Vice President Jeremiah Kpan Koung, has issued a 10-day ultimatum warning of imminent government action against “widespread violations in the business sector.”
Koung particularly targeted foreign-owned businesses dominance in areas reserved for Liberians.
Her spoke to journalists in Monrovia, alleging that foreign nationals from countries, including Ghana, Nigeria, Kenya, Sierra Leone and La Côte d’Ivoire are increasingly taking control of businesses that are “legally restricted to Liberians.”
Koung pointed to the Investment Act of 2010, as the legal framework intended to protect local participation in certain sectors.
He acknowledged that enforcement over the years has been “slow and largely ineffective, allowing violations to persist.”
A major concern he highlighted, is the growing practice of “fronting,” where Liberians register businesses in their names, “while foreign nationals provide the capital, control operations, and take the profits, undermining the intent of the law.”
To counter this, Koung said, government has meanwhile, introduced new measures, including requiring Liberian business owners to maintain direct control over company bank accounts; a move aimed to “curb illegal arrangements and strengthen accountability.”
He further confirmed that President Joseph Nyuma Boakai, has endorsed the initiative, signaling a stronger government stance and a shift to strictly enforce the existing business regulations.
Beyond the issue of business ownership, VP Koung also touched on broader national concerns, including ongoing electricity challenges, mining activities and developments surrounding the Putu iron ore deal, suggesting that the measures form part of a wider push for economic reform.