By: Julius Konton
President Joseph Nyuma Boakai Sr. has outlined an ambitious strategy to transform Liberia’s mining and energy sectors into major drivers of industrialization, employment, infrastructure development and long-term economic growth, announcing plans for a national mining company, domestic gold refining, a sovereign wealth fund and expanded renewable electricity generation.
Delivering the keynote address at the opening of the second Liberia International Mining and Energy Conference and Expo (LIMEC 2026) at the Farmington Hotel in Harbel, Margibi County, on Wednesday, October 28, President Boakai called on international investors, development partners and technical experts to support a new phase of responsible resource development that prioritizes local value addition and lasting benefits for Liberians.
The President said Liberia’s ambition must extend beyond extracting and exporting raw minerals to building a more diversified economy in which mineral wealth supports domestic industries, reliable electricity, technology transfer, skilled employment and improved public services.
“Natural resources alone do not guarantee transformation,” the President emphasized, stressing the need for reliable infrastructure, affordable electricity, transparent regulations, capable institutions and measurable benefits for communities hosting mining and energy projects.
His remarks were framed within the Government’s ARREST Agenda for Inclusive Development, which seeks to use strategic investment and economic reforms to improve national productivity and living standards.
President Boakai cited mining’s expanding contribution to the Liberian economy, stating that the sector recorded 17 percent growth and accounted for 18.4 percent of real gross domestic product in 2025, with its contribution projected to rise to 19.4 percent in 2026.
He also referenced overall economic growth of 5.1 percent and a real GDP growth projection of 5.5 percent, figures that underscore the importance of mining and related investment to Liberia’s economic outlook.
According to the address, mining generated approximately US$124 million in direct government revenue in 2024, while the government’s broader domestic revenue collection had reached US$432 million to date.
The administration is targeting US$1.1 billion in domestic revenue for 2026, compared with US$699 million in 2024.
The distinction between mining-sector revenue and total domestic revenue is important: the figures represent different measures and should not be interpreted as mining alone generating the government’s entire revenue target.
Liberia’s mineral sector has historically been anchored by iron ore, gold and diamonds. Iron ore exports have long been central to the country’s foreign-exchange earnings, while gold production and exploration have created additional opportunities for diversification.
However, the country’s history of dependence on primary commodity exports has also highlighted the challenges of capturing greater domestic value from natural resources.
The President said his administration intends to address that challenge by encouraging processing, industrial development and stronger participation by Liberian businesses.
A major component of the administration’s strategy is a planned US$30 million airborne geophysical data collection programme under the Millennium Challenge Corporation (MCC) compact.
The initiative is intended to improve Liberia’s understanding of its geological potential, strengthen exploration planning and help identify critical and strategic minerals that could attract future investment.
Airborne geophysical surveys use aircraft-mounted instruments to measure variations in the Earth’s physical properties, helping geologists identify formations and structures that may warrant further investigation.
Such surveys do not, by themselves, establish the commercial viability of a mineral deposit; drilling, sampling, feasibility studies and environmental assessments are still required.
President Boakai said the government also intends to improve geological mapping, modernize mineral information systems and expand qualified investors’ access to technical data through a coordinated national exploration programme over the next five years.
The administration expects better geological information to reduce uncertainty for investors, improve exploration decisions and support a pipeline of commercially viable projects.
The initiative could be particularly important for Liberia as global demand for minerals used in energy technologies, electronics, infrastructure and industrial manufacturing continues to reshape investment priorities.
However, the commercial potential of any critical mineral must be established through independent geological assessment.
President Boakai announced plans to advance the establishment of the National Mining Company of Liberia, a proposed vehicle through which the state would pursue greater participation in the mineral sector through equity interests and strategic ownership.
The initiative represents a potential shift from relying primarily on royalties, taxes and licensing fees toward a model that could allow the government to participate more directly in the financial returns generated by mining investments.
For Liberia, the proposed company could create opportunities to build national expertise, strengthen oversight of strategic assets and increase public participation in resource development.
Its success, however, would depend on clear governance arrangements, professional management, transparent financial reporting, independent oversight and safeguards against political interference.
State participation would also need to be structured carefully to manage investment risks and potential liabilities.
The President said the government would strengthen mineral-rights administration, improve licensing procedures, modernize digital systems and review the Minerals and Mining Law and related regulations to reflect evolving investment practices, environmental requirements and national development priorities.
Under the proposed reforms, companies operating in Liberia would be expected to meet their tax and fee obligations, comply with environmental standards, protect workers and respect the rights and interests of host communities.
