  Information provided by the authorities.  
3.109.   The most recent strategic and operational framework for SOEs is the PFM Strategy and 
Action Plan 2017 -2020, which provides strategies to improve the efficiency and economic 
governance of SOEs.59 According to the Action Plan, in FY2015/16, revenues from the largest 
13 SOEs were estimated at over LRD  156 million. These SOEs received Government's subsidies of 
LRD 9.3 million, and paid dividends to the Consolidated Fund for LRD  20.1 million. A number  of SOEs 
had poor financial performance.60 Thus, the Action Plan proposed strategies covering credible 
budget, revenue mobilization, and comprehensive and transparent financial reporting.  
3.110.   In April  2022, the BSE launched a profiling of SOEs' operations, so as to "crackdown on 
financial improprieties, waste and other fraudulent acts within the public sector".61 The BSE also 
intends to develop a management system to digitize and supervise SOEs' activities. The system is 
to help capture information on human res ources, assets, financial transactions, and liabilities of SOEs 
in Liberia.62 The authorities state that budget allocation has been made for FY2023 to develop a SOE 
Management Information System (SOEMIS) to digitize data collection from SOEs and to enhance  
their oversight and governance . 
3.111.   The authorities indicate that as the BSE was not operational for over a decade, it did not 
participate in any privatization process before and after 2016.  
3.3.6   Government procurement  
3.112.   The authorities indicate that government proc urement accounted for 8.6% of GDP in 2021, 
up from 4% of GDP in 2019. The value of government procurement in 2021 more than doubled that 
in 2019 (Table  3.9). According to the authorities, this is due to increased investment in infrastructure 
(building of r oads, bridges, and energy plants). The participation of foreign suppliers varies 
significantly, from 66% in 2018 to 0.3% in 2021. The authorities indicate that possible reasons for 
this fluctuation include the influence of the COVID -19 pandemic and the res trictions affecting global 
trade.  
3.113.   The Public Procurement and Concession s Act (PPCA) 2005, as amended in 2010, applies to 
the procurement of goods, works, and services, financed in whole or in part from public funds. It 
also covers the procurement of public enterprises that are wholly owned by the State or in which 
the State has a "majority interest", and the procurement of any private sector entity with 
responsibility for the execution of activities using public funds. The Act does not cover  international 
agreements concluded between the Government and other countries or international organizations 
for general or specific projects where these agreements provide for specified procurement rules and 
procedures; agreements executed by the CB L relating to the implementation of monetary policy or 
procurement related to the production of coins or currency; and procurement of military or national 
security equipment.  
 
59 MFDP (2017), Public Financial Management Reform Strategy and Action Plan. Viewed at: 
https://www.mfdp.gov.lr/index.php/component/edocman/public -financial -management -reform -strategy -and-
action -plan-2017-2020.  
60 MFDP (2017), Public Financial Management Reform Strategy and Action Plan.  
61 Front Page Africa  (2022), "Liberia: Bureau of State Enterprises Launches Profiling of State -owned 
Enterprises to Combat Fraud", 29  April. Viewed at: https://frontpageafricaonline.com/news/liberia -bureau -of-
state-enterprises -launches -profiling -of-state-owned -enterprises -to-combat -fraud %EF%BF%BC/ .  
62 Front Page Africa  (2022), "Liberia: Bureau of State Enterprises Launches Profiling of State -owned 
Enterprises to Combat Fraud", 29  April 2022.  WT/TPR/S/ 441 • Liberia  
 
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  Table 3.9 Annual spending on publi c procurement and its share in GDP, 2018 -21 
Year Total value of procurement  
(USD  million)  Share of GDP  
(%) Foreign suppliers  
(%) 
2018 97.7 2.9 66.0 
2019 91.7 4.0 10.0 
2020 198.5  6.7 28.0 
2021 210.5  8.6 0.3 
Source:  Data provided by the authorities.  
3.114.   The Public Procurement and Concessions Commission (PPCC) was established under the 
PPCA in 2006. It has oversight responsibility to regulate and monitor all forms of public procurement 
and concession practices in Liberia.63 Its main objective is to promote the economic and efficient use 
of public funds in public procurement, and to ensure that the public procurement process is 
conducted in a fair, transparent, and non -discriminatory manner.  
3.115.   The public procurement procedure in Liberia is decentr alized. Any entities to which this Act 
applies is a procuring entity, and each procuring entity establishes its own procurement unit. 
Procuring entities must report quarterly to the PPCC. They are required to set aside 25% of public 
procurement for those M SMEs with a minimum 51% Liberian ownership, and the primary signatories 
of their bank accounts must be Liberians. Within this 25%, 5  percentage  points in value terms is 
reserved for women -owned MSMEs (Section  3.3.1.2). The authorities indicate that this ha s not been 
applied in practice.  
3.116.   According to the PPCA, procurement methods include64: 
• international open competitive bidding: when the estimated contract price for the 
proposed procurement is higher than the ceiling threshold (USD  500,000 for goods, 
USD 200,000 for services, and USD  1 million for works) established by the PPCC for 
national open competitive bidding;  
• national open competitive bidding: when the estimated contract price does not exceed 
this ceiling;  
• restricted bidding: when the goods, works, or  services are only available from a limited 
number of bidders or when the cost of considering a large number of bids is 
disproportionate to the estimated contract price of the procurement (i.e.  USD 50,000 for 
goods, USD  20,000 for services, and USD  100,000  for works), subject to approval by the 
PPCC;  
• request for proposal: for the procurement of consultant services;  
• request for quotation: when the procurement is for readily available commercially 
standard goods, or the procurement is for small works or for services and the estimated 
contract price does not exceed the applicable threshold (i.e.  USD 10,000 for goods, 
USD 10,000 for services, and USD  30,000 for works);  
• sole sourcing: only when one supplier has the exclusive right to provide the goods, works , 
or services to be procured, or for additional deliveries of goods/works/services where a 
change of supplier would be difficult for economic or technical reasons, or for extreme 
urgency. Prior approval from PPCC is required; and  
• Force account: where the p articipation of end -users or beneficiary communities may 
enhance the economy, quality, or sustainability of the service to be procured, or to create 
employment and involvement of the beneficiary community. Force account refers to 
situations where procureme nt is carried out with self -supervision, utilizing the procuring 
entity's own existing personnel and equipment or those of another government institution.  
 
63 PPCC, Brief Background of CMC & PPCC . Viewed at: 
https://www.ppcc.gov.lr/2content.php?sub=104&related=1&third=104&pg=sp .  
64 PPCA. Viewed at: https://www.ppcc.gov.lr/doc/PPCA,%202010.pdf .  WT/TPR/S/ 441 • Liberia  
 
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  3.117.   National open competitive bidding is the most frequently used method, accounting for  41% 
of total pro curement in FY2021 (Table  3.10).  
Table 3.10 Public procurement by various methods – FY2018 -21 
 2018  2019  2020  2021  
Total government procurement  
(USD million ) 97.7 91.7 198.5  210.5  
International open competitive 
bidding  69% 17% 1% 1% 
National open competitive 
bidding  7% 41% 38% 41% 
Restricted bidding  20% 36% 57% 24% 
Request for proposal  0% 1% 1% 0% 
Request for quotation  0% 2% 1% 1% 
Sole sourcing  4% 3% 2% 33% 
Force account  0% 0% 1% 1% 
Source:  Information provided by the authorities.  
3.118.   Liberia does not have an e -procurement system65, and the PPCC has been working to build 
one. The PPCC stated that it has been facing challenges in terms of inadequate budget and hence 
insufficient manpower a nd inadequate office space and equipment, as well as the unwillingness of 
some public procurement entities to comply with the processes and procedures of the PPCA.66 The 
authorities state that several challenges are to be alleviated with the introduction o f the 
e-procurement system.  
3.3.7   Intellectual property rights  
3.3.7.1   Overview  
3.119.   In 2016, Liberia adopted its Intellectual Property Law, which merged the 
Industrial  Property  Act and the Copyright  Act. The 2016 Law covers copyrights, trademarks, 
industrial designs, patents and utility models, and layout -designs of integrated circuits, as well as 
geographical indications.67 The authorities state that parallel importation is not addressed in the 
2016 Act, and is not allowed in Liberia.  
3.120.   Also in 2016, Liberia pr omulgated the Act for Establishing Liberia Intellectual Property Office  
(LIPO).  Under the MoCI, LIPO operates as a semi -autonomous agency and is responsible for IPR 
protection.68 
3.121.   Liberia is a member of the World Intellectual Property Organization (WIPO) an d the African 
Regional Intellectual Property Organization (ARIPO). It is also a contracting party to international 
conventions and treaties on the protection of intellectual property rights (Table  3.11).  
Table 3.11 Membership in WIPO -administered and ARIPO treaties, 2022  
Treaty  Entry into force  
Berne Convention (for the Protection of Literary and Artistic Works)  8 March  1989 
Madrid Agreement (concerning the International Registration of Marks)  25 December  1995 
Madrid Protocol (Protocol Relating to the Madrid Agreement Concerning the 
International Registration of Marks)  11 December  2009 
Marrakesh VIP Treaty (to Facilitate Ac cess to Published Works for Persons Who 
Are Blind, Visually Impaired or Otherwise Print Disabled)  6 January  2017 
 
65 Center for Sec urity Studies and Development (2022), Civil Society Report on the Implementation of 
Chapter II (Prevention) & Chapter V (Asset Recovery) of the United Nations Convention Against Corruption in 
Liberia . Viewed at: https://uncaccoalition.org/wp -content/uploads/Civil -society -report -UNCAC -Liberia -
CENSSAD -UNCAC -Coalition_FINAL -10.03.2022 -1.pdf. 
66 PPCC (2020), Annual Repor t for Calendar Year 2020 . Viewed at: 
https://www.ppcc.gov.lr/doc/PPCC%20Annual%20Report%202020.pdf . 
67 Intellectual Property Act. Viewed at: 
https://www.moci.gov.lr/doc/Liberia%20IP%20Law%202016.compressed.pdf .  
68 WTO document IP/N/3/LBR/1, 14 September  2017.  WT/TPR/S/ 441 • Liberia  
 
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  Treaty  Entry into force  
Paris Convention (for the Protection of Industrial Property)  27 August  1994 
Patent Cooperation Treaty (PCT)  27 August  1994 
Patent Law Treaty  4 January  2017 
Convention for the Protection of Producers of Phonograms Against Unauthorized 
Duplication of Their Phonograms (Phonograms Convention)  16 December  2005 
Rome Convention (for the Protection of Performers, Producers of Phonograms 
and B roadcasting Organizations)  16 December  2005 
WIPO Convention (establishing the World Intellectual Property Organization)  8 March  1989 
Washington Treaty (on Intellectual Property in Respect of Integrated Circuits)  Not entered into force.  
Liberia signed in 1989.  
Lusaka Agreement on the Creation of the African Regional Intellectual Property 
Organization (ARIPO)  24 December  2009 
Banjul Protocol on Marks within the Framework of the African Regional Industrial 
Property Organization (ARIPO)  24 March  2010 
Harare Protocol on Patents and Industrial Designs within the Framework of the 
African Regional Intellectual Property Organization  24 March  2010 
Swakopmund Protocol on the Protection of Traditional Knowledge and 
Expressions of Folklore within the Fram ework of the African Regional Intellectual 
Property Organization (ARIPO)  25 October  2016 
Source:  WIPO, Liberia . Viewed at: https://wipolex.wipo.int/en/members/profile/LR ; and WIPO, 
WIPO -Admini stered Treaties . Viewed at: https://wipolex.wipo.int/en/treaties/ShowResults?code=LR . 
3.3.7.2   Copyright and related rights  
3.122.   Under the IPR  Law, copyright extends to literary and artistic works, as well as derivative 
works and collections. The economic and moral rights apply to the author's life plus 50  years. 
Performers, producers of sound recordings, and broadcasting organizations' related rights are 
protected.  
3.123.   An important new feature of the 2016  IPR Law is on the payment of royalties for the 
commercial exploitation of these exclusive economic rights to right holders (Sections  9.36 and 9.6). 
To implement these provisions, a Collective Manag ement Organization (CMO) was established in 
2019.69 Following that, the Administrative Regulation for the Sale, Rental, Reproduction, 
Transmission Stamping, and Distribution of Copyright Works was promulgated in September  2020. 
Another two administrative r egulations, one for copyright licence tariff for the use of music and 
movies in sound recordings, and another for copyright licence tariff on private copying, were 
promulgated in December  2021.  
3.124.   These administrative regulations saw the establishment of Copyright Society of Liberia 
(COSOL), which is the only CMO in Liberia to collect royalties. COSOL is collaborating with the MoCI 
and LIPO to develop legal frameworks to guide the collection and distribution of royalties. So far (by 
early 2023), royalty collection has not started.  
3.125.   Copyright needs to be registered at the Registrar of the Copyright Department under LIPO, 
which then issues a certificate of registration (Article  9.24). The p rotection is provided equally to 
domestic and foreign right holders.  
3.126.   The authorities state that infringement on the Internet is still a challenge. The CMO labels 
online platforms without operational licence and involving the commercial use of creative contents 
as "pirates", thus in violation of right  holders'  exclusive economic rights (Section  9.6 of the 
2016 Intellectual  Property  Act). In February  2021, LIPO and COSOL rolled out nationwide public 
awareness and inspection campaigns to remove pirated copyright materials and illegal content from 
the Liberian mar ket. 
 
69 Administrative Regulation on Establishment of a Collective Management Organization (CMO)  was 
promulgated in November  2019.  WT/TPR/S/ 441 • Liberia  
 
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  3.3.7.3   Trademarks  
3.127.   Protection for registered trademarks, collective marks, certification marks, trade names, and 
services marks is granted for 10  years and may be renewed for further periods of 10  years each, 
without limits. Table  3.12 presents annual data on  the applications for trademarks and their 
registrations at the national level, from  2016 to 2022.  
Table 3.12 Application and registration of IPRs, 2016 -22 
 2016  2017  2018  2019  2020  2021  2022a 
Applications received         
 Trademarks  177 166 106 139 153 176 213 
 Industrial designs  20 32 0 0   3 2 10 
 Renewalb  20 0 10 36 201 21 201 
 Patent  0 0 0 0 0 0 0 
 Utility model  0 0 0 0  0 0 0 
 Copyright  0 0 3 12 15 111 68 
 Subtotal  217 198 119 187 372 310 492 
Applications 
processed/ registered          
 Trademarks  177 166 106 125 145 173 204 
 Industrial designs  0 32 0 0 1 1 6 
 Renewalb  20 0 10 30 197 20 194 
 Patent  0 0 0 0 0 0 0 
 Utility model  0 0 0 0 0 0 0 
 Copyright  0 0 3 8 15 111 68 
 Subtotal  197 198 119 163 358 305 472 
a Up to 23  November  2022.  
b It is not clear to the Secretariat that "renewal" refers to the renewal of which type of IP rights.  
Source:  Information provided by the authorities.  
3.128.   The Law also contains provisions on the protection of well -known signs and well -known 
marks. A well -known mark is infringed by the use of a sign identical with or confusingly similar to it 
without the agreement of its owner, if the use of the sign in relation to goods or servic es would 
indicate a connection between these goods or services and the owner, or that the reputation of the 
well-known mark or of the owner, is likely to be damaged by such use.  
3.129.   The authorities indicate that there has not been any change to the processes a nd procedures 
for filing a trademark since 2016. Trademarks are usually registered within three months. The 
procedure involves first an official filing of applications, through a legal representative or lawyer of 
the applicant, to LIPO. LIPO then conducts research to assess if the mark is identical to or like an 
existing mark previously applied for by another applicant. The research result is then provided to 
the Office of the Registrar General, which issues a notice of acceptance to the applicant to procee d 
with the publication of the mark (usually in a local daily newspaper), if the application is approved. 
Following this, the trademark is registered.  
3.130.   If the application is rejected, the Registrar General issues a notice of denial or refusal alerting 
the ap plicant of the existence of an identical or similar mark. After publication (or even after 
registration) of a trademark, an existing trademark right holder is still eligible to file an objection 
(within five  years) to the applicant.  
3.3.7.4   Geographical indications  
3.131.   Geographical indications (GIs) are protected for 10  years and renewed for 10 -year periods. 
Liberia is also considering the sui generis  system for the registration of GIs under the 
ARIPO/AfrIPI70 project.  
3.132.   The authorities state that there has been no record of GI registration in Liberia.  
 
