Liberia officially the Republic of Liberia, is a country on the West African coast whose capital city is Monrovia. It is bordered by Sierra Leone to its northwest, Guinea to its north, Ivory Coast to its east, and the Atlantic Ocean to its south and southwest. It has a population of around 5,413,825 as of Monday, July 3, 2023, based on Worldometer elaboration of the latest United Nations data, and covers an area of 111,369 square kilometers (43,000 sq mi). English is the official language.
George Weah was elected in 2017 as the 23rd president of Liberia replacing the first African-elected woman president Ellen Johnson Sirleaf, George Weah is an accomplished Liberian activist, politician, and football (soccer) star who in 1995 was named FIFA’s best player and only African ballon dor winner till date.
Liberia is one of the poorest countries in the world with a high unemployment rate (85%) and rampant corruption at almost every level of the Liberian government. More than two-fifths of the population of Liberia is under age 15; only about 5 percent is older than 60. The country’s birth and death rates are similar.
The Liberian economy is predominantly agrarian, and raw materials, equipment, and consumer goods are imported. Production for export is carried out and Liberia’s economy is projected to expand by an average of 4.9% in 2022-23. The majority of the population is reliant on subsistence agriculture.
Liberia’s economic freedom score is 47.9, making its economy the 159th freest in the 2022 Index, Liberia is ranked 39th among 47 countries in Africa.
Businesses may consider Liberia attractive for entry due to its natural resources and relatively low levels of foreign investment which could enable enterprising firms to become dominant players in their respective sectors or niches. Liberia’s economy is market-based and largely dependent on natural resources, foreign aid, and foreign direct investment (FDI).
Liberia is a young country. One-third of the population is between the ages of 15 and 35. Youth unemployment and underemployment represent a major cost to Liberian society in economic, political, and societal terms. One in every three young persons in the labor force is unemployed in the country.
Liberia in collaboration with USAID developed a USAID Liberia 2019-2024 Country Development Cooperation Strategy that focuses on post‐conflict stabilization and recovery toward transformational and sustainable long‐term development.
Business opportunities in Liberia
Liberia is a country located on the west coast of Africa, which has undergone significant economic and political changes in recent years. While there are still challenges facing the Liberian economy, there are also several investment opportunities that potential investors can consider such as Mining & Quarrying sector, Manufacturing sector, Agriculture, Forestry & Fishing sector, and Construction sector.
