President Joseph Nyuma Boakai of Liberia has announced plans to establish two major institutions: the National Mining Company of Liberia and the Liberia Sovereign Wealth Fund. Speaking at the country's first mining and energy conference in over a decade, President Boakai emphasized the need for Liberia to take a different path in managing its natural resources. He stressed that the country's minerals should support domestic processing, industrial development, infrastructure, technology, and decent jobs.
The Liberian Chief Executive disclosed that the government is advancing three important initiatives to change the narrative in the mining and energy sectors. The first step is the establishment of a National Mining Company of Liberia that will move the country toward more active state participation through equity and strategic ownership. This move is expected to help Liberia retain more value at home and create skilled jobs. President Boakai also revealed that within two years, Liberia seeks to establish its first gold processing facility.
President Boakai informed the gathering that the government has authorized the creation of the Liberia Sovereign Wealth Fund, which will operate as an independent investment vehicle in line with the international Santiago Principles. The Fund will help convert finite mineral wealth into long-term financial security for future generations and reduce exposure to commodity-market cycles. By directing a fixed percentage of mineral revenues into diversified domestic and global investments, the Fund will ensure that Liberia benefits from its natural resources.
The President also emphasized the need for reliable and affordable energy to power Liberia's economic transformation. He explained that the government is pursuing renewable generation, stronger transmission and distribution, regional electricity integration, better utility performance, and greater private-sector participation. The 20-megawatt solar photovoltaic facility associated with the Mount Coffee energy development program is an important step toward diversifying generation and reducing dependence on more expensive and less sustainable power sources.
President Boakai announced that the government will encourage utility-scale solar, distributed renewable energy, mini-grids, and other technically and commercially viable clean-energy investments. The national ambition is to increase renewables to 75 percent of the electricity generation mix while expanding access and improving reliability. The government will pursue this through sound planning, credible procurement, environmental and social safeguards, and partnerships capable of delivering results.
Mining remains a major pillar of Liberia's economy, contributing to exports, foreign exchange, public revenue, employment, infrastructure, and community economic activity. President Boakai reported that mining expanded by 17 percent in 2024, contributing approximately US$124 million directly to national revenue. He also projected that mining will contribute 18.4 percent of real GDP in 2025 and 19.4 percent in 2026.
The President also informed the conference that the government is advancing geological mapping, analysis of new findings, improved mineral information management, and access to technical data through a coordinated national exploration program over the next five years. A US$30 million airborne geophysics data collection is part of this effort, which aims to provide reliable geological data to attract investment while strengthening governance, geological information, domestic participation, and national economic returns.
Key points
- President Boakai announces plans to establish a National Mining Company of Liberia and the Liberia Sovereign Wealth Fund to boost domestic processing and industrial development.
- The government aims to increase renewables to 75 percent of the electricity generation mix while expanding access and improving reliability.
- Mining contributed approximately US$124 million directly to national revenue in 2024 and is projected to contribute 18.4 percent of real GDP in 2025.