70 Africa n Intellectual Property Rights and Innovation Project  (AfrIPI).  WT/TPR/S/ 441 • Liberia  
 
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  3.3.7.5   Industrial designs  
3.133.   An industrial design is granted legal protection if it is new and original. The registration of 
an industrial design is valid for 10  years from the filing date of the application fo r registration. The 
registration may be extended for an additional 10  years.  
3.134.   According to statistics provided by the authorities, the number of industrial designs 
registered increased from zero in 2016 to 32 in 2017, then fell to 0 in 2018 -19, and reached 6 in 
2022 (Table  3.12). The authorities state that there is a lack of awareness of the difference between 
industrial designs and trademarks, and a lack of capacity for companies to create designs.  
3.3.7.6   Patents and utility models  
3.135.   Under the Law, an invention is p atentable if it is industrially applicable, is new, and involves 
an inventive step. A patent for an invention is granted following examination of the substance of the 
application and is valid for 20  years.  
3.136.   An invention qualifies for a utility model certifi cate if it is new and industrially applicable. 
A utility model certificate expires at the end of the 10th year after the date of the grant of the utility 
model, and is not renewable. Patent applications may be converted into utility model applications, 
and vice-versa.  
3.137.   The authorities state that LIPO does not have patent examiners, thus the average time for 
a patent to be granted depends on ARIPO procedures. The number of national patent applications 
and approvals remained at zero during the review period.  
3.138.   The Law allows for compulsory licences. The authorities state that there have not been any 
such licences issued to date.  
3.3.7.7   Layout -designs of integrated circuits  
3.139.   Layout -designs of integrated circuits are protected if registered according to the IPR Law. 
Protec tion of a layout -design terminates at the end of whichever of the following periods expires 
earliest:  
• 10 years from the filing date of the application for registration of the layout -design in 
Liberia, if the layout -design has not been previously exploited commercially anywhere in 
the world;  
• 10 years from the date of the first commercial exploitation of the layout -design anywhere 
in the world, by or with the consent of the right holder; or  
• 15 years from the date of creation of the layout -design.  
3.140.   So far, Libe ria has no registration of layout -designs of integrated circuits.  
3.3.7.8   Plant varieties  
3.141.   The IPR Law has no provision on the protection of new plant varieties, and Liberia is not a 
signatory to the International Union for the Protection of New Varieties of Plants  (UPOV). However, 
Liberia is a member of ARIPO, which is a member of the UPOV. Liberia  thus subscribes to the ARIPO's 
legal framework, including those on the protection of new varieties of plants. LIPO shares documents 
with the Ministry of Agriculture on p lant varieties but until now (early 2023) no new plant varieties 
have been registered.  
3.3.7.9   Enforcement  
3.142.   While LIPO  is responsible for IPR protection within the country, the Customs Department is 
in charge of IPR protection at the border, and the police are in c harge of IPR enforcement in the 
domestic market.  WT/TPR/S/ 441 • Liberia  
 
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  3.143.   The IPR Law provides for civil and criminal remedies in case of the infringement of owners' 
rights by third parties. The IPR Law (Section  18) stipulates that the IP right holders with valid 
grounds for suspe cting that the importation of counterfeits may take place may file applications to 
LIPO so that LIPO may order the customs authority to suspend customs clearance of those goods. 
Customs also has ex officio power to conduct IPR investigations at the border.  Customs may detain 
any imported or exported goods suspected of IPR infringement at the border and inform LIPO of said 
infringement thereafter. LIPO has the authority to do preliminary investigation of all IPR infringement 
cases and forward to the courts i f necessary.  
3.144.   LIPO has no data on the importation and confiscation of infringed or counterfeit goods. 
According to LIPO, it recorded 12  IPR infringement cases so far, and judgements have been made 
through administrative procedures, with one case being taken  to appeal to the court.  
3.145.   In 2017, the Government, together with WIPO, issued an Intellectual Property Development 
Plan (IPDP).71 It identified the following constraints in the IP system: weak IP legal and 
administrative framework; low level of IP awareness  among citizens; inadequate human resource 
capacity on IP; low level of generation and protection of IP by locals; inadequate utilization of IP for 
economic growth; weak IP enforcement mechanisms; underdevelopment of creative industry; low 
level of commerc ialization/technology transfer of research findings; and inadequate infrastructure 
to support the use of IP for economic development.  
3.146.   According to a report prepared by the Financial Intelligence Unit, "the huge possibility or 
alarming rate at which artist and innovators' works as well as public health products are being pirated 
in Liberia is a growing concern that needs to be reduced", suggesting a need to enhance 
IP awareness among the general public.72 The authorities also recognize that main challenges faced 
by LIPO are its lack of both technical and financial capacity to address IPR infringements, and the 
lack of national awareness and consciousness of IP protection. The Government, through the MoCI 
and LIPO, is trying to address these challenges.  
3.147.   Against this background, the IPDP set three national strategic objectives: (i)  develop Liberia 
as an IP powerhouse; (ii)  build an IP -conscious nation; and (iii)  build a business -friendly IP 
enforcement system . It set up a vision to build a knowledge -based economy driven by intellectual 
property for sustainable socio -economic development for the benefit of all Liberians. To realize this 
vision, the IPDP intends to, inter alia, strengthen a public -private sector  and civil society partnership 
focusing on sustained, competitive export trade, and maintain a conducive and free economic 
environment.  
3.148.   In particular, the IPDP identified seven  key sectors for the effective utilization of IP in Liberia 
to enhance export gr owth potential, enhance job creation, increase access to knowledge in all 
sectors, contribute to poverty reduction through job creation, and enhance exploitation of locally 
available resources. These seven sectors are:  
i. manufacturing and business – technolo gy acquisition, adaptation, and transfer;  
ii. creative/copyright industries – growing and promoting creative industries such as 
musicians, broadcasting, telecommunications, entertainment, education, publishing, and 
software;  
iii. education, training, and research – building human resource capacity for innovation;  
iv. health – access to affordable medicine and utilization of existing TRIPS flexibilities;  
v. agriculture – value -addition to agricultural products and use of IP to increase agricultural 
productivity;  
 
71 Government of Liberia and WIPO, Intellectual Property Development Plan (IPDP) . Viewed at: 
https://www.aripo.org/wp -content/uploads/2020/04/FINAL -IPDP-2017-FOR-LIBERIA -REVISED.pdf . 
72 Financial Intelligence Unit  (2019), National Risk Assessment on Money Laundering & Terrorist 
Financing. Viewed at: https://www.fiuliberia.gov.lr/wp -content/uploads/2021/09/Liberia -NRA-Report -Final.pdf . WT/TPR/S/ 441 • Liberia  
 
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  vi. environment  – ways of mitigating climate change and incorporation of green economy; 
and 
vii. information and communication technologies (ICT) – utilization of ICT in all sectors of the 
economy.  
3.149.   The authorities indicate that until now, there has been little or no effective  utilization of IP 
in these seven sectors due to a lack of financial support to LIPO.  WT/TPR/S/ 441 • Liberia  
 
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  4  TRADE POLICIES BY SECTOR  
4.1  Agriculture, forestry, and fisheries  
4.1.1   Agriculture  
4.1.1.1   Overview  
4.1.  Agriculture, forestry, and fisheries contributed about 40% to GDP in 2021 (Table  1.1). Liberian 
agriculture consists, on the one hand, of a large smallholder sector that is primarily farming for 
subsistence and, on the other hand, a commercial farming sector that includes a number of large, 
export -oriented plantation s. 
4.2.  Rice and cassava are the main staples. Rice has been designated as one of the "critical 
essential" commodities (Section  4.1.1.5). Productivity in smallholder farming is generally low, often 
due to a challenging topography. Liberia is a net food importer , including of rice (Table  4.1). 
According to the World Food Programme (WFP), food insecurity worsened significantly during the 
pandemic.1 
4.3.  Rubber is Liberia's most important agricultural export commodity (ranking third in the economy 
after iron ore and go ld), accounting for 12.5% of total export receipts in 2021. The rubber plantations 
are the main provider of formal employment and income in agriculture. Employment is estimated at 
20,000 on commercial rubber farms and 35,000 for smallholder rubber farmers.2 The Firestone 
Natural Rubber Company in Liberia is t he largest natural rubber operation and  the main 
private -sector employer.3 Other agricultural exports include palm oil, cocoa, and coffee ( Table  4.1). 
Table  4.1 Production and trade in agricultural products, 2019 -21 
 Production (metric tonnes)  Exports/imports (USD  million)  
2019  2020  2021a 2019  2020  2021a 
Rubber  68,285  63,734  87,777  85.6 82.2 110.0  
Crude palm oil  22,465  22,286  25,041  11.3 3.9 32.5 
Cocoa beans  9,997  5,916  5,511  .. .. .. 
Rice .. .. .. (133.3)  (122.1)  (222.0)  
Total imports  
(food & live animals)     (264.3)  (254.7)  (356.0)  
.. Not available.  
a Estimate.  
Source:  Central Bank of Liberia, Annual Report 2021 . Viewed at: 
https://www.cbl.org.lr/sites/default/files/documents/2021annualreport.pdf . 
4.1.1.2   Agricultural policy  
4.4.  Agricultural policy is under the responsibility of the Min istry of Agriculture  (MOA).4 
The Agriculture  Law, 1956 (revised in 1972)5 establishes the legal framework that governs both 
agricultural policy and SPS measures. The Law authorizes the Minister of the MOA, inter alia, to 
implement agriculture support pro grammes; regulate imports of agricultural commodities; provide 
agricultural credit; and encourage foreign investment in agriculture and forestry.  
 
1 WFP, Liberi a: Annual Country Report 2021 – Country Strategic Plan 2019 -2023. Viewed at: 
https://docs.wfp.org/api/documents/WFP -000013 7968/download/?_ga=2.24431228.792592784.1663598262 -
1905765157.1663598262 . 
2 U.S. International Trade Administration, Liberia – Country Commercial Guide – Agricultural Sectors  
(Last published date: 3  August  2022). Viewed  at: https://www.trade.gov/country -commercial -guides/liberia -
agricultural -sectors . 
3 Firestone Natural Rubber, About Us . Viewed at: https://www.firestonenaturalrubber.com/about -us/. 
4 MOA. Viewed at: https://www.moa.gov.lr/ . 
5 MoCI, Agriculture Law . Viewed at: https://www.MoCI.gov.lr/doc/LR_Law_Agriculture_B(1).pdf . WT/TPR/S/ 441 • Liberia  
 
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  4.5.  Agricultural policy is aimed primarily at increasing productivity and ensuring food security. 
Agricultural pol icy is guided, inter alia, by the Liberia Agriculture Sector Investment 
Programme  20106, and the Liberia Agriculture Transformation Agenda 2016, which focuses on the 
development of value chains, particularly for rubber, oil palms, cocoa, rice, and cassava .7 
4.6.  Liberia adopted a new Land Rights Act in 2018, administered by the Land Authority 
(Section  2.4.2). It handles land issues of customary, private, and public land. Article  48 provides for 
a minimum 5% share in all concessions on customary land to be held by local communities.  
4.7.  Liberia's rubber and palm oil plantations under concession are in private ownership (Table  4.2). 
The state -owned plantations before the civil war have been abandoned or encroached (oil  palms, 
coffee, and cocoa). Under the Act est ablishing the Liberia Extractive Industries and Transparency 
Initiative (LEITI) of 2009, all agricultural concessions must be published.8 Agricultural concessions 
are subject to the provisions of the Public Procurement and Concessions Act (PPCA), 2005.  
Table 4.2 Agricultural concessions, 2019/20  
Commodity  Concession  Country of origin  Hectares  
Rubber  Firestone Liberia  United  States  48,000  
Salala Rubber   8,800  
Liberia Agriculture Company  Luxembourg   
Cavalla Rubber Corporation  France   
LIBCO (Cocopa) Rubber    
Oil palms  Golden Veroleum  Malaysia  36,600  
LIBINCO   14,000  
Maryland Oil Palm Plantation  Côte d'Ivoire   
LFPI    
Source:  Liberia National Concession Map Portal. Viewed at: https://portals.landfolio.com/Liberia/ ; and 
LEITI  (2022), 13th Report 2019 -2020. Viewed at: https://eiti.org/sites/default/files/2022 -
07/Liberia%20EITI%2013th%20Report%20 -%20FY%202019%20 -%202020.pdf . 
4.8.  There are a number of state -owned agencies involved in agricultural policy. The Liberia 
Agriculture Commodity Regulatory Authority (LACRA) was established in 2016 to replace the Liberian 
Produce Marketing Corporation (LPMC). The LPMC held a statutory monopoly for marketing and 
expor t of agricultural produce, particularly cocoa and coffee. The LACRA does not have exclusive 
state trading privileges for imports or exports, according to authorities.  
4.9.  LACRA began operations in 2018, but little progress has since been made in establishing a  
regulatory framework (there is no LACRA website yet). LACRA is mandated to regulate agricultural 
commodities, primarily cocoa, coffee, and oil palm products, and to promote their production, 
storage, processing, marketing, and exports.9 Its responsibilit ies also include fixing reference prices 
for locally produced products based on world market prices and ensuring that farmers receive a fair 
and remunerative share. The reference prices for cocoa are based on a price formula, currently 
USD 1.65 per kg (gra de 1 cocoa). LACRA is facing challenges in monitoring compliance, notably in 
the border regions.  
4.10.  The Central Agricultural Research Institute (CARI) is mainly active in agricultural research 
and setting up demonstration sites, according to the authorities.10 
 
6 MOA (2010), Liberia Agriculture Sector Investment Program (LASIP) Report . Viewed at: 
https://moa.gov.lr/sites/default/files/documents/LASIPJune1st.pdf . 
7 FAO (2016), Country Programming Framework for the Republic of Liberia, 2016 -2019. Viewed at: 
https://www.fao.org/3/br862e/br862e.pdf . 
8 Liberia National Concession Map Portal. Viewed at: http://portals.landfolio.com/Liberia/ . 
9 Act to Establish the Liberia Agriculture Commodity Regulatory Aut hority Republic of Liberia. Viewed at: 
https://www.leiti .org.lr/sites/default/files/documents/AN%20ACT%20TO%20ESTABLISH%20THE%20%20LIBE
RIA%20AGRICULTURE%20COMMODITY%20REGULATORY%20AUTHORITY%20REPUBLIC%20OF%20LIBERIA%
20.pdf . 
10 CARI. Viewed at: www.cari.gov.lr . WT/TPR/S/ 441 • Liberia  
 
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  4.11.  The Cooperative Development Agency has the mandate to organize, regulate, supervise, 
monitor, and administer the activities of registered cooperatives. It provides technical assistance 
such as training and research, and settles disputes among cooperative s and their members.  
4.12.  The Rubber Development Fund Incorporated was established in 2017 to encourage the 
development and modernization of the rubber industry and rubber value chain.11 Membership in the 
non-profit agency is open to producers, exporters, proce ssors, and manufacturers. Its main function 
is to implement the Liberia Rubber Development Master Plan of 2009.  
4.13.  The National Food Assistance Agency (NFAA) is responsible for implementing domestic food 
aid programmes, such as school feeding, and food purcha ses and storage for emergencies.12 
4.14.  The Liberia Seed Development and Certification Agency was established by Parliament to help 
align the national seed regime with the harmonized Economic Community of West African States 
(ECOWAS) seed regime.13 A focal poin t has been appointed but the Agency is not yet operational.  
4.15.  Liberia has yet to make a notification on domestic support and export subsidies since its 
WTO accession in 2016. At that time, domestic support was provided by the MOA, CARI, and LPMC, 
mainly in t he form of Green Box general services and input subsidies (under Article  6.2 of the 
Agreement on Agriculture).14 
4.16.  Limited support is provided by the MOA through its regular budget. Most support to farmers 
has been donor -funded (grants or loans) and includes  the following programmes15: 
• Liberia Agriculture Commercialization Fund – The donor -funded scheme implemented by 
the MOA provides grants and is targeting 98,000  smallholders, of which 30% should be 
women.16 The eligible commodities are rice, oil palms, horticulture, cassava, rubber, 
poultry and pigs. Total project cost: USD  22.38  million over 3.5  years. The project is 
ongoing.  
• Smallholder Agriculture Transformation and Agriculture Revitalization Project (STA R–P) – 
The donor -financed project implemented by the MOA provides grants to eligible small 
farmers and groups of small farmers up USD  2,000 and USD  5,000, respectively.17 The 
project is ongoing.  
• Smallholder Agricultural Productivity Enhancement and Commerc ialization Project 
(SAPEC) – The project provided farming support to increase agricultural productivity.18 
The project is closed.  
 
