By Amos Harris
Vice President Jeremiah Koung has issued a 10-day ultimatum warning of imminent government action against what he described as widespread violations in Liberia’s business sector, particularly involving foreign dominance in areas reserved for Liberian citizens.
Speaking to journalists in Monrovia, Vice President Koung alleged that foreign nationals from countries including Ghana, Nigeria, Kenya, Sierra Leone and Côte d’Ivoire are increasingly taking control of businesses that are legally restricted to Liberians.
He pointed to the Investment Act of 2010 as the legal framework intended to protect local participation in certain sectors but acknowledged that enforcement over the years has been slow and largely ineffective, allowing violations to persist.
A major concern highlighted by the Vice President 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 disclosed that the government is introducing new measures, including requiring Liberian business owners to maintain direct control over company bank accounts, a move aimed at curbing illegal arrangements and strengthening accountability.
He further confirmed that President Joseph Nyuma Boakai has endorsed the initiative, signaling a stronger government stance and a shift toward strict enforcement of existing business regulations.
Beyond the issue of business ownership, the Vice President 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 in Liberia.
