By Julius Konton
President Joseph Nyuma Boakai, has renewed calls for greater Liberian ownership and participation in the national economy.
Boakai described indigenous enterprises as critical drivers of employment, innovation, and long-term economic resilience.
He made the remarks during an official opening of the Uptown Motor Garage New Showroom in Monrovia; an expansion that marks the company’s transition from vehicle repairs into the importation, and sale of brand-new automobiles and genuine spare parts.
The automotive and transport services sector largely dominated for decades by foreign-owned firms employs several workers directly and indirectly, according to estimates from the Ministry of Commerce and Industry.
Yet Liberian ownership in the sector remains limited, reflecting a broader challenge across the economy where foreign firms account for a significant share of formal private-sector activity.
Pres. Boakai noted that companies such as Uptown Motor Garage, African Motors, and Toyota Liberia, were long perceived as foreign-dominated institutions, raising concerns about how much value remains in the economy.
“For too long, Liberians have worked in businesses they do not own. Ownership matters, because it determines who reinvests profits locally; creates opportunities for our young people, and stays committed during difficult times.”
Liberia’s private sector is overwhelmingly driven by small and medium enterprises (SMEs), which account for an estimated 70–80 percent of employment nationwide, according to development partners.
However, many of these businesses struggle with limited access to finance, unreliable electricity, poor road infrastructure, and delayed government payments.
Pres. Boakai also commended the young Liberian currently managing Uptown Motor Garage on behalf of his family.
He described the transition as a positive example of generational continuity in business leadership.