11 MOA, An Act  to Establish the Rubber Development Fund Incorporated of 2014 . Viewed at: 
https://www.moa.gov.lr/sites/default/files/documents/RDFI%20ACTl -2.pdf. The Liberia Rubber Dev elopment 
Authority (LRDA) was closed down.  
12 EO No. 101 of 2020. Viewed at: 
https://www.emansion.go v.lr/doc/Executive%20Order%20No.%20101%20 -
%20Repositioning%20the%20National%20Food%20Assistance%20Agency%20(NFAA).pdf . 
13 MOA, The Liberia Seed Development and Certification Agency Act . Viewed at: 
https://www.moa.gov.lr/sites/default/files/documents/2019%20Signed%20Act %20for%20Establishing%20Lib
eria%20Seed%20Development%20And%20Certification%20Agency%20%281%29.pdf . 
14 WTO document WT/ACC/SPEC/LBR/1/Rev.1, 24  March  2015.  
15 MOA, Projects . Viewed at: https://www.moa.go v.lr/general/projects . 
16 MOA. Viewed at:  https://www.moa.gov.lr/index.php/general/apply -grant . 
17 MOA. Viewed at: 
https://www.moa.gov.lr/sites/default/files/documents/Financial%20Support%20to%20Farmers%20Groups%2
0and%20Individual%20Farmers.pdf . 
18 Global Agriculture & Food Security Program, Smallholder Agricultural Productivity Enhancement and 
Commercialization Project (SAPEC) . Viewed at: https://www.gafspfund.org/projects/smallholder -agricultural -
productivity -enhancement -and-commercialization -project -sapec . WT/TPR/S/ 441 • Liberia  
 
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  • COVID -19 support – This provided donor -financed support to farmers to mitigate the 
impact of the pandemic, including the provi sion of inputs and farm equipment.19 
• Tree Crop Extension Project – The project is designed for the rehabilitation of abandoned 
plantations for the benefit of smallholder cocoa farmers.20 
4.17.  Access to finance is one of the main constraints for farmers. Only ab out 5% of all commercial 
bank loans went to agriculture in 2021.21 Liberia has no agricultural development bank. The 
Agricultural and Cooperative Development Bank ceased operations.  
4.1.1.3   Market access  
4.18.  Liberia applies the ECOWAS CET ( with exceptions) on imports of all agricultural products 
(Section  3.1.3.1). The average a pplied MFN tariff on agricultural products is 11.2% in 2023, lower 
than the ECOWAS CET of 15.6%. Furthermore, Liberia has resorted, on various grounds, to executive 
orders suspending the statutor y CET rates.22 In particular, the import duties on rice have been 
suspended over the past 15  years (Section  3.1.3.3). During the COVID -19 pandemic, the statutory 
customs duties were suspended on certain agricultural inputs and breeding stock (EO  No. 102, 
2020).23 
4.19.  Imports of all agricultural products require an SPS import permit from the MOA and an Import 
Notification Form (INF) from the MoCI (Sections  3.1.5.2 and 3.3.3).  
4.1.1.4   Export measures  
4.20.  All agricultural products require an export permit from the MOA, as wel l as the relevant 
SPS certificates (Section  3.3.3).24 For cocoa and coffee exports, a permit is also required from the 
LACRA  (valid for one  year). Furthermore, like other products, exports of agricultural products are 
subject to export licensing in the form of an Export Permit Declaration (EPD) from the MoCI 
(Section  3.2.1).  
4.21.  The export prohibition on unprocessed natural rubber was lifted in 2017 (Section  3.2.3.1).  
4.1.1.5   Rice 
4.22.  Rice is the nation's staple and "critical essential commodity" for social stability. This is against 
the background of the "rice riots" that Liberia experienced in 1979 over the price of rice. Paddy rice 
is cultiv ated in the coastal areas, while upland (rainfed) rice is grown under shifting cultivation in 
the northern region. However, local production has not been able to meet demand and Liberia has 
been importing most of its rice requirements.25 Annual rice import s average approximately 
300,000  tonnes; rice consumption is about 400,000  to 450,000  tonnes.  
4.23.  According to the ECOWAS CET, rice is classified as a "sensitive product" that is attributed to 
the fifth band with a 35%  tariff. However, Liberia has always suspen ded the statutory CET tariff by 
 
19 MOA (2020), COVID -19 Food Security Response: Year -End Situation Report #10 . Viewed at: 
https://www.moa.gov.lr/sites/default/files/documents/MOA%20COVID%2019%20FOOD%20SECURITY%20SIT
UATION%20REPORT%20_%2010.pdf . 
20 Internationa l Fund for Agricultural Development (IFAD), Tree Crops Extension Project . Viewed at: 
https://www.ifad.org/en/web/operations/ -/project/1100001761 . 
21 Central Bank of Liberia (CBL), Annual Report 2021 , p. 43. Viewed at: 
https://www.cbl.org.lr/sites/default/files/documents/2021annualreport.pdf . 
22 Executive Mansion, Executive Orders . Viewed at: 
https://www.emansion.gov.lr/2content.php?sub=49&related=19&third=49&pg=sp . 
23 EO No.  102. Viewed at: https://www.emansion.gov.lr/doc/Executive%20Order%20_102%20 -
%20Ext.%20of%20EO%20_97%20 -%20Suspending%20of%20Tariff%20on%20Agriculture%20Products.pdf . 
24 MoCI, Restricted Exports  and Standard Operating Procedure (SOP) for Exportation by MOCI . Viewed 
at: https://www.MoCI.gov.lr/doc/MoCI.Conditional.Exports.040714.v2.pdf  and 
https://www.MoCI.gov.lr/doc/Export%20SOP.pdf . 
25 See also recent project to increase rice production in Liberia. European Investment Bank (2022), 
"Liberia: EIB to Support Increased Rice Production", 8  June. Viewed at: 
https://www.eib.org/en/press/all/2022 -264-eib-to-support -increased -rice-production -in-liberia . WT/TPR/S/ 441 • Liberia  
 
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  means of Executive Orders, to reduce the price of imports (EO  No. 98 of 2020 and EO  No. 105) 
(Table  3.3). 
4.24.  The wholesale and retail prices of rice are regulated through price ceilings and enforced by 
the MoCI. The maximum pri ces apply to bags of 25  kg/50  kg of parboiled rice (5%  broken  rice), due 
to the fact that this type of rice is consumed by the majority of the population. Annual imports of 
parboiled rice in bulk are estimated at 255,000  metric  tonnes. There are no price c ontrols for 
premium rice sold in supermarkets.  
4.25.  According to the authorities, the Government does not engage in imports of rice, but imports 
are strictly regulated by the MoCI. The authorities aim to maintain buffer stocks of three to six 
months of consumption. There are currently five licensed rice imp orters for bulk consignments. 
Companies importing rice are privately owned and are required to meet specific requirements, 
including providing a warehouse capacity of not less than 10,000  metric  tonnes; submitting a list of 
distributors/sellers of rice; es tablishing a distribution chain of at least five of the leeward counties of 
Liberia; and submitting a sample of rice prior to importation with the minimum grade standard of 
5% to 25% broken rice.  
4.26.  Rice imports require an INF issued by the MoCI. The procedur e is as follows:  
i. Importer submits a letter to the Minister of Commerce and Industry requesting permission 
to import rice, with details regarding quantity and quality/type of bulk rice to be imported, 
exporting country, and a pro forma invoice.  
ii. MoCI reviews  request, taking into consideration the rice stock, demand and supply 
conditions, INF already granted for rice importation; and makes a comparative assessment 
against other applications.  
iii. The Ministry's Division of Price Analysis and Marketing (PAMD) consid ers the application 
and analyses the cost variables from the pro forma invoice to establish the suggested 
price.  
iv. Importer is notified by letter from the MoCI regarding approval or refusal of the 
application, and any conditions attached to the approval.  
4.27.  Regarding the price caps, in order to enable the authorities to make an informed decision, the 
import documents of the licensed bulk importers are analysed  by MoCI on a quarterly basis. The 
findings are communicated to the Minister of Commerce and Industry fo r a final decision by a 
ministerial committee. The price ceilings are then published in the local newspapers. On 
6 December  2022, the price ceilings were raised to USD  17.0 (wholesale) and USD  17.5 (retail) 
per 25 kg bag – up from USD  13.0 (wholesale) and USD 13.5 (retail) in effect since November  2018.  
4.28.  The consumer prices of rice are subsidized (USD  5.5 million in 2021 and USD  11 million in 
2022). There are adverse consequences of this policy, including smuggling across borders and the 
distortion of the pr ice incentives to grow rice and substitute food crops locally. Ultimately, the rice 
subsidies come at the expense of Liberia's farmers.  
4.1.2   Forestry  
4.29.  The forestry sector contributed about 8.9% to GDP in 2021 (Table  1.1).26 Liberia is richly 
endowed with forestr y resources (Table  4.3). According to the National Forest Inventory of 2018 -19, 
the forest cover was about 6.6  million  hectares or almost 60% of the landmass 
(11.1  million  hectares).27 Liberia's forests have been under threat from shifting cultivation and 
mining, as well as uncontrolled and illegal logging .28 
 
26 CBL, Annual Report 2021 .  
27 Forest Carbon Partnership, Liberia: National Forest Inventory 2018/2019 . Viewed at: 
https://www.forestcarbonpartnership.org/system/files/documents/Liberia%20National%20Forest%20Inventory
.pdf. 
28 Forest Carbon Partnership, Liberia: National F orest Inventory 2018/2019 . WT/TPR/S/ 441 • Liberia  
 
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  4.30.  From 2003, the UN imposed sanctions on timber exports from Liberia.29 With the end of the 
civil war, reforms of the Liberian forestry regime were launched (EO No.  1 of 2  February  2006) and 
a new Nation al Forestry Reform Law was adopted in 200630, leading to the lifting of the UN sanctions 
in the same year.  
4.31.  Forestry exports are estimated at USD  6.94 million in 2020. According to the International 
Tropical Timber Organization, China was the main export de stination, followed by the 
European  Union.31 
Table  4.3 Timber production, 2019 -21 
 2019  2020  2021a 
Round logs (m3) 698,657  655,404  668,512  
Sawn timber (pieces)  409,655  169,097  179,243  
a Estimate.  
Source:  Central Bank of Liberia, Annual Report 2021 . 
4.32.  The Forest Development Authority (FDA) is responsible for managing Liberia's forestry 
resources.32 The legal framework comprises the FDA Ten Core  Regulations  101-07 to 110-07 (2007) 
that implement the National Forestry Reform Law.33 Other laws and regulations include the 
Regulation on Forest Products Processing and Marketing (FDA  Regulation  No. 112-08); Guidelines 
for Forest Management Planning in Liberia (2009); the Community Rights Law (2009); Code of 
Forest Harvesting Practices (amended in 2017); Community Rights Regulations (amended in 2017); 
Abandoned Logs, Timber and Timber Products Regulations (2 017); Third Party Access to Forest 
Resource License Areas (2017); Confiscated Logs, Timber and Timber Products Regulations (2017); 
and Sustainable Wood -based Biomass Energy Production and Marketing in Liberia Regulations 
(2017).34 
4.33.  Under EO  No. 1 of 2  Febru ary 2006, "based on the findings of the Concession Review 
Committee and the mandate of the United Nations Security Council", all existing logging concessions 
were cancelled.35 New concessions were subsequently awarded. However, following an arrangement 
with Norway aimed at slowing deforestation in Liberia, from 2014, all logging concessions were 
reviewed or cancelled, and no new concessions have since been awarded.36 A number of Community 
Forest Management Agreements were subsequently signed with authorized  communities.  
4.34.  The following are the main types of concessions/agreements for logging operations37: 
• Forest Management Contracts (FMC) are long term (25  years) for 50,000 to 
400,000  hectares. There are no FDI restrictions for large FMCs. Smaller FMCs (up to 
100,000  hectares) are reserved for majority -owned (51%) Liberian companies. FMCs must 
be signed by the President and are subject to ratification. Currently, there are seven FMCs 
 
29 UN (2003), "Extending Sanctions against Liberia, Security Council Adds Ban on Timber Exports", 
6 May. Viewed at: https://news.un.org/en/story/2003/05/66992 -extending -sanctions -against -liberia -security -
council -adds-ban-timber -exports . 
30 Viewed at: https://www.fao.org/faolex/results/details/en/c/LEX -
FAOC067626/#:~:text=The%20Act%20defi nes%20the%20principles,Act%20and%20other%20applicable%20l
aws. 
31 International Tropical Timber Organization, Biennial Review and Assessment of the World Timber 
Situation, 2019 -2020. Viewed at: 
https://www.itto.int/direct/topics/topics_pdf_download/topics_id=6783&no=1 . 
32 FDA. Viewed at: https://www.fda.gov.lr/ . 
33 ClientEarth, FDA: Ten Core Regulations . Viewed at: 
https://www.clientearth.org/media/d0qjcdbx/forestry -development -authority -ten-core-regulations -ext-en.pdf . 
34 Timber Trade Portal. Viewed at: https://www.timbertradeportal.com/en . 
35 EO No.  1. Viewed at: http://extwprlegs1.fao.org/docs/pdf/lbr67267.pdf . 
36 BBC (2014), "Liberia Signs 'Transformational' Deal to Stem Deforestation", 23  September. Viewed at: 
https://www.bbc.com/news/science -environment -29321143 . 
37 There is also a Forest Use Permit and Private Use Permit.  WT/TPR/S/ 441 • Liberia  
 
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  covering 1.08  million  hectares in total, according to the authorities. FMCs of  more than 
100,000  hectares are subject to international competitive bidding under the PPCA.38 
• Timber Sale Contracts (TSC ) are for up to 5,000  hectares for three years, renewable. 
Reserved for Liberian companies. All TSCs have expired.  
• Community Forest Management Agreements (CFMAs) are from 5 .0 hectares to 
49.999 hectares; CFMAs exceeding 50 .0 hectares are subject to competi tive bidding. 
CFMAs are to be sustainably managed (selective logging) and concluded for 15  years, 
renewable. According to LEITI, about 75% of the Liberia's round log production comes 
from CFMAs.39 
4.35.  The forestry resource tax regime under FDA  Core Regulation  107-7 includes:  
• Stumpage fees: Log stumpage fees are 10%, 5%, and 2.5% of the Monrovia f.o.b. price, 
depending on the category (A -C) of the tree species (Section  22 of the regulation);  
• Land rental fees: Taxes and administrative fees for the use of forest l and (area fees) are 
collected by LRA – USD 2.50 per hectare under FCM and USD  1.25 per hectare under TSC 
and CFMA; and  
• Export taxes: Logs are subject to export taxes (fees) (Section  44-45), which are 2.5%, 
5%, or 10% of the f.o.b. price, depending on the c ategory of the tree species. The rates 
for processed wood products range from 1.5% to 5%.  
4.36.  The forest sector reform under EO  No. 1 of 2006 called for the establishment of a chain of 
custody system that tracks logging operations from stump to the point of ex port. The Société 
Générale de Surveillance (SGS) was mandated to develop and administer a computerized chain of 
custody system, called LiberFor.  
4.37.  Exports of logs (timber) and wood products require a licence for every export permit 
(USD  100 per consignment) issued by the FDA (FDA  Regulation  107-7, Section  42(c)). The FDA 
together with the SGS issues export permits for timber upon confirmation that the shipment 
originates from a registered harvesting area and all relevant forest payments have been made to 
the Central Bank of Liberia (CBL).  
4.38.  A Voluntary Partnership Agreement with the European  Union entered into force on 
1 December  2013. However, Liberia is still in the process of developing the mechanisms to meet 
EU requirements for the control, verification, and  licensing of exports of timber and wood products. 
The objective is to implement a FLEGT (Forest Law Enforcement, Governance and Trade) licensing 
scheme, comprising the establishment within the FDA of a Timber Legality Verification Department 
and a Liberia  Licensing Department (set up in 2021) for issuing FLEGT Licences.40 
4.1.3   Fisheries  
4.39.  Liberia has a coastline of 579  km from the borders of Sierra  Leone to Côte  d'Ivoire, and an 
EEZ of 246,152  km2.41 The country is a net importer of fish and fish products. Import s and exports 
in 2021 are estimated at about 36,000  tonnes and 200  tonnes, respectively.  
4.40.  The Liberian fisheries sector has significant development potential but is facing numerous 
challenges in the areas of infrastructure, input supply, export capacity, an d fisheries management, 
including Illegal, Unreported and Unregulated (IUU) fishing.42 The Fisheries and Aquaculture 
 
38 FDA Core Regulation  104-07, Part Four, Section  42(b).  
39 LEITI (2022), 13th Report, 2019 -2020. Viewed at: https://eiti.org/sites/default/files/2022 -
07/Liberia%20EITI%2013th%20Report%20 -%20FY%202019%20 -%202020.pdf . 
40 LiberTrace. Viewed at: https://libertrace.sgs.c om. 
41 MOFA (2018), "After Nearly Ten Years of Work, Liberia Deposits Submission for Extension of 
Continental Shelf at United Nations", 26  October. Viewed at: 
https://ww w.mofa.gov.lr/public2/2press.php?news_id=3255&related=7&pg=sp . 
42 ITC, National Export Strategy: Fish and Crustaceans Export Strategy, 2014 -2018. Viewed at: 
https://www.MoC I.gov.lr/doc/Liberia%20Fish_Crustaceans_web -FINAL.pdf . Preamble to the Fisheries and WT/TPR/S/ 441 • Liberia  
 
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  Management and Development Law, 2019 emphasizes the need to combat IUU fishing in Liberian 
waters.43 The Fisheries Committee of the West Ce ntral Gulf of Guinea notes that "the annual catch 
within the EEZ of Liberia is much higher as poaching is rampant due to the complete lack of Monitor, 
Control and Surveillance (MCS)".44 
4.41.  According to the Fisheries and Aquaculture Management and Development Law, Liberia's 
artisanal fisheries play a major role in securing livelihoods and have the potential to make a greater 
contribution to food security, poverty alleviation, and sustainable development, while the industrial 
and semi -industrial fisheries have s ignificant economic potential in terms of the generating licensing 
and other fees for fishing and related activities, export earnings, and creating added value through 
processing.45 
4.42.  The Liberian fisheries are mainly artisanal. The artisanal fishers use woo den dug -out canoes 
with or without an outboard motor. There are about 700 artisanal motorized canoes and 
3,500  paddle canoes with a total crew of about 15,000 fishers. The total annual catch is estimated 
at 21,000  tonnes for local consumption. There are ab out 27,000 fishmongers, mainly women. 
Artisanal aquaculture is mainly for tilapia and catfish, with a harvest estimated at 250  tonnes in 
2021.  
4.43.   In the industrial fisheries, there are currently six licensed trawlers operated by foreign 
companies (China) for  the Liberian domestic market. Their annual catch is estimated at 
5,000  tonnes. The most valuable industrial fisheries in the Liberian EEZ are tuna and marine shrimp 
fisheries.46 At present, there are no licensed shrimpers operating in the Liberian waters until a 
comprehensive stock assessment has been conducted to determine the maximum sustainable yield. 
Liberia has currently 40  foreign -flagged (EU and Senegal) tuna vessels operating in its waters.  
4.44.  Liberia is a member of the Fisheries Committee for the Wes t Central Gulf of Guinea (FCWC)47 
and the International Commission for the Conservation of Atlantic Tunas (ICCAT). Furthermore, 
Liberia is a cooperating, non -contracting party to five regional fisheries management organizations 
(RFMOs): Indian Ocean Tuna C ommission (IOTC); North -East Atlantic Fisheries Commission 
(NEAFC); Western Central Pacific Fisheries Commission (WCPFC); Southern Pacific Regional 
Fisheries Management Organization (SPRFMO); and Inter -American Tropical Tuna Commission 
(IATTC). The country 's status in these RFMOs "requires Liberia to cooperate on the management of 
tuna and tuna -like species, be assigned quota for certain species and imbed the RFMOs 
recommendations into national legal frameworks and management decisions".48 Furthermore, "in 
order to ensure effective control over its distant -water fishing fleets, Liberia requires strict 
compliance with the terms of fishing licence, transhipment authorization, transhipment notice, 
fishing permit, marine notice and by implement ing and enforcing conservation and management 
measures through effective monitoring, control and surveillance (MCS); mechanism including 
observer coverage, electronic monitoring and satellite -based vessel monitoring systems (VMS) in 
order to provide inform ation on the location of fishing vessels engaged in distant -water fishing, port 
inspection and pre -licensing inspection".49 
4.45.  Liberia has taken steps to reform its fisheries management regime, including:  
• 2010 - Establishment of a six -mile Inshore Exclusive Z one (IEZ) reserved exclusively for 
artisanal and semi -industrial fishing vessels (Fishery Regulations 2010);  
 
