Investments over US$10 million Investments over $10 million require the negotiation of a concession agreement, which is enacted into law to protect the investor. Investments in priority areas are eligible for a special incentive package through the government’s Inter-Ministerial Concession Committee (IMCC), chaired by the National Investment Commission. Liberia has extensive reserves of extractive minerals and can boast of long-standing concession agreements dating back to the mid. 1920’s when Firestone first signed its concession agreement for a rubber plantation. Since then Liberia’s natural resources have been explored and exploited through concession agreements, and the revenue generated from the export of unprocessed resources has served as a key stimulus for national growth and development. Other concessions operating in Liberia include Golden Veroleum, Sime Darby, Equatorial Palm Oil, ArcelorMittal, China Union, Cavalla Rubber, Liberia
Agricultural Company, Western Cluster and more. Working relations and communication between the government and concessionaries are guided by international best practices and standards through three key measures: National Bureau of Concessions Act, Public Procurement & Concessions Commission (PPCC) ACT, and Extractive Industries Transparency Initiative (EITI). These ensure integrity, transparency and accountability for investors. National Bureau of Concessions, NBC was established by an Act of the Legislature on September 23, 2011, to provide the governance framework for coordinating post concession award processes.
The bureau monitors and evaluates compliance with concession agreements in collaboration with concession granting entities. For more information, visit www.nbcliberia.org. Public Procurement & Concessions Commission: The PPCC is a public autonomous institution established by a 2005 Act of the Legislature to ensure the economic and efficient use of public funds in public procurement, and that public procurement and concessions processes are conducted in a fair, transparent and nondiscriminatory manner. For more information, visit www.ppcc. gov.lr. Liberia Extractive Industries and Transparency Initiative (LEITI): With the PPCC in place, Liberia adapted the Extractive Industries Transparency Initiative best practices as a candidate in 2008 and became the first African country, and the second globally, to become EITI compliant in 2009. LEITI was established by an Act of the Legislature in July 2009 as an autonomous agency that promotes revenue transparency and accountability from the extractive sectors. LEITI is a multi-stakeholder process, bringing together the government of Liberia, civil society and investors in the extractive sectors. Liberia has published six EITI reports with the preparation of the 7th and 8th reports in progress. It is the only country that has expanded the scope of the EITI beyond oil
and gas and mining, adding forestry and agriculture. Liberia’s post award process audit report launched in 2013 is the first of its kind in EITI implementation; and Liberia is amongst few countries that are currently piloting the EITI beneficial ownership disclosure exercise. These achievements have set Liberia at the pinnacle of global EITI acclamation and as a role model in EITI implementation.