Aquaculture Management and Development Law. Viewed at: 
http://extwprlegs1.fao.org/docs/pdf/lbr192628.pdf . 
43 See preamble to the Fisheries and Aquaculture Management and Development Law. Viewed at: 
http://extwprlegs1.fao.org/docs/pdf/lbr192628.pdf . 
44 Fisheries Committee for the West Central Gulf of Guinea, Liberia . Viewed at: https://fcwc -
fish.org/about -us/member -states/liberia . 
45 See preamble to the Fisheries and Aquaculture Managem ent and Development Law. Viewed at: 
http://extwprlegs1.fao.org/docs/pdf/lbr192628.pdf . 
46 According to ITC, in 1970s and 1980s Liberia was one Africa's main exporters of fish and crustaceans,  
exporting mainly shrimp. ITC, National Export Strategy: Fish and Crustaceans Export Strategy, 2014 -2018, 
p. 8.  
47 Together with Benin, Côte  d'Ivoire, Ghana, Nigeria, and Togo.  
48 Viewed at: https://faolex.fao.org/docs/pdf/lbr195830.pdf . 
49 Viewed at: https://www.un.org/Depts/los/bfw/Liberia%20Bottom%20Fishing%20Contribution.pdf . WT/TPR/S/ 441 • Liberia  
 
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  • 2011 - Declaration of a ban on demersal fishing by foreign -owned vessels. These two 
measures (in 2010 -11) appear to have led to a recovery in fish stocks50; 
• 2017 - Establishment by an act of Parliament of the National Fisheries and Aquaculture 
Authority (NaFAA) in October  2017 as an autonomous agency, replacing the Bureau of 
National Fisheries of the Ministry of Agriculture51; reduction of the IEZ fr om six to three 
nautical  miles;  
• 2018 - Adoption of a national plan of action to combat IUU fishing, in accordance with the 
international plan of action (IPOA -IUU) and the regional IUU plan of action by the FCWC.52 
Losses from IUU fishing in Liberian waters  were estimated at USD  12 million. From 2011 
to 2018, Liberia imposed fines for IUU fishing totalling USD  6.7 million;  
• 2019 - In line with the national IUU plan of action, Liberia acceded to the FAO Port State 
Measures Agreement, aimed at preventing vessel s engaged in IUU fishing from using ports 
and landing their catches53; 
• 2019 - Adoption of the Fisheries and Aquaculture Management and Development Law, 
201954, which governs the management, conservation, development, and sustainable use 
of fisheries and aq uaculture;  
• 2020 - Adoption of the Fisheries Regulation 2020; and  
• 2021 - Adoption of the Revised Fisheries and Aquaculture Policy and Strategy of 2021.  
4.46.  The NaFAA grants licences for industrial and semi -industrial fishing vessels, which involves 
inter alia a vessel call to port for a pre -licence inspection. A register of industrial vessels is 
maintained by NaFAA. Licence fees for industrial vessels depend on the fishing plan and the ex -
vessel value of their primary target species. Licence fees for artis anal vessels range from USD  200 
to USD  1,250 annually for local vessels and USD  1,500 for migrant canoes.55 
4.47.  Liberia has concluded bilateral market access agreements with the European  Union and 
Senegal.  
• EU-Liberia Sustainable Fisheries Partnership Agreement  (SFPA), 201556 - The agreement 
and its five -year protocol, which expired on 8  December  2020, provided the 
European  Union with fishing opportunities of 6,500  metric  tonnes of tuna and other highly 
migratory species for 28  tuna purse  seiners and 6  longline  vessels, to be monitored with 
VMS. The European  Union's financial compensation was EUR  3.25 million over five  years, 
of which 50% was allocated for the access to the Liberian fisheries and 50% for the 
implementation of Liberia's fisheries policy. There has  been no new protocol since the last 
one expired in 2020.  
• Senegal -Liberia fisheries and aquaculture cooperation agreement, 201957 - Although it has 
never been utilized, the agreement provides access for Senegalese artisanal, 
semi-industrial, and industrial  vessels to Liberian waters. For industrial vessels, this 
includes access of 2,000  tonnes to the shrimp fisheries and 2,000  tonnes for coastal 
 
50 Viewed at : https://faolex.fao.org/docs/pdf/lbr195830.pdf . 
51 NaFAA. Viewed at: https://nafaa.gov.lr/ . 
52 Viewed at: https://faolex.fao.org/docs/pdf/lbr195830.pdf . 
53 FAO (2019), "Liberia accedes to the Agreement on Port State Measures", 21  June. Viewed at: 
https://www.fao.org/iuu -fishing/news -events/detail/en/c/1199021/ . 
54 Viewed at: http://extwprlegs1.fao.org/docs/pdf/lbr192628.pdf . 
55 Viewed at: https://nafaa.gov.lr/index.php/medias/press -release/announcement -1. 
56 Sustainable Fisheries Partnership Agreement between the European  Union and the Republic of Liberia. 
Viewe d at: https://eur -lex.europa.eu/legal -content/EN/TXT/PDF/?uri=CELEX:22015A1212(01)&from=EN . 
57 The Agreement on Fisheries and Aquaculture Cooperation betwee n the Government of the Republic of 
Senegal and the Government of the Republic of Liberia. Viewed at: 
https://static1.squarespace.com/static/5d402069d36563000151fa5b/t/6177c0068a783861e199b814/1635237
897930/_Accord+de+pe%CC%82che+entre+le+SN+et+le+Libe%CC%81ria+Signe%CC%81%2C+le+2 2+Jan
vier+2019+version+Englaise.pdf . WT/TPR/S/ 441 • Liberia  
 
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  pelagic fishing.58 Liberia has also granted (separate from the 2019 agreement) 
experimental fishing licences for shrimp for research purposes to two Senegalese -flagged 
vessels.59 
4.48.  The Mesurado pier at Monrovia is the only port for industrial vessels to land their catch, but 
without a cold store. In 2021, Liberia launched a project with the support of the World Bank fo r the 
modernization of the Mesurado pier and the construction of storage and processing facilities. Once 
completed, it would allow industrial fishing vessels to land the catch at the Port of Monrovia and help 
reduce revenue losses due to a lack of an indus trial fishing port.  
4.49.  Imports and exports of fish and fish products require a permit from the NaFAA. Liberia 
traditionally exported fish to the European  Union, but currently does not have the required health 
certification due to the lack of an adequate labor atory for testing and certification (lack of a national 
control system). To this end, Liberia established the Liberia Standards Authority in 2022 
(Section  3.3.2).  
4.2  Mining  
4.50.  The mining and panning sector contributed about 17% to GDP.60 Iron ore and gold are 
Liberia's main mineral resources, followed by diamonds (Table  4.4).61 During the civil war, all major 
mines were closed. Since 2010, exploration and development of mines has resumed. Iron ore 
production reached about 5  million  metric  tonnes in 2021, up from 4.4  million tonnes in 2019. 
Exports of iron ore, mainly destined for China, accounted for almost 40% of total exports in 2021.62 
ArcelorMittal is the main producer and exporter of iron ore.  
4.51.  Liberia also registered a significant rec overy in gold production and exports (Table  4.4) due 
to favourable market conditions. Gold exports (about 39% of total exports in 2021 – Table  A1.1) 
are mainly destined for Switzerland. The UN Security Council lifted its embargo on Liberian exports 
of roug h diamonds in 2007, when the country joined the Kimberley Process Certification Scheme. In 
2009, Liberia became a participant in the Extractive Industries Transparency Initiative.63 
Table  4.4 Mineral productio n and exports of Liberia, 2019 -21 
 2019  2020  2021  
Iron ore     
Production (MT)  4,428,645  4,874,409  5,000,000  
Exports (MT)  234.6  289.0  346.9  
World market price (USD/MT)  94 109 162 
Gold    
Production (TOZ)  162,936  141,342  252,708  
Exports (USD million)  164.3  194.4  340.3  
World market price (USD/TOZ)  1,392  1,770  1,800  
Diamonds     
Production (carat)  55,936  54,599  63,027  
Exports (USD  million)  16.1 12.1 15.2 
Source:  Central Bank of Liberia, Annual Report 2021 . 
 
58 Protocol on the Implementation of the Agreement on Fisheries and Aquaculture Cooperation between 
the Government of the Republic of Senegal and the Government of the Republic of Liberia. Viewed at: 
https://static1.squarespace.com/static/5d402069d36563000 151fa5b/t/6012a84972f3b96436d582dc/1611835
471970/_Protocole++entre+le+SN+et+le+Libe%CC%81ria+Signe%CC%81%2C+le+22+Janvier+2019+versi
on+Englaise.pdf . 
59 Coalition for Fair Fisheries Arrangements (2021), "Experimental Fishing or Experimental Pillaging in 
Liberia?", 26  October. Viewed at: https://www.cffacape.org/publications -blog/experimental -fishing -or-
experimental -pillaging -in-liberia . 
60 CBL, Annual Report 2021 .  
61 The country is also endowed with minerals such as traces of platinum, uranium, and niobium; base 
metals such as nickel, cobalt,  tin, lead, and manganese; and industrial rocks and minerals such as sulphur, 
phosphates, clays (kyanite), granite, silica sand, heavy mineral sands (rutile & ilmenite), and diabase/dolorite.  
62 U.S. International Trade Administration, Mining and Minerals  (Last published date: 3  August  2022). 
Viewed at: https://www.trade.gov/country -commercial -guides/liberia -mining -and-minerals . 
63 LEITI (2022), 13th Report , 2019 -2020. Viewed at: https://eiti.org/sites/default/files/2022 -
07/Liberia%20EITI%2013th%20Report%20 -%20FY%202019%20 -%202020.pdf . WT/TPR/S/ 441 • Liberia  
 
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  4.2.1   Mineral policy  
4.52.  The Ministry of Mines and Energy (MME) oversees the sector. According to the Mineral Policy 
of Liberia (2010), "the Government is committed to attracting and enabling private sector 
investments for the development of mineral deposits, particularly iron ore min es, and to promote 
new investments in exploration and development of gold, diamonds, base metals and other mineral 
deposits. Geological information and mineral data will be made readily and widely accessible to both 
small and large -scale prospective invest ors".64 
4.53.  The legal framework comprises, inter alia: 
• The Mineral and Mining Law, 2000, according to which mineral resources are vested in the 
Republic: "Minerals on the surface of the ground or in the soil or subsoil, rivers, streams, 
watercourse, territoria l waters and continental shelf are the property of the Republic of 
Liberia and anything pertaining to their Exploration, Development, Mining, and Export shall 
be governed by this Law" (Section  2.1 of the Law). The Law is currently under review, as 
it no lo nger aligned with Liberia's Mineral Policy (2010);  
• The 2005 PPCA provides that mining concessions fall in principle within the scope of the 
PPCA (Section  75), although certain grandfathered and future mineral licences and Mineral 
Development Agreements "sh all be deemed not to constitute the grant of Concessions 
subject to this Act"; and  
• The Environmental Protection and Management Law, 2002 provides for the legal 
framework for the sustainable use and conservation of natural resources. According to the 
author ities, mining projects require an Environmental Impact Assessment (except for 
Class C licence operations).  
4.54.  Mineral licences are issued by the MME's  Department of Mineral Exploration and 
Environmental Research (D'MER) for reconnaissance, prospecting, and exploration activities.  
4.55.  Mining licences are issued by the Minister, and the MME publishes all active licences, including 
detailed information, throug h an online register65: 
• Class C mining licences are reserved for Liberian citizens under artisanal and small -scale 
operations (up to 25  acres). A maximum of four licences per person. The licence term is 
one year, renewable. The licence fee is USD  150 (Sect ion 4.2 of the Law).  
• Class B mining licences are for industrial operations of up to 100 acres for precious and 
semi-precious minerals such as diamonds and gold (50 acres for quarry licence blocks). 
Each entity may hold a maximum of four Class B licences. C lass B licences are open to 
foreign investment, subject to a (statutory) minimum stake of 60% held by Liberian 
citizens. According to the authorities, in practice a minimum stake of not less than 15% is 
enforced at present, due to a lack of capacity on the  Liberian side. The annual licence fee 
is USD  10,000. The licence term is five  years, renewable.  
• Class A mining licences are for industrial operations, subject to conclusion and ratification 
of a Mineral Development Agreement with the Government. Licence f ees are USD  50,000 
for iron ore and USD  35,000 for gold or diamonds. The licence term is 15 to 25  years 
(renewable), depending on the size of the ore deposit and the feasibility study report.  
4.56.  The fiscal regime for mining operations is set out in the Revenu e Code of Liberia (2000), as 
amended in 2011 (Sections  700 to 739 thereof).66 The corporate tax rate for mining operations 
is 30%. The royalty rates are currently 4.5% for iron ore, 3% for gold, and 5% for commercial 
diamonds.  
 
64 MME, Laws and Regulations . Viewed at: https://mme.gov.lr/laws -and-regulations/ . 
65 MME, Liberia – Online Repository . Viewed at: https://portal.mme.gov.lr/ dashboard . 
66 Liberia Revenue Code as Amended 2011. Viewed at: 
https://mlmeliberia.files.wordpress.com/2018/10/revenue -code.pdf . WT/TPR/S/ 441 • Liberia  
 
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  4.57.  Iron ore mining companies are  issued annual licences by the MME. Export shipments of iron 
ore require an EPD issued by the MoCI. Bureau Veritas conducts the inspection to verify the 
information provided by the exporter for statistical and revenue purposes.  
4.2.2   Gold and diamonds  
4.58.  Mining of gold and diamonds is carried out mainly by artisanal and small -scale miners. There 
are estimates of over 100,000 artisanal miners in Liberia.  For gold, there are also industrial mining 
operations; the largest is the New Liberty Gold Mine.67 
4.59.  The Office of Precious Minerals (OPM) of the MME regulates the marketing of precious 
minerals. It serves as the official channel for exports of gold and diamonds and conducts valuations 
of precious minerals to determine export values and royalties payable. The  Chief Valuator issues the 
Kimberley Process Certificate for diamonds.  
4.60.  For licensing and control purposes of gold or diamond operations, three categories of licences 
are issued by the MME (mines, broker, and dealer). For mines, there are types A -C licences . A broker 
licence is required for purchases of gold/diamonds from licensed miners and sale to licensed dealers. 
Broker licences are reserved for Liberians. The licence fee is USD  1,500. A dealership licence is 
required to purchase gold/diamonds for export  from licensed holders. Dealerships are open to 
Liberians and/or foreign nationals with mandatory Liberian participation. The licence fees are 
USD 5,000 for gold and USD  25,000 for diamonds.  
4.61.  Unlicensed and illegal mining in the artisanal mining sector rema ins a challenge.68 According 
to the authorities, Liberia has a chain management trusteeship procedure for the control of diamond 
and gold production in the artisanal and small -scale sector. Class C or Class B licence holders must 
have a serialized vendor f orm to record the minerals sold to a diamond or gold licence broker, which 
can be verified. Furthermore, the MME has developed a roadmap to regulate artisanal and 
small -scale miners and encourage them to organize cooperatives. The Liberia Geological Survey  is 
to map out areas that will be set aside for artisanal and small -scale minors' operations. The Ministry 
has subdivided the country into regions with six regional offices (yet to be established) staffed with 
a mining engineer and geologist in each office  to regulate the activities.  
4.3  Energy  
4.3.1   Overview  
4.62.  Liberia's electricity infrastructure was damaged or destroyed during the civil war. Efforts have 
been underway since 2006 to rehabilitate the electricity system of Greater Monrovia and to expand 
the mini -grid an d stand -alone power systems in the interior of the country. However, access to 
electricity from the national grid remains very limited (about 15% of the population in 2022) and 
blackouts are frequent. A new electricity transmission line connecting to the r egional ECOWAS power 
grid somewhat alleviates the shortages.  
4.63.  All of the country's requirements of petroleum products are imported. Liberia's import bill for 
mineral fuels and lubricants was USD  222 million in 2021 (up from USD  189.2  million in 2020), 
accou nting for about 17% of total imports.69 Liberia is yet to discover crude oil in commercial 
quantities. However, offshore exploration activities following several international licence bidding 
rounds are under way.  
4.64.  Liberia has made some reforms in the energ y sector since its WTO accession in 2016. 
Independent regulators were established for electricity (Liberia Electricity Regulatory Commission) 
and for petroleum (Liberia Petroleum Regulatory Authority), and both agencies have commenced 
operations.  
 
67 Avesoro Resources, New Liberty Gold Mine . Viewed at: https://avesoro.com/operations/liberia/new -
liberty -gold-mine/ . 
68 See also U.S. International Trade Administration, Mining and Minerals  (Last published date: 
3 August  2022). Viewed at: https://www.trade.gov/country -commercial -guides/liberia -mining -and-minerals . 
69 CBL, Annual Report 2021 .  WT/TPR/S/ 441 • Liberia  
 
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  4.3.2   Electrici ty 
4.65.  The MME oversees policy in the electricity sector. Electricity policy is to be guided by a revised 
National Energy Policy with the objective of building a resilient energy sector by 2030 (yet to be 
submitted to Parliament for adoption).  
4.66.  Liberia passed t he new Electricity Law, 2015, which establishes the regulatory framework. 
Under the Law, the Liberia Electricity Regulatory Commission (LERC) is responsible for, inter alia, 
the setting of electricity tariffs and licensing of operators. LERC issues licence s for generation; 
transmission facilities and transmission services; trading; and distribution for grid and off -grid 
electrification. There is also a micro -utility permit for operators generating less than 10  MW.70 LERC 
began full operations in 2018.  
4.67.  Liberia welcomes private sector investment in the sector and is committed to ensuring 
international best practices for the investment process, according to the authorities. There are plans 
to partition the country into elect ricity distribution areas to attract investment (draft policy on 
Electricity Distribution Areas).  The Government does not provide any local bank guarantees for 
investments in the sector. According to the authorities, incentives in the electricity sector ar e 
reflected in the tariff methodology.  
4.68.  The state -owned Liberia Electricity Corporation (LEC) is the national power generation 
company and grid operator71 and holds a monopoly in transmission system operation. The Electricity 
Law allows the private sector t o develop and operate electricity -generation facilities.  
4.69.  Liberia's electricity generation is based almost entirely on hydropower and fuel. The main 
power system is the Greater Monrovia system, which serves the capital and its surrounding areas 
and counties  with a total installed generation capacity of 126  MW, consisting of the Mount Coffee 
hydroelectric plant (88  MW) and three  thermal  plants installed at the Bushrod Power Enclave 
(38 MW).  
4.70.  Electrification in rural areas beyond the main grid is a priority, ac cording to Liberia's mini -grid 
policy. The off -grid systems include privately owned generating systems for self -use or sale to other 
consumers. The Totota Electricity Cooperative is a licensed private institution providing electricity in 
Totota, Bong Count y.72 The Electricity Law allows small power plants to sell electricity directly to 
end-users, including retail consumers.  
4.71.  The Liberia Rural and Renewable Energy Agency (established under EO  No. 38 of 
6 January  2012) has the mandate to facilitate renewable energy projects in rural areas. It serves as 
a gateway for donor -funded projects, based on a Master Plan.  
4.72.  EO No. 107 of May  2022 suspended import tariffs on off -grid solar lighting appliances, 
equipment and components, and other systems related to renewabl e energy.73 Qualifying imports 
remain subject to Customs User Fees and the ECOWAS Levy.  
4.73.  Liberia is a net importer of electricity via the West African Power Pool (WAPP) of ECOWAS. 
The national grid is connected with Côte  d'Ivoire, Sierra  Leone, and Guinea t hrough a new 
high-voltage transmission line (CL SG interconnection line). The commissioning of the CLSG line gives 
a boost to Liberia's electricity supply (27  MW-50 MW) through power purchase agreements 
concluded by the LEC. The injection of power into the Liberian network via the CLSG line started in 
December  2022. Liberia also imports electricity from the WAPP in Côte  d'Ivoire (through a 
medium -voltage line), facilitating electricity supply to cross -border distribution networks.  
 
70 Micro -utility Licensing Regulations, 2020.  
71 The LEC also subcontracts private operators for distribution.  
72 National Rural Electric Cooperative Association (2020), "Liberian Co -op Begun by NRECA International 
Has Become Self -Sufficient", 16  January. Viewed at: https://www.electric.coop/liberia -co-op-begun -by-nreca -
international -self-sufficient . 
73 Executive Mansion (2022), "President Weah Issues Executive Order #107 Suspending Tariffs on 
Off-Grid Solar Renewable Energy Products", 11  May. Viewed at: 
https://www.emansion.gov.lr/2press.php?news_id=5537&related=7&pg=sp . WT/TPR/S/ 441 • Liberia  
 
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  4.74.  Electricity distribution an d retail activities are currently under the sole responsibility of the 
Liberia Electricity Corporation ( LEC) and not yet separated, as envisaged by the 2015  Electricity  Law. 
The LEC delivers electricity to consumers through its distribution network and dea ls with billing and 
collection. There are currently four separate distribution grids, including the Greater Monrovia grid 
system, and three other cross -border distribution networks.74 
4.75.  Currently, the electricity losses at the distribution level are signific ant (63% in 202175), mainly 
as a result of power theft and the LEC's inability to collect its billing revenues. According to the 
authorities, the LEC lost an estimated USD  35.9 million in revenues during the 2018 -21 period.  
4.76.  With the passage of the  2015 Energy Law, the responsibility for electricity pricing was passed 
to the Electicity Law . Liberia's commercial electricity tariffs were substantially reduced over the 
review period: from USD  0.59/kWh (2016) to USD  0.35/kWh (2018). The LERC approved an average 
end-user tariff of USD  0.22/kWh (January  2022).76 
4.3.3   Petroleum products  
4.77.  The upstream oil and gas industry (exploration, development, and production of 
hydrocarbons) is not well developed. Although efforts have been made since the 1970s, Liberia is 
yet to disc over crude oil or natural gas in commercial quantities. The latest licensing round for 
exploration drilling (nine  offshore  blocks) was held in 2020. Liberia currently has a total of 33 
offshore blocks.  
4.78.  In anticipation of future discoveries, policy guidelin es have been developed, namely  
transparency of procedure and accountability to the Liberian people; environmental protection to 
the maximum extent possible; and transparent and independent regulatory oversight by the Liberia 
Petroleum Regulatory Authority (LPRA).  
4.79.  Under Article  22(b) of the Constitution, all mineral resources are vested in the State. Under 
Article  7, "the Republic shall, consistent with the principles of individual freedom and social justice 
enshrined in this Constitution, manage t he national economy and the natural resources of Liberia in 
such manner as shall ensure the maximum feasible participation of Liberian citizens under conditions 
of equality as to advance the general welfare of the Liberian people and the economic developme nt 
of Liberia".  
4.80.   The regulatory framework for the management of Liberia's petroleum resources comprises 
notably the  Petroleum  (Exploration and Production)  Act, 2014, as amended in 2019.77 It established 
the LPRA with the mandate to exercise regulatory over sight of upstream petroleum operations, 
including those of the state -owned National Oil Company of Liberia (NOCAL); conduct technical 
evaluations of areas to be opened up for petroleum operations; and administer petroleum rights. 
The LPRA started operating  in December  2018.78 
4.81.  NOCAL is a regulatory marketing board responsible for the exploration, development, and 
production of the petroleum resources of Liberia.79 NOCAL was given the mandate to hold and 
manage petroleum rights acquired in its own right, by e xecutive allocation or under joint venture, 
and to manage all state interests in Petroleum Agreements under citizen participation provisions. 
NOCAL is a party to all Petroleum Agreements, and its ownership of shares is not limited to 10% 
equity participati on.80 There are no petroleum production activities by NOCAL or any other company 
 
74 These comprise the Jungle Energy and Power Limited (JEP) distribution enclave in Nimba County (now 
extended to Bong County); and the Maryland County and the Grand Gedeh County distributi on grids.  
75 West African Power Pool (2021), Reduction of Technical and Non -Technical Electricity Losses in the 
Distribution Companies in the ECOWAS Region . Viewed at: 
https://www.ecowapp.org/sites/default/files/en_publication_2020_distribution_losses.pdf . 
76 LEC, Tariff Structure Effective January 1,  2022. Viewed at: https://lecliberia.com/wp -
content/uploads/Summary -of-Approved -Tariff-Structure.pdf . 
77 LPRA, Laws & Regulations . Viewed at: https://www.lpra.gov.lr/index.php/publication /laws -
regulations . 
78 NOCAL, Our Business . Viewed at: https://www.nocal.com.lr/ourBusiness#strategy . 
79 Established under the National Oil Company of Liberia (NOCAL) Act, 2000, as amended in 2014.  
80 A Model Production Sharing Contract is intended to guide potential investors. Viewed at: 
https://ww w.leiti.org.lr/sites/default/files/documents/2190 -model -contract -national -oil-company -of-liberia -
offshore -psa-2013__1_.pdf . WT/TPR/S/ 441 • Liberia  
 
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  currently ongoing in Liberia. NOCAL is currently not engaged in exploration and import/export 
activities, but has the right to do so under the Petroleum Law. NOCAL is also res ponsible for 
administering reconnaissance licences (valid for two  years).  
4.82.  Liberia grants the following petroleum rights: reconnaissance licences; petroleum 
agreements; and licences for the development of the petroleum transportation/pipeline system. 
There are three processes for granting petroleum rights: international competiti ve bidding; allocation 
of rights through direct negotiations; and executive allocation to NOCAL (introduced through the 
Petroleum Act Amendments of 2019).81 
4.83.  The State's stake in terms of free participating interests in petroleum agreements is 10%. 
Under th e Petroleum Act Amendments of 2019, a minimum equity stake of 5% is reserved in 
Petroleum Agreements for companies owned by Liberian citizens. The Law also provides for local 
content requirements (Section  36). To date, no local content requirements have be en developed, 
according to the authorities.  
4.84.  The fiscal regime for oil and gas is governed by the Revenue Code of Liberia (2000), as 
amended in 2011 (Sections  740 to 799 thereof).82 The corporate tax rate is 15%, and royalty rates 
are currently 8% for crude  oil and 5% for natural gas.  
4.85.  Regarding the downstream petroleum sector, Liberia's policy objectives are to deepen 
deregulation; use the pricing mechanism to generate adequate revenues to support the financing of 
LPG infrastructure especially in rural areas ; ensure uniform prices of petroleum products throughout 
the country; and maintain buffer stocks for two  months.  
4.86.  The state -owned Liberia Petroleum Refining Company (LPRC) holds exclusive rights under the 
Petroleum  Act, 1989 for the importation, sale, distr ibution, storage, and refining of petroleum and 
petroleum products. The activities of the LPRC are currently limited to storage, supply, and 
distribution of petroleum and petroleum products to the Liberian market, according to the 
authorities. The LPRC has  granted licences to 10  registered  companies to import petroleum products. 
All petroleum products are imported from Liberia's neighbouring countries. The LPRC owns storage 
tanks at its Product Storage Terminal (PST) in Monrovia, where it stores and handles  petroleum 
products for wholesale distribution. There are ongoing works to modernize and expand the PST. 
There are licensed 22  Liberian -owned  distribution companies of petroleum products, some of which 
have established their own service stations across the  country.  
4.87.  Petroleum products are subject to price caps (ceilings). The prices are reviewed each month 
(based on Platt's price data) by the Price Division of the MoCI in consultation with the LPRC. The 
pricing structure includes a profit margin of USD  0.18 per gallon at the wholesale level and 
USD 0.19 per gallon at the retail level. The following taxes and fees apply (per  gallon): import levy 
(USD  0.20-USD 0.25), sales tax (USD  0.20), excise duties (USD  0.15), and MedTech destination 
inspection fee (USD  2.00). 
4.88.  Refining operations in Liberia have ceased, following the destruction of the only refinery during 
the civil war. Currently, a private refinery located in Monrovia (owned by the Conex Petroleum Group 
Inc.) is nearing completion with a capacity of 10,000  b/d. The refinery is expected to produce about 
10,000  metric  tonnes of petroleum products annually. Furthermore, the LPRC plans to construct a 
50,000  b/d refinery in partnership with the private sector.  
4.4  Manufacturing  
4.89.  The Liberian manufacturing sector cont ributed about 6% to GDP in 2021 (Table  1.1). Liberia's 
manufacturing companies produce mainly for the domestic market. While there are a few large 
cement and beverage producers, most local companies are MSMEs that produce goods such as 
paints, varnishes, m attresses, bakery products, plastic, rubber products, clothing, and household 
goods (Table  4.5). The importance of candle production reflects the state of Liberia's electricity 
 
81 Petroleum Act Amendments of 2019.  
82 Liberia Revenue Code as Amended 2011. Viewed at: 
https://mlmeliberia.files.wordpress.com/2018/10/revenue -code.pdf . WT/TPR/S/ 441 • Liberia  
 
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  supply, while the spike in demand for rubbing alcohol in 2020 was due to COVID -19 prevention 
measures.  
4.90.  In 2011, Liberia adopted an industrial policy framework to guide MoCI's activities.83 The main 
thrust of the policy (now expired) was to move Liberia from a commodity producer and exporter 
towards local processing and value -addition .84 The greatest potential for industrial development is 
seen in building on the country's agricultural, forestry, fish, and mineral resources.  
4.91.  The main policy instruments to encourage local manufacturing include:  
• Tariffs – Manufacturing tariffs (ISIC  3) average 10.4% in 2023, down from 12% in 2017 
(Table  3.2). Tariffs range from zero to 35% (Table  A3.2). Clothing benefits on average 
from the highest level of tariff protection (20%);  
• Incentives – Under the Liberia Revenue Code on Special Investment Incentiv es, 
manufacturing activities are eligible for investment incentives in terms of exemption from 
tariffs and GST on inputs and equipment. However, these incentives are conditional on 
export performance or local content criteria (Section  3.3.1);  
• Foreign inves tment restrictions – There are few FDI restrictions for manufacturing 
activities. Foreign investment in ice cream manufacturing and bakeries is subject to 
minimum investment amounts of USD  300,000 to USD  500,00. Ice -making is a reserved 
activity for Liberi ans under the Investment  Act, 2010 (Section  2.4.2); and  
• Monrovia Industrial Park and Special Economic Zone at Buchanan (Section  3.3.1).  
Table  4.5 Main manufacturing products, 2019 -21 
 Unit 2019  2020  2021a 
Cement  mt 343,219  416,444  534,993  
Beverages  litres 16,890,776  14,164,563  17,239,963  
Bottled water  gallons  1,334,370,221  1,433,941,441  1,134,238,463  
Paints  gallons  212,943  213,166  206,223  
Candles  kg 94,416  71,274  48,416  
Chlorox  litres 1,195,428  1,246,431  829,241  
Rubbing alcohol  litres 308,650  493,786  306,268  
Mattresses  pieces  100,040  103,353  129,454  
a Estimate.  
Source:  Central Bank of Liberia, Annual Report 2021 . 
4.5  Services  
4.5.1   Overview  
4.92.  Services contributed about 37% to Liberia's GDP in 2021 ( Table  1.1). The country is a net 
importer of services (Section  1.3.2). Liberia is involved in the AfCFTA Trade in Services nego tiations.  
4.93.  Liberia has made substantial commitments under the GATS within the framework of its 
accession to the WTO.85 It has scheduled open and non -discriminatory regimes for a range of service 
subsectors ("full" commitments), including in the area of busi ness services, education, environment, 
health, and telecoms. The full commitments are without limitations on market access or national 
treatment, except mode 4, which is governed by Liberia's horizontal commitments. In addition, 
 
83 MoCI (2011), Industry for Liberia's Future . Viewed at: 
https://www.MoCI.gov.lr/doc/Industrial%20Policy%20 -%20approved%20version.pdf . 
84 MoCI, Liberia National Trade Policy, 2014 -2019. Viewed at: 
https://www.MoCI.gov.lr/doc/Liberia%20National%20Trade%20Policy -11.compressed(2).pdf . 
85 WTO document GATS/SC/155, 6  September  2016.  WT/TPR/S/ 441 • Liberia  
 
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  Liberia has made a number o f "partial" commitments, where certain modes of supply are unbound 
or subject to other limitations.86 
4.94.  Under its horizontal GATS commitments that apply to all service subsectors, Liberia has 
scheduled reservations with respect to land ownership by foreigner s and eligibility to receive 
subsidies. Liberia has also reserved flexibility to regulate the entry and temporary stay of foreign 
nationals (mode 4 is unbound), except for certain categories (business visitors, contractual services 
suppliers, and intra -corporate transferees). Business visitors may be granted a temporary visa of up 
to 90 days, renewable.  
4.95.  Liberia has scheduled Article  II (MFN) exemptions covering all sectors to provide for, 
inter alia, national treatment to nationals from ECOWAS countries, an d preferential treatment under 
bilateral investment treaties. It has also scheduled three  MFN exemptions for audiovisual services, 
to allow for national treatment under (existing or future) bilateral or plurilateral agreements aimed 
at promoting cultural l inks; and another MFN exemption for public accounting to allow certified 
accountants from the United  States to be recognized as equivalent to Liberian public accountants.  
4.5.2   Financial services  
4.96.  Liberia's financial services regime is generally open to foreign i nvestment and allows the 
establishment in the form of subsidiaries and branches of foreign financial institutions. Under 
Liberia's GATS commitments, all financial services subsectors are covered.87 There are no limitations 
on modes 2 and 3, while mode 1 is  generally unbound.88 
4.97.  In accordance with the New Financial Institutions Act (New FIA), 1999 and the Central Bank 
of Liberia Act, 1999, the CBL is responsible for regulating and supervising banking and non -bank 
financial institutions, financial services pro viders, and financial products, including insurance 
services. The CBL promulgates regulations, guidelines, and directives that set prudential standards 
and standards for market conduct. In addition, the CBL has a compliance and supervisory 
mechanism, using  both off -site and on -site examination tools.  
4.98.  The non -bank financial services sector comprises (2022): 2 licensed mobile money operators; 
184 registered foreign exchange bureaux; 14 licensed insurance companies; 9 licensed microfinance 
institutions; 2 depo sit-taking microfinance institutions; 1 licensed development finance institution; 
12 rural community finance institutions; 17 money remittance entities; 3 licensed fintechs; 
134 credit unions; and 1,270 village savings and loan associations.  
4.99.  Significant, a lbeit pending, financial sector reforms include the following:  
• An amended Financial Institutions Act is currently pending before Parliament. It would 
provide for a stronger bank resolution regime and give the CBL broad powers for dealing 
with distressed ba nks. It would enable the CBL to impose additional capital buffers set at 
the level of individual banks. The development of a framework for risk -based supervision 
is under way.  
• Liberia is making progress in strengthening its Anti -Money Laundering/Combating the 
Financing of Terrorism (AML/CFT) framework. Draft AML/CFT legislation and a draft Act on 
the establishment of a Financial Intelligence Agency are pending before Parliament. The 
IMF notes that "Liberia will need to show alignment of its AML/CFT legal fr amework with 
the international AML/CFT standards and demonstrate effective implementation. Unless 
sufficient progress is made, Liberia risks being designated as a 'jurisdiction with increased 
monitoring', with adverse economic consequences".89 
 
86 In total, Liberia has made 79 full and 31 part ial market access commitments with respect to mode 3.  
87 With the exception of "other".  
88 WTO document WT/ACC/LBR/23/Add.2, 9  October  2015.  
89 IMF (2022), Liberia: 2022 Staff Report for the Article  IV Consultation , IMF Country Report 22/296, 
p. 19. Viewed at: https://www.elibrary.imf.org/view/journals/002/2022/296/002.2022.issue -296-en.xml . WT/TPR/S/ 441 • Liberia  
 
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  4.100.   One of the C entral Bank's priorities has been to regulate and facilitate electronic financial 
services to support the economic development of the country. Mobile money has become the main 
means of payment in Liberia.  
4.5.2.1   Banking services  
4.101.   According to the IMF and the CBL, the Liberian banking subsector has been "relatively stable" 
and resilient in the face of the impact of the pandemic.90 The Liberian economy has been hampered 
by a lack of confidence in banks due to (seasonal) shortages of Liberian dollars, which has further 
boosted the dollarization of the economy.91 In 2021, the CBL proceeded to a complete replacement 
of all Liberian dollar banknotes in an effort to restore public confidence in banks.  
4.102.   Liberia had nine licensed banks in 202 2, including one state -owned bank (Liberian Bank for 
Development and Investment).92 The banking subsector accounted for approximately 85% of the 
assets of the financial sector (totalling LRD  168.9  billion at end -2021). The key prudential indicators 
(capita l adequacy ratio and liquidity ratio) were well above the minimum regulatory requirements. 
One of the subsector's weaknesses is the high number of non -performing loans (NPL), with an NPL 
to total loans ratio of 22.4% in 2021, up from 21.2% in 2020. Lending  rates by commercial banks 
averaged 12.4% in 2021, against an average deposit rate of 3.5% (Table  1.2). 
4.103.   The key prudential requirements are:  
• Minimum capital requirement of USD  10.0 million or its equivalent in Liberian dollars, 
which must be deposited in a n escrow account in a local bank until the licence is granted, 
and be maintained at all times;  
• Minimum Capital Adequacy Ratio, whereby the total qualifying regulatory capital divided 
by risk -weighted assets must be equal to or greater than 10%; and Qualify ing Tier I capital 
divided by risk -weighted assets must equal at least 5%. The CBL may require certain 
target and trigger ratios for individual licensed bank depending on the bank's risk profile 
and risk management system as assessed by the CBL; and  
• The li quidity ratio (as measured as the percentage of liquid assets to the deposits and 
designated liabilities) must be at least 15% and may be varied by the CBL within the 
statutory range of 5% to 25% (Section  17(l) of the New FIA).  
4.104.   The establishment by a forei gn bank of a subsidiary or branch requires, inter alia, a 
statement of supervisory adequacy by the home country's supervisory authority. The New FIA does 
not allow banks to engage in insurance business.  
4.5.2.2   Insurance services  
4.105.   The CBL is responsible (since 2013 ) for supervising the insurance sector. The amended and 
restated Act establishing the CBL of 2020 (Part II, Section  6 (O)) mandates the Central Bank to 
establish an Insurance Department within the CBL to strengthen oversight of the sector, and to 
transitio n within five years to a new regulatory body (Insurance Commission) that is independent of 
the Central Bank.93 
 
90 IMF, Liberia – IMF Country  Report No.  22/296.  Viewed at: https://www.imf.org/ -
/media/Files/Publications/CR/2022/English/1LBREA2022001.ashx ; and CBL, Annual Report 2021 . Viewed at: 
https://www.cbl.org.lr/sites/default/files/documents/2021annualreport.pdf . 
91 IMF (2022), Liberia: 2022 Staff Report for the Article  IV Consultation , IMF Country Report 22 /296, 
p. 43. Viewed at: https://www.elibrary.imf.org/view/journals/002/2022/296/002.2022.issue -296-en.xml . 
92 Liberian Bank for Development & Investment; Ecoba nk; International Bank Liberia; Global Bank 
Liberia; Sapelle International Bank Liberia; Union Bank for Africa; Access Bank Liberia; Guaranty Trust Bank 
Liberia; and Afriland First Bank Liberia. CBL, Commercial Banks of Liberia Information . Viewed at: 
https://www.cbl.org.lr/general/commercial -banks -liberia -information . 
93 CBL, Central Bank of Liberia Acts and By -Laws. Viewed at: 
https://www.cbl.org.lr/index.php/publications/document -type/central -bank-liberia -acts-and-laws. WT/TPR/S/ 441 • Liberia  
 
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  4.106.   The Insurance Department has since 2016 issued Regulations on Separation of Insurance 
Business ; a Directive on Brokers; and Guidelines on Regulatory Reporting Requirements.94 In 2017, 
the CBL implemented the automatic issuance of the ECOWAS Brown Card insurance for compulsory 
motor thi rd-party liability.  
4.107.   In 2022, Liberia had 14 insurers (5 of which with majority foreign ownership), 4 licensed 
insurance brokers, and several insurance agents. Gross premia amounted to LRD  6.5 billion in the 
first three quarters of 2022 (about USD  40 millio n). 
4.108.   Foreign insurers are subject to the same regulatory framework as domestic insurers, 
according to the authorities. Insurers are required to maintain a minimum of 30% Liberian 
participation in their shareholding and/or ownership structure.95 The minimal capital requirements 
are USD  750,000 for life companies, USD  1.5 million for non -life insurance companies, and 
USD 5.0 million for reinsurance companies.  
4.109.   Companies are allowed to engage in life and non -life business (but not reinsurance 
business), subject to minimum capital requirements for each class of business and separate 
reporting for each class. The CBL's 2018 Regulation on Separation of Insurance Business provides 
for companies, which are engaged in composite insurance business, to set up a holding c ompany 
and have two distinct subsidiaries, i.e. a life company and a general (non -life) company. The 
subsidiaries must have different institutional setups, management teams, distribution channels, 
accounting, and reporting. However, due to market constrain ts, this is not fully implemented, 
according to the authorities.  
4.110.   For the most part, insurance companies incorporated and licensed in Liberia cover risks in 
the domestic market, except for travel insurance offered by a few companies. The current insurance 
laws do not explicitly prohibit Liberians from buying insurance abroad. For example, individuals and 
enterprises operating in Liberia and involved in marine cargo business usually have insurance for 
their goods prior to coming to Liberia, although Liberian companies offer the same services. The 
regulator is currently working on policies to set some restrictions.  
4.111.   There is no domestic reinsurance company in Liberia at the moment. Insurers use foreign 
reinsurers to transfer risks beyond their capacity. However,  insurers are required to observe a 20% 
minimum retention of the total liability (excluding liability that is reinsured under a facultative 
insurance agreement).96 
4.112.   Motor third -party liability insurance and marine cargo insurance are mandatory. The premia 
for motor third -party liability insurance are set by the Ministry of Transport in consultation with the 
insurance industry; premia for non -mandatory insurance are market -determined.  
4.5.2.3   Capital market  
4.113.   Liberia's capital market is underdeveloped. The country has no stock market at present. The 
main securities are debt instruments issued by the Central Bank (CBL bills) and the Government 
(treasury bills) that are purchased by commercial banks and retail investors. The CBL is seeking to 
facilitate the es tablishment of a secondary market for debt securities. Following its regulation on 
Licensing and Regulatory Requirements for Discount Houses, a discount house has been licensed to 
allow for intermediation between the CBL and the financial sector and to pro vide liquidity for financial 
securities.  
4.114.   With a view to attracting foreign investment, Liberia established a regulatory framework for 
a securities market in 2016 (Securities Market Act, 2016 and Central Depository Act, 2016).97 
 
94 CBL, Insurance . Viewed at: https://www.cbl.org.lr/publications/document -type/insurance . 
95 Section  7.0 of Regulation NO.CBL/RSD/INS/009/2016 concerning new capital requirements for 
insurance companies operating in Liberia. Viewed at: 
https://www.cbl.org.lr/sites/default/files/documents/capital_requirements.pdf . 
96 Regulation NO.CBL/RSD/002/2016 Concerning Reinsurance Arrangements of Insurance Companies.  
97 Act Adopting the Securities Market Act of Liberia 2016. Viewed at: 
https://public.cbl.org.lr/doc/Securities%20Market%20Act%20 -%202016.pdf . WT/TPR/S/ 441 • Liberia  
 
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  According to the Securities Market Act, a Securities Exchange Commission is to be established under 
the CBL.  
4.5.3   Transport services  
4.115.   Liberia is a net importer of transport services. Investments in transport infrastructure are 
eligible for incentives (Section  3.3.1). 
4.5.3.1   Maritime transport  
4.116.   Liberia has made commitments under the GATS for international and domestic passenger 
and freight transport, with the exception of cabotage and certain auxiliary services to all modes of 
transport (cargo handling, storage and wareho using, and freight transport agency services). Liberia 
has also undertaken to open a range of essential port services on a non -discriminatory basis.  
4.117.   Under the Liberia Maritime Authority Act, 2010, the Liberia Maritime Authority (LMA) has the 
mandate to reg ulate the shipping sector and implement Liberia's obligations under the 
UN Convention on the Law of the Sea (UNCLOS) and other maritime treaties. As a founding member 
of the International Maritime Organization, Liberia is a party to the International Conve ntion for the 
Safety of Life at Sea (SOLAS); the International Convention for the Prevention of Pollution from 
Ships (MARPOL); the International Convention on Standards for Training, Certification and 
Watch -keeping for Seafarers (STCW); the Maritime Labour  Convention (MLC); and the Port State 
Control (PSC) system.  
4.118.   Liberia as a port state has the obligation to safeguard foreign ships that visit its ports, ensure 
the safety of the crew and passengers on board, and protect the environment from ship -sourced 
pollution. This is enforced by boarding and conducting PSC inspections in compliance with the 
relevant international maritime conventions, the Abuja MOU, the Tokyo MOU, and IMO Resolution 
A.1155(32) on Procedures for Port State Control.  
4.119.   In 2022, Liberia acced ed to the Convention on Facilitation of International Maritime Traffic  
(FAL)  The LMA has issued a Marine Notice to provide guidance on implementation of the FAL 
Convention to prevent unnecessary delays in maritime traffic and help government agencies in 
applying uniform procedures. Liberia has established a national facilitation committee to ensure a 
fast turnaround of vessels calling at Liberian seaports. The committee is composed of representatives 
from the LRA, Ministry of Health for port health services , the MOA for animal/plant quarantine, 
Liberia Immigration Services (LIS), and, if needed, the Liberia Drugs Enforcement Agency. 
Background checks are carried out on -vessel to determine the vessel safety record, last port of call, 
and nationality. The IMO number and physical condition of vessel are confirmed visually before 
boarding. All boarding parties must be concluded within 45 -60 minutes.  
4.120.   The Liberian Open Registry is the second -largest ship registry in the world after Panama. 
More than 5,000 vessels a re registered, totalling about 200  million gross tonnes, representing about 
14% of the world's maritime fleet (Table  4.6). The Liberian flag is currently listed on the IMO Flag 
Performance White List and the U .S. Coast Guard Quality List (QUALSHIP 21) on t he basis of 
compliance of its PSC regime with international rules on vessel safety, pollution prevention, and 
seafarers' living and working conditions. The Liberian Registry is administered by the Liberian 
International Ship & Corporate Registry, a private  company based in the United  States. Vessels in 
the Liberian Registry are taxed annually with a fixed fee based on the net tonnage of the vessel 
(tonnage tax).  
4.121.   In 2015, Liberia and China concluded an Agreement on Maritime Transport with provisions 
regardin g favourable treatment in each other's ports.98 The agreement provides for, inter alia, 
"owners of Liberian -flag vessels to be charged tonnage dues when visiting any port in the PRC at 
precisely the same rate as those charged to vessels that are lawfully r egistered and flagged with the 
 
98 Agreement between the Gover nment of Liberia and the Government of the People's Republic of China 
on Maritime Transport. Viewed at: 
https://www.mofa.gov.lr/public2/doc/China%20Maritime%20Agreement.PD F and 
https://www.liscr.com/ChinaAgreement . WT/TPR/S/ 441 • Liberia  
 
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  PRC. The same benefits will reciprocally apply to Chinese -flag vessels entering and/or operating in 
Liberian ports".99 
4.122.   With respect to cabotage, Liberia requires all vessels operating in the Liberian waters to sign 
a memorand um of understanding to train a prescribed number of Liberian seafarers. Also, Liberia 
requires all seafarers operating on any such vessel to obtain a Liberian seafarer's book and officers' 
licences.  
Table  4.6 National fleet, 2015 and 2020  
Carrying capacity by type of ship ('000 DWT)  2015  2020  
Total fleet  201,568.8  275,242.3  
Oil tankers  60,017.5  92,112.3  
Bulk carriers  73,345.4  116,478.0  
General cargo  1,877.9  2,154.6  
Container ships  44,796.5  47,571.5  
Other types of ships  12,531.6  16,925.9  
Source:  UNCTAD Stat, Maritime Transport . Viewed at: 
https://unctadstat.unctad.org/countryprofile/maritimeprofile/en -gb/430/index.html . 
4.123.   The National Port Authority (NPA) is a state -owned authority/enterprise in charge of 
regulating and managing Liberia's four public ports ( Monrovia, Buchanan, Greenville, and Harper). 
Liberia registered 384 port calls in 2021, mainly dry bulk carriers and container ships ( Table  4.7). 
4.124.   The Freeport of Monrovia is Liberia's largest port, handling about 90% of its merchandise 
trade. It has a main pier of 600 metres capable of berthing three or four ships. The port is listed as 
an International  Ship and Port Security (ISPS) certified Security Level 1 port. The port operates 
under a landlord port model under the supervision of the NPA. APM Terminals holds a concession to 
provide marine services and handle containerized and bulk cargo as a monopol y within a 
30-mile radius of the port. The harbour dues are collected by APM Terminals and remitted to the 
NPA. The tariff of APM Terminals is subject to approval by the NPA. The following companies have 
been licensed to operate their own terminals at the Freeport: Firestone (rubber); China Union (iron 
ore); Western Cluster (iron ore); Srimex Oil & Gas Company (petroleum products); and Conex 
(petroleum products).  
4.125.   The Port of Buchanan handles most of the count ry's exports of iron ore, with ArcelorMittal 
holding the concession (25  years). There are also some exports of timber, which are handled by the 
NPA. Buchanan is certified as ISPS Security Level 1 port. The Port of Greenville handles mainly palm 
oil. Concessions are held by the planation companies Golden Veroleum and Equatorial Palm. There 
are also some exports of timber, which are handled by the NPA. Greenville is certified as ISPS 
Security Level 2 port. The Port of Harper is the smallest port with a maximum depth of between 
5 and 7 metres, handling mainl y timber.  
4.126.   Liberia has plans to establish a dry port for cargo in the commercial town of Ganta, Nimba 
County. The facility is expected to help reduce congestion at the Freeport of Monrovia, diversify 
commercial activities from Monrovia to other regions of t he country, and strengthen trade and 
transhipment to Guinea, Côte  d'Ivoire, and Sierra  Leone. About one  third of Liberia's container 
volume is transported to the Ganta area, which serves as a hub for cargo destined to the south -
eastern part of Liberia (due  to the lack of direct road and rail connections from Monrovia to other 
parts of the country), as well as for cargo destined for Guinea and Côte  d'Ivoire. Liberia has a 190  km 
railway linking Yekepa (the site of the ArcelorMittal iron ore mine near the bor ders with Guinea and 
Côte d'Ivoire) with the Port of Buchanan. The Yekepa railway passes near the planned dry port, 
which can be utilized to ease the transport of cargo destined for the hinterland.  
4.127.   In 2020, an agreement between Liberia and Guinea entered i nto force, to ensure open, non -
discriminatory access to the railway and related infrastructure, and enable transport of mining 
 
99 Liberian Corporate Registry (2016), "Liberia and PRC Conclude Historic Agreement on Maritime 
Transport", 12  February. Viewed at: https://liberiancorporations.com/maritime/liberia -and-prc-conclude -
historic -agreement -on-maritime -transport/ . WT/TPR/S/ 441 • Liberia  
 
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  products from Guinea through the Yekepa -Buchanan corridor.100 The new National Railway Authority 
is to oversee Liberia's railway a ccess regime.  
Table  4.7 Vessel throughput at Liberia's ports, 2016 -21 
(tonnes, unless indicated otherwise)  
 Fiscal year  Calendar year  
2016/17  2017/18  2018/19  2019/20  2021  
Number of vessels  400 429 460 444 384 
Summer deadweight tonnage  8,471,835  11,879,462  15,313,178  14,831,685  11,840,117  
Containers (TEUs)  85,857  87,263  96,289  83,236  122,311  
Import cargo throughput  1,766,254  2,849,784  1,954,928  1,714,847  3,219,102  
Export cargo throughput  1,937,067  3,634,491  5,277,922  5,327,753  4,388,984  
Total cargo throughput  3,703,321  6,484,274  7,232,850  7,042,601  7,608,087  
Source:  Information provided by the authorities.  
4.5.3.2   Air transport  
4.128.   Air transport policy is part of the portfolio of the Liberia Civil Aviation Authority (LCAA), 
according to the authorities. The sector is regulated by the LCAA in accordance with the Liberia Civil 
Aviation Authority Act, 2019.101 The Standards and Recommended Practices (SARP), as contained 
in Annex  9 of the Chicago C onvention, have been incorporated following an amendment of the Act.  
4.129.   Liberia is a member of the International Civil Air Organization (ICAO), the African Civil 
Aviation Commission, the Yamoussoukro Decision, and the Banjul Accord Group. The upper air traffi c 
(10,000  ft and above) is allocated to the Roberts Flights Information Region (RFIR). The LCAA may 
issue 3rd, 4th, or 5th Air Freedom rights once the operators provide satisfactory documents regarding 
air safety. According to the authorities, Liberia favours the coverage of the 5th air freedom rights by 
its international agreements on air transport.  
4.130.   Liberia has nine bilatera l Air Service Agreements in force (Table  4.8). Liberia does not have 
a national flag carrier airline. Cabotage is not permitted to foreign carriers. At present, there are six 
international airlines serving eight destinations: Royal Air Maroc (Casablanca); Brussels Airlines 
(Brussels); Kenya Airways (Accra, Ghana; Nairobi, Kenya); Air Côte  d'Ivoire (Abidjan); ASKY Airlines 
(Accra, Ghana; Lomé, Togo); and Air Peace (Accra, Ghana; Lagos, Nigeria). DHL provides cargo 
flights to Liberia.  
Table  4.8 Liberia's bilateral air service agreements  
Country  Date signed  Entry into force  
Belgium  17 July 2019  
Romania  28 November  1974 28 October  1980 
Korea, Republic of  13 June 1978 23 August  1978 
Congo, Democratic  Republic  of  27 September  1973 14 September  1977 
Germany  6 February  1976 19 July 1977 
United  Kingdom  26 September  1975 10 February  1976 
France  13 January  1966 13 January  1966 
Switzerland  31 August  1960 3 April 1962 
Sweden  9 December  1959 20 April 1960 
Source:  LCAA.  
4.131.   The Liberia Airport Authority (LAA) has managerial and operational control of all airports and 
facilities in Liberia. Liberia adopted an air transport facilitation programme in 2021 aimed at 
improving the effici ency of border clearance formalities, while ensuring security and effective law 
enforcement. The LAA and the airport operators are expected to continuously consult with aircraft 
operators, control agencies, and other stakeholders to ensure that satisfactor y facilities and services 
 
100 EO No. 112. Viewed at: https://www.emansion.gov.lr/doc/Executive%20Order%20112%20 -
%20Establishment%20of%20the%20National%20Railway%20Authority.pdf . 
101 An Act Amendi ng and Restating "An Act to Create an Independent Civil Aviation Authority, to Provide 
for Regulation and Promotion of Civil Aviation in Liberia, to Foster its Safe and Orderly Development, and for 
other Purposes Incidental Thereto" and to Create the Liber ia Civil Aviation Act of 2019. Viewed at: 
https://lcaa.gov.lr/sites/default/files/documents/LCAA%20Act%20of%202019%20%28Full%20Pag e%20Docu
ment%29_0.pdf . WT/TPR/S/ 441 • Liberia  
 
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  are provided for rapid handling and clearance of crew, passengers, cargo, baggage, mail, and 
storage.  
4.132.   Liberia's international airport – Roberts International Airport (RIA) at Monrovia – serves 
nearly 100,000 passengers annually (T able 4.9). A New Terminal Upgrade and Expansion Project 
was completed in 2018. The airport provides the following services:  
• Ground -handling services: National Aviation Services (NAS).  
• Cargo -handling services: General Logistics Services (GLS) & NAS.  
• Aircraf t catering services: Newrest.  
• Air traffic control services: LCAA.  
• Aircraft refuelling: Conex.  
• Terminal operations: LAA / RIA . 
• Rescue and firefighting services: LAA / RIA . 
• Aviation security: LAA / RIA; to be outsourced to SASS (foreign service provider).  
4.133.   The licensed domestic airport102 – James Spriggs Payne Airport located at Sinkor Airfield 
near Monrovia – is currently served by Eco World Airlines, a new commercial carrier that started 
domestic operations in January  2023; and by MAF, an international NGO in volved in humanitarian 
and medical operations.  
Table  4.9 Passenger arrivals by air transport, 2016 -21 
 2016  2017  2018  2019  2020  2021  
Air Côte  d'Ivoire  11,400  14,465  12,891  9,868  7,066  8,246  
Air France       14,316  
Arik Air Limited  11,724  7,831  11,183  7,108  3,967  6,010  
Africa World   203 4,366  5,906  4,808  4,970  
Asky Airlines   1,029  6,099  9,993  12,485  8,898  
Air Peace    2,415  9,408  3,407  8,595  
Brussels Airlines  20,520  17,116  19,366  23,153  28,942  17,972  
Kenya Airways  21,200  20,591  16,419  15,429  11,104  12,761  
KLM  10,430  13,615  755   
Med View Airline  121 4,572  545    
Royal Air Maroc  20,544  15,755  13,800  14,457  5,764  11,456  
Total  85,509  91,992  100,699  96,077  77,543  93,224  
Source:  Information provided by the authorities.  
4.5.4   Telecommunication and postal services  
4.134.   Under  the GATS, Liberia has scheduled "full" commitments for telecom services and accepted 
the telecommunications reference paper.103 
4.135.   Under the Telecommunications Act, 2007, the state -owned Liberia Telecommunications 
Corporation ( LIBTELCO ) has the mandate as national operator to assist, inter alia, "in the provision 
of secure telecommunications networks, facilities and services to Government agencies and entities 
at competitive prices".104 
 
102 There are also nine serviceable airports/airstrips.  
103 WTO document WT/ACC/LBR/23/Add.2, 9  October  2015.  
104 LTA Exemption  Order  No. 4 of 2011.  WT/TPR/S/ 441 • Liberia  
 
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  4.136.   Liberia's mobile telecoms market is open to new market entrants, including foreign 
operators, according to the authorities. Lonestar Cell MTN and Orange Liberia are designated as 
dominant operators by the regulator. Both operators provide 3G/4G services with their own networks 
in and around Monrovia and 2G services elsewhere. In 2020, LIBTELCO  was granted a licence to 
offer mobile network services, following an amendment to the Telecommunications Law, 2007.105 
LIBTELCO  (now LTC Mobile) has not yet begun to prov ide mobile service.  
4.137.   Internet services are still underdeveloped.106 Internet penetration was about 49% in 2021 
(Table  4.10). At present, there is no national fibre -optic backbone network apart from fibre -based 
local loops deployed by LIBTELCO, CSquared, and Orange Liberia to serve larger customers in 
Monrovia. Mobile Internet and broadband services are available through the GSM mobile network 
operators and Internet service providers (ISPs). The high subscription cost and limited bandwidth of 
connections mean that Internet access is expensive and Internet speed rates are low.  
4.138.   A public -private joint venture (called CSquared ) between Google, Mitsui & Co (Japan), 
Convergence Partners (South  Africa), and the World B ank is currently engaged in building a 
fibre-optic ring around Greater Monrovia to improve broadband penetration. In 2021, CSquared was 
also granted a licence to extend the fibre -optic network from Monrovia to the borders with Guinea 
and Côte  d'Ivoire. Onc e completed, more than 13 towns outside of Monrovia are expected to have 
broadband Internet access for the first time.107 
4.139.   International connectivity has been ensured since 2014 through the African Coast to Europe 
(ACE) submarine cable with a landing station  in Monrovia, with three licensees ( LIBTELCO , Lonestar, 
and Orange) connecting their networks to the ACE cable facility. The Cable Consortium of Liberia 
(CCL) operates as a public -private partnership to ensure the effective utilization and operation of 
the ACE landing station. The CCL is owned by the Government of Liberia (55%), LIBTELCO (20%), 
Lonestar Cell MTN (10%), and Orange (10%). The level of ownership determines the capacity 
available to the operators, but operators may also purchase capacity from e ach other, especially 
from the Government share. The owners can also sell capacity to each other and to other licensed 
Internet providers and mobile operators, especially those who entered the market following the 
establishment of the CCL.  
Table  4.10 Selected telecoms indicators, 2018 -21 
 
2018  2019  2020  2021  
Mobile network operators (No.)  2 2 2 3 
ISPs (No.)  8 8 7 7 
Penetration of telephony (%)  77 72 76 78 
Internet penetration (%)  39 47 49 49 
Operators' gross revenues (USD  million)  106.8  112.9  141.2  150.3  
Sector tax revenues (USD  million)  23.9 24.9 32.7 50.3 
Source:  Information provided by the authorities.  
4.140.   The Ministry of Posts and Telecommunications is responsible for government policy in the 
area of telecoms and information technology and has oversight of postal services. The Ministry has 
developed a National Telecommunication and ICT Policy 2019 -24.108 The key challenges are to 
accelerate the use of ICT services, which is lagging behind th at of Liberia's West African neighbours, 
and to help correct the disparities within Liberia with regard to access and affordability of ICT 
services.  
 
105 A Supplementary Act to the Telecommunications Act of 2007. Viewed at: 
https://www.wto.org/english/thewto_e/acc_e/lbr_e/wtacclbr15_leg_10.pdf . 
106 Liberia Information and Communications Technology (ICT) Policy (2019 -2024) . Viewed at: 
http://www.ltcmobile.com.lr/res/pdf/ApprovedNationalICTPolicy2019 -2024Liberia.pdf . 
107 CSquared, Liberia . Viewed at: https://www.csquared.com/index.php/services/liberian -market/ ; 
U.S. International Trade Administration, Liberia – Country Commercial Guide: Telecommunication  (Last 
published date: 3  August  2022). Viewed at: https://www.trade.gov/country -commercial -guides/liberia -
telecommunication . 
108 Liberia Information and Communications Technology (ICT) Policy (2019 -2024) . Viewed at: 
http://www.ltcmobile.com.lr/res/pdf/ApprovedNationalICTPolicy2019 -2024Liberia.pdf . WT/TPR/S/ 441 • Liberia  
 
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  4.141.   The Liberia Telecommunications Authority (LTA) was established in 2007 as an independent 
regulatory and com petition authority for telecom services.109 
4.142.   The Telecommunications  Act, 2007 provides for two types of licences. Class licences are 
issued for a period of 12  months, renewable annually. Individual licences are issued for up to 
15 years. The award procedure (e.g. competitive bidding, and first -come, first -served) is determined 
by the LTA.  
4.143.   Besides corporate tax (25%) and GST (10%), telecom service providers are subject to the 
following taxes and fees:  
• Surtax: 5% (charged on the same basis as the GST).110 
• Regula tory fee: 9% (charged on the same basis as the GST).  
• Licence fees: mobile network operators – USD 250,000 plus 3% of annual gross revenues 
plus annual spectrum authorization fee (USD  100,000); infrastructure network 
operators  – USD 150,000 plus 3% of annua l gross revenues plus annual spectrum 
authorization fee (USD  50,000); ISPs – USD 10,000 plus 3% of annual gross revenues 
plus annual spectrum fee (USD  3,000).  
• Universal Access contribution – 0.05% of gross annual revenues.  
• International inbound call – USD 0.14 per minute.  
• International outbound call – USD 0.05 per minute.  
4.144.   Telecom tariffs and other fees such as interconnection fees charged by the dominant service 
providers are subject to approval by the LTA. LIBTELCO is subject to all regulatory and spec trum 
fees but is exempt from licence fees.  
4.145.   With the competition between Lonestar Cell MTN and Orange Liberia, Liberia experienced 
substantial price reductions for voice and data services. The authorities note, however, that 
predatory pricing practices forc ed smaller competitors to exit the market and created a barrier for 
new market entrants. Annual sector revenue dropped by more than half in 2017 -18, investment 
stagnated, and the quality of service became problematically low. The regulator found a manifest  
need for intervention to save the two main competitors from ruinous competition and a return to a 
monopoly in telecom services. Aware of Liberia's history of telecoms monopoly, the regulator was 
also concerned about the impact on consumers, according to t he authorities.  
4.146.   Thus, in October  2019, the LTA established a tariff floor for mobile voice services 
(USD  0.0156 per minute) and for mobile data services (USD  0.00218 per megabyte) to ensure 
market stability and create a level playing field for competitors.111 The Floor Price Order set the 
prices of voice and data higher than what the operators were offering. As the market settled on the 
high prices under the Floor Price Order and market returned to growth, operators started lowering 
their prices below the pr ice floor in search of market shares. The price reductions were not uniformly 
carried out by the two operators. The average drop in the effective price per minute reached 26% 
for voice, while the average price for megabyte of data dropped by 35% between Oc tober  2021 and 
March  2022. The regulator cited the operators for hearings, the operators admitted to a violation of 
the Floor Price Order, and undertook to, and did, work towards compliance, according to the 
authorities. Even with the lowered prices, secto r revenues continued to grow.  
4.147.   Liberia has a universal services policy to secure affordable and universal access to voice and 
broadband services for all citizens. The Universal Access Fund (UAF) has been operational since 
2017. The universal access programm e is implemented through an interagency structure comprising 
 
109 The LTA was created by the Telecommunications  Act, 2007 (Telecom  Act 2007).  
110 "An additional 5  percent surtax applies to telecommunications services specified in 
Section  1022(a)  (2)." Viewed at: https://re venue.lra.gov.lr/wp -content/uploads/2021/08/REVENUE -CODE -
LIBERIA -REVENUE -CODE -AMENDEMENT -2020-min.pdf . 
111 Orange (2019), "PSA for LTA New Regulatory Order 0016 -02-25-19 on Floor Prices", 1  September. 
Viewed at: https://www.orange.com.lr/en/psa -lta-floor-prices -orange -liberia.html . WT/TPR/S/ 441 • Liberia  
 
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  the ministries of Posts and Telecommunications, Finance and Development Planning, and Internal 
Affairs; the LTA; licensed service providers; and a representative from the consumer community. 
The programme is managed by the Universal Access Governing Board chaired by the Ministry of 
Posts and Telecommunications and the Implementation Committee chaired by the LTA. The licence 
issued to service providers contains a requirement to contribute to the UA F. 
4.148.   The Liberia Posts is administered by the Department of Operations at the Ministry of Posts 
and Telecommunications, which serves as the designated postal operator and regulator, including of 
private courier service providers. According to the authorities , Liberia has no postal policy, and its 
Postal Law is obsolete. A  new postal law would need to decentralize operations and transform the 
Post into a commercial business entity.  
4.149.   According to authorities, none of the postal services are under government mono poly. The 
Ministry provides, amongst others, regular mail services (ordinary mail, outbound registered letters 
and small packets, outbound parcels services), and home and institutional mail delivery services to 
subscribers. Expedited Mail Services are prov ided in competition with private courier providers. 
Furthermore, the Ministry has introduced physical and digital addressing services, and postal 
financial services.  
4.5.4.1   Tourism  
4.150.   Tourism in Liberia is in the early stages of development. There is a lack of accur ate and 
up-to-date tourism data (Table  4.11). Tourist arrivals are estimated at about 38,000  annually for 
2018-19, mainly coming from the United  States and Ghana.  
4.151.   The Ministry of Information, Cultural Affairs & Tourism (MICAT) is responsible for tourism 
policy and regulation. The Liberia National Tourism Authority Act, 2020 was passed by Parliament 
for assent by the President, which mandates the new agency to regulate and promote tourism. At 
present, the Liberia National Tourism Association (LINTA)112 and th e Tourism Association of Liberia 
(TAL) promote tourism industry in Liberia, working in close collaboration with the Ministry.  
4.152.   A Liberian National Export Strategy on Tourism for 2016 -20 was developed with the 
assistance of the ITC.113 The greatest potential is seen in the areas of surfing tourism; ecotourism; 
wildlife tourism; and cultural and heritage tourism. Also, Liberia has launched a Tourism Marketing 
and Branding Strategy, and made an Economic Impact Assessment for a visa -on-arrival scheme to 
ease visa -related constrains.  
4.153.   There are about 130 tourist accommodations in the country, according to the authorities. 
Tourist establishments must be registered with the MICAT and require annual permits. The fees 
range from USD  300-USD 700 for hotels and USD  200 fo r guest houses (Policy Guidelines). 
Registration and licensing requirements are only in part implemented because of limited logistics 
support to ensure compliance.  
4.154.   Liberia has made "partial" GATS commitments with respect to tourism services.114 For 
instance , commercial presence in restaurants and "other lodging services" is subject to minimum 
foreign investment amounts. Foreign investors in tour operators (excluding airline ticket issuance 
services) must form a joint venture or partner with a Liberian natura l or juridical person. Under the 
Investment  Act, 2010, travel agency services are reserved for Liberians (Section  2.4.2). Investment 
in the tourism sector is eligible for incentives (Section  3.3.1).  
 
112 Liberia National Tourism Association. Viewed at: https://linta.wildapricot.org/ . 
113 ITC, Liberian  National Export Strategy on Tourism, 2016 -2020. Viewed at: 
https://www.MoCI.gov.lr/doc/LIBERIA%20NATIONAL%20TOURISM%20STRATEGY.1.pdf . 
114 WTO document GATS/SC/155, 6  September  2016.  WT/TPR/S/ 441 • Liberia  
 
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  Table  4.11 Tourism indicators, 2016 -19 
 
2016  2017  2018  2019  
International tourism arrivals  .. .. .. .. 
International tourism receipts (USD  million)  .. .. .. 1.9 
Travel exports (USD  million)  6.1 11.1  
1.9 
Travel imports (USD  million)  3.5 6.0 7.7 5.7 
.. Not available.  
Source: UN World Tourism Organization, Global and Regional Tourism Performance . Viewed  at: 
https://www.unwto.org/tourism -data/global -and-regional -tourism -performance ; and World Travel 
and Tourism Council, Economic Impact Reports . Viewed at: https://wttc.org/research/economic -
impact . WT/TPR/S/ 441 • Liberia  
 
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  APPENDIX TABLES  
Table  A1.1 Merchandise trade by group of products, 2016 -21 
  2016  2017  2018  2019  2020  2021a 
Exports (USD  million)  279.4  358.3  548.5  542.9  607.7  878.5  
  (% of total exports)  
Iron ore  17.3 13.6 26.5 43.2 47.6 39.5 
Rubber  20.0 21.5 12.5 15.8 13.5 12.5 
Minerals  52.0 55.8 47.0 33.2 34.0 40.5 
Gold .. .. .. 30.3 32.0 38.7 
Diamond  .. .. .. 3.0 2.0 1.7 
Palm oil  .. 1.9 1.8 2.1 0.6 3.7 
Other  10.8 7.2 12.3 5.7 4.3 3.8 
Imports (f.o.b. basis) 
(USD  million)  1,201.1  997.9  1,041.1  933.8  998.0  1,337.7  
  (% of total imports)  
Food and live animals  22.3 28.0 27.2 28.3 25.5 26.6 
of which rice  7.9 12.6 10.7 14.3 12.2 13.9 
Mineral, fuel, lubricants  28.1 21.7 14.8 15.5 19.0 16.6 
of which petroleum products  24.8 19.3 10.5 12.4 16.2 10.3 
Machinery and transport equipment  22.6 22.2 24.8 22.5 23.2 26.6 
Other  27.0 28.0 33.2 33.6 32.4 30.2 
.. Not available.  
a Estimate.  
Note:  The information is derived from the Balance of Payments.  
Source:  WTO Secretariat estimates, based on Central Bank of Liberia, Annual Report , various editions 
2018-21. 
  WT/TPR/S/ 441 • Liberia  
 
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  Table  A1.2 Merchandise exports by destination, 2016 -21 
 
2016  2017  2018  2019  2020  2021a 
Exports (USD  million)  279.4  358.3  548.5  542.9  607.7  878.5   
(% of total exports)  
Africa  16.9 4.3 3.6 4.0 1.3 2.4 
ECOWAS  16.8 2.9 2.5 3.8 1.2 1.4 
China  3.8 0.1 0.2 5.9 5.5 0.4 
United  Arab Emirates  0.6 1.1 0.7 4.5 2.8 1.2 
India .. .. .. 0.0 0.1 1.3 
Switzerland  0.04 2.0 40.8 27.8 29.5 38.1 
Eurozone  0.6 0.2 0.1 34.5 46.5 44.0 
United  States  12.1 15.7 10.7 9.5 7.1 8.0 
Mexico  [..] [..] 0.1 1.1 0.2 0.2 
Other  66.0 76.6 43.8 12.7 7.0 4.5 
.. Not available.  
a Estimate.  
Source:  WTO Secretariat estimates, based on Central Bank of Liberia, Annual Report, various editions 
2018-21. 
  WT/TPR/S/ 441 • Liberia  
 
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  Table  A1.3 Merchandise imports by origin, 2016 -21 
 
2016  2017  2018  2019  2020  2021a 
Imports (USD  million)  1,201.1  997.9  1,041.1  933.8  998.0  1,337.7  
 (% of total imports)  
Africa  30.1 23.3 16.3 17.4 21.3 18.3 
ECOWAS  27.5 21.1 13.7 15.2 18.7 15.2 
China  14.9 18.4 21.9 20.4 17.8 14.4 
United  Arab Emirates  3.8 3.0 1.2 1.7 1.9 2.5 
India .. 13.7 17.4 19.6 17.6 20.8 
Switzerland  .. .. .. 0.1 0.1 0.1 
Eurozone  5.6 3.2 3.1 2.1 9.6 2.7 
United  States  7.3 7.9 6.5 6.3 6.8 4.8 
Brazil  .. 1.9 1.6 2.0 1.8 1.8 
Australia  0.3 0.3 0.1 0.1 0.4 0.5 
Other  38.0 28.3 31.9 30.2 22.9 34.1 
.. Not available.  
a Estimate.  
Source:  WTO Secretariat estimates, based on Central Bank of Liberia, Annual Report , various editions 
2018-21. 
  WT/TPR/S/ 441 • Liberia  
 
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  Table A3. 1 Liberia's applied MFN tariff summary, 2017, 2023, and ECOWAS CET  
 
2017  2023  ECOWAS CET  
Simple 
average 
(%) Tariff 
range  
(%) Simple 
average 
(%) Tariff 
range  
(%) Simple 
average 
(%) Tariff 
range  
(%) 
All products  11.8 0-35 10.3 0-35 12.1 0-35 
HS 01 -24 15.1 5-35 11.6 5-35 16.2 5-35 
HS 25 -97 11.1 0-35 10.1 0-35 11.2 0-35 
By WTO category    
     
  
WTO agricultural 
products  14.3 5-35 11.2 5-35 15.6 5-35 
Animals and products 
thereof  20.5 5-35 10.4 5-20 24.1 5-35 
Dairy products  14.2 5-35 12.7 5-35 16.0 5-35 
Fruit, vegetables, and 
plants  15.9 5-35 11.1 5-20 17.6 5-35 
Coffee and tea  13.7 5-35 11.4 5-20 14.2 5-35 
Cereals and 
preparations  12.8 5-35 10.5 5-20 13.6 5-35 
Oils seeds, fats, oil and 
their products  10.9 5-35 10.2 5-20 12.3 5-35 
Sugars and 
confectionery  13.6 5-35 11.0 10-20 13.5 5-35 
Beverages, spirits and 
tobacco  17.0 5-35 15.6 5-20 17.2 5-35 
Cotton  5.0 5.0 5.0 5.0 5.0 5.0 
Other agricultural 
products, n.e.s.  9.4 5-22 10.4 5-20 9.5 5-20 
WTO non -agricultural 
products  11.4 0-35 10.2 0-35 11.5 0-35 
Fish and fishery 
products  15.5 5-20 12.3 5-20 15.9 5-20 
Minerals and metals  10.8 0-22 10.4 0-20 11.7 0-20 
Chemicals and 
photographic supplies  7.6 0-35 7.1 0-35 7.7 0-35 
Wood, pulp, paper and 
furniture  11.9 0-22 11.5 0-20 11.9 0-20 
Textiles  15.9 0-35 12.6 0-20 16.3 0-35 
Clothing  20.0 20.0 20.0 20.0 20.0 20.0 
Leather, rubber, 
footwear and travel 
goods  13.0 0-22 12.4 0-20 12.9 0-20 
Non-electric machinery  7.2 5-22 7.1 5-20 7.0 5-20 
Electric machinery  11.0 0-22 9.5 0-20 11.3 0-20 
Transport equipment  9.9 0-20 9.1 0-20 8.7 0-20 
Non-agricultural 
products, n.e.s.  14.3 0-22 11.5 0-20 14.4 0-20 
Petroleum  8.3 0-10 9.2 0-10 7.9 0-10 
By ISIC sector    
     
  
ISIC 1 - Agriculture, 
hunting and fishing  11.2 5-35 9.7 5-20 9.7 5-20 
ISIC 2 - Mining  5.2 0-10 7.6 0-15 7.6 0-15 
ISIC 3 - Manufacturing  12.0 0-35 10.4 0-35 10.4 0-35 
ISIC 4 - Electrical 
energy  5.0 5.0 5.0 5.0 5.0 5.0 
By stage of processing    
     
  
First stage of 
processing  10.0 0-35 9.5 0-20 10.4 0-35 
Semi-processed 
products  9.7 0-35 8.6 0-20 10.0 0-35 
Fully processed 
products  13.4 0-35 11.5 0-35 13.7 0-35 
By HS section    
     
  
01  Live animals and 
products  16.0 5-35 11.5 5-35 17.2 5-35 
02  Vegetable products  12.5 5-26 9.9 5-20 13.8 5-35 
03  Fats and oils  13.6 5-35 11.8 5-20 15.4 5-35 
04  Prepared food, 
beverages and tobacco  17.5 5-35 14.0 5-20 18.3 5-35 WT/TPR/S/ 441 • Liberia  
 
- 93 - 
 
   
2017  2023  ECOWAS CET  
Simple 
average 
(%) Tariff 
range  
(%) Simple 
average 
(%) Tariff 
range  
(%) Simple 
average 
(%) Tariff 
range  
(%) 
05  Mineral products  6.2 0-20 7.6 0-20 6.1 0-20 
06  Chemicals and 
products thereof  7.2 0-35 6.7 0-35 7.2 0-35 
07  Plastics, rubber, 
and articles thereof  10.2 0-20 10.3 0-15 10.8 0-20 
08  Raw hides and 
skins, leather, and its 
products  13.3 5-22 11.8 5-15 12.3 5-20 
09  Wood and articles 
of wood  12.8 5-20 12.7 5-20 12.8 5-20 
10  Pulp of wood, 
paper and paperboard  10.0 0-20 10.0 0-20 10.1 0-20 
11  Textiles and textile 
articles  16.7 0-35 14.3 0-20 16.9 0-35 
12  Footwear, 
headgear, etc.  15.8 10-22 12.9 10-15 15.8 10-20 
13  Articles of stone, 
plaster, cement  15.1 5-20 13.7 5-20 16.7 5-20 
14  Precious stones 
and metals, pearls  11.6 5-22 13.5 5-20 10.4 0-20 
15  Base metals and 
articles thereof  11.3 5-20 10.5 5-20 12.5 5-20 
16  Machinery, 
electrical equipment, 
etc. 8.6 0-22 8.0 0-20 8.5 0-20 
17  Transport 
equipment  9.9 0-20 9.1 0-20 8.8 0-20 
18  Precision 
equipment  11.1 0-22 9.9 0-15 10.7 0-20 
19  Arms and 
ammunition  14.8 10-20 10.0 5-15 14.9 10-20 
20  Miscellaneous 
manufactured articles  19.1 5-22 14.3 5-20 18.5 5-20 
21  Works of art, etc.  16.0 14-20 11.1 10-20 20.0 20.0 
Note:  The 2017 tariff is based on HS17 nomenclature (6,233 lines at the 10 -digit tariff line level). The 
2022 tariff and CET tariff are based on HS22 nomenclature (6,440 and 6,381 lines at the 10 -digit 
tariff line level, respectively).  
Source:  WTO Secretariat calculations, based on data provided by the authorities.  
  WT/TPR/S/ 441 • Liberia  
 
- 94 - 
 
  Table A3. 2 Tariff lines where the applied rate exceeds the binding, 2023  
Tariff code  2023 
tariff as 
reported  ECOWAS 
CET Bound rate  
HS 3917 Tubes , pipes and hoses, and fittings therefor of plastics.     
3917399000  15 20 10 
HS 3926 Other articles of plastics and articles of other materials of 
headings  39.01 to 39.14.     
3926901000  10 5 5 
HS 4901 Printed books, brochures, leaflets and similar printed 
matter     
4901999000  8 0 0 
HS 8415 Air conditioning machines, comprising a motor -driven fan 
and elements for changing the temperature and humidity     
8415101000  10 5 5 
8415901000  10 5 5 
HS 8418 Refrigerators, freezers and other refrigerating or freezing 
equipment, electric or other     
8418101000  10 5 5 or 25a 
8418301000  10 5 5 
8418401000  10 5 5 
8418610000  10 5 5 
8418690000  10 5 5 
HS 8419 Machinery, plant or laboratory equipment cooking, 
roasting     
8419500000  10 5 5 
8419900000  10 5 5 
HS 8421 Centrifuges, including centrifugal dryers; filtering or 
purifying machinery and apparatus, for liquids or gases     
8421211000  10 5 5 
8421219000  10 5 5 
8421230000  10 5 5 
8421290000  10 5 5 
8421310000  10 5 5 
8421391000  10 5 5 
8421399000  10 5 5 
HS 8443 Printing machinery used for printing by means of plates, 
cylinders and other printing components of heading  84.42     
8443319000  8 5 5 
8443399000  8 5 5 
HS 8471 Automatic data processing machines and units thereof     
8471301000  10 5 5 
8471309000  10 5 5 
8471411000  10 5 5 
8471419000  10 5 5 
8471491000  10 5 5 
8471499000  10 5 5 
8471501000  10 5 5 
8471509000  10 5 5 
8471601000  10 5 5 
8471609000  10 5 5 
8471701000  10 5 5 
8471709000  10 5 5 
8471801000  10 5 5 
8471809000  10 5 5 
8471900000  10 5 5 
HS 8508 Vacuum cleaners     
8508700000  15 10 10 
HS 8522 Parts and accessories suitable for use solely or principally 
with the apparatus of heading  85.19 or 85.21     
8522900000  15 10 10 
HS 8523 Discs, tapes, solid -state non -volatile storage devices, 
«smart cards» and other media for the recording of sound or of 
other phenomena     
8523299000  15 20 10 
HS 8525 Transmission apparatus for radio -broadcasting or 
television     
8525500000  10 5 5 
8525600000  10 5 5 WT/TPR/S/ 441 • Liberia  
 
- 95 - 
 
  HS 8526 Radar apparatus, radio navigational aid apparatus and 
radio remote control apparatus.     
8526100000  10 5 5 
8526910000  10 5 5 
8526920000  10 5 5 
HS 8528 Monitors and projectors, not incorporating television 
reception apparatus     
8528420000  10 5 5 or 40b 
8528520000  10 5 5 or 40b 
8528620000  10 5 5 or 20c 
8528711000  10 5 5 
HS 8531 Electric sound or visual signalling apparatus     
8531100000  10 5 5 
8531900000  10 5 5 
HS 8539 Electric filament or discharge lamps, including sealed 
beam lamp units and ultra -violet or infra -red lamps     
8539520000  20 20 10 
HS 8541 Semiconductor devices     
8541410000  5 5 0 
8541490000  5 5 0 
HS 8542 Electronic integrated circuits     
8542330000  10 10 5 or 10d 
HS 8543 Electrical machines and apparatus     
8543401000  20 20 10 
HS 8703 Motor cars and other motor vehicles principally designed 
for the transport of persons     
8703231100  10 5 5 
8703241100  10 5 5 
HS 8707 Bodies (including cabs), for the motor vehicles of 
headings  87.01 to 87.05     
8707101000  10 5 5 
HS 8802 Other aircraft, except unmanned aircraft of heading 88.06     
8802110000  10 5 5 
8802120000  10 5 5 
8802200000  10 5 5 
8802300000  10 5 5 
8802400000  10 5 5 
HS 8805 Aircraft launching gear; deck -arrestor or similar gear; 
ground flying trainers; parts of the foregoing articles     
8805290000  10 5 5 
HS 8906 Other vessels, including warships and lifeboats other than 
rowing boats     
8906900000  15 10 10 
HS 9013 Lasers, other than laser diodes; other optical appliances 
and instruments     
9013800000  15 10 10 
9013900000  15 5 5 
HS 9027 Instruments and apparatus for physical or chemical 
analysis     
9027200000  15 5 5 
9027300000  15 5 5 
9027500000  15 5 5 
9027810000  15 5 5 
9027890000  15 5 5 
9027900000  15 5 5 
a Bound at 5% for combined refrigerator -freezers, fitted with separate external doors (presented CKD 
of a kind used in the assembly industry).  
b Bound at 5% for an automatic data processing machine, solely or principally used in an automatic 
data processing system.  
c Bound at 5% for capable of directly connecting to and designed for use with an automatic data 
processing machine, solely or principally used in an automatic data processing syste m. 
d Bound at 5% for amplifiers (multicomponent integrated circuits).  
Source:  WTO Secretariat calculations based on the applied tariff information provided by the authorities; and 
Liberia's bound schedule in the CTS database.  
 
__________