In a major value-addition announcement, President Boakai said Liberia intends to establish its first gold processing facility within two years, positioning domestic refining as a means of retaining more economic value from minerals extracted in the country.
The administration’s stated policy is for gold mined in Liberia to undergo primary and secondary refining at licensed domestic facilities to internationally recognized purity standards before export.
The proposal aligns with a broader African policy debate over how mineral-producing countries can capture more value from resources that are often exported for processing elsewhere.
For Liberia, domestic gold refining could generate technical and industrial jobs, expand demand for local services, improve mineral traceability and create opportunities for investment in assaying, refining, logistics and related industries.
Nevertheless, the commercial viability of such a facility would depend on a reliable supply of gold, adequate electricity, competitive operating costs, access to financing, internationally accepted quality controls and credible systems to prevent illicit mineral trading.
The government will also need to clarify the proposed facility’s ownership, financing, construction timetable, processing capacity and regulatory framework as the project moves toward implementation.
The President said Liberia intends to contribute to the African Minerals Strategy Group’s broader value-addition agenda by retaining more economic benefits from its natural resources rather than exporting raw commodities with limited domestic processing.
President Boakai also announced government authorization for the creation of a Liberia Sovereign Wealth Fund, intended to convert part of the country’s mineral revenues into long-term financial assets.
According to the address, the proposed fund would operate as an independent investment vehicle guided by the Santiago Principles, an internationally recognized framework for transparency, governance and accountability among sovereign wealth funds.
The concept is to allocate a fixed proportion of mineral revenues to diversified domestic and international investments, helping Liberia build financial reserves, manage commodity-price volatility and preserve some of its natural-resource wealth for future generations.
For a country whose public finances can be exposed to fluctuations in global iron ore and gold prices, a well-governed fund could provide a mechanism for managing resource revenues over the long term.
However, international experience shows that sovereign wealth funds are most effective when supported by clear deposit and withdrawal rules, independent audits, public disclosure, prudent investment policies and strong parliamentary and institutional oversight.
The government’s announcement marks a policy commitment, but the fund’s operational status, capitalization, investment mandate and legal framework will need to be established and disclosed before its effectiveness can be assessed.
Turning to electricity, President Boakai argued that mining-led industrialization cannot succeed without affordable and reliable power.
High electricity costs and limited access have historically constrained Liberian businesses, manufacturers, agricultural processors, public institutions and households.
Weak transmission and distribution infrastructure can further undermine the benefits of new generation capacity.
The government’s strategy combines renewable generation, improvements to transmission and distribution networks, regional electricity cooperation and greater participation by private investors.
Among the initiatives highlighted by the President is a 20-megawatt solar photovoltaic facility associated with the Mount Coffee energy development programme.
The administration has also announced additional financing intended to expand solar capacity from 20 megawatts to 30 megawatts and install a 12-megawatt battery energy storage system, alongside further improvements to the Mount Coffee facility.
The proposed battery system could help manage fluctuations in solar generation and improve the timing of electricity supply. Its actual contribution would depend on its energy-storage capacity, operating arrangements and integration with the national grid.
President Boakai said Liberia’s ambition is to raise renewable energy to 75 percent of the electricity generation mix while expanding access and improving reliability.
Achieving that target would require careful planning, additional generation, grid upgrades, storage, transparent procurement and appropriate arrangements for financing and maintaining infrastructure.
The baseline generation mix, measurement period and treatment of imported electricity would also need to be clearly defined.
Liberia’s rivers and water resources offer additional opportunities for hydropower development, including the proposed Saint Paul River hydropower project.
President Boakai said the government would continue technical, environmental, financial and procurement preparations for additional hydropower capacity.
Such projects could support long-term electricity supply and industrial development, but they also require substantial capital, lengthy construction periods and rigorous environmental and social assessments.
Water-resource management, potential resettlement, community consultation and long-term maintenance are critical considerations.
The President therefore emphasized the need for a diversified electricity system combining hydropower with solar generation, battery storage, distributed renewable energy and regional electricity imports.
Liberia also intends to improve transmission capacity, strengthen distribution networks, reduce technical and commercial losses and expand electricity connections in underserved communities.
Investments in substations, transformers, distribution lines and smart metering could help ensure that additional power reaches households and businesses rather than being lost through weaknesses in the electricity network.
Regional integration through West African electricity cooperation arrangements could further diversify supply and strengthen energy security, provided that interconnection infrastructure, commercial agreements and system-management arrangements are effective.
President Boakai invited international mining companies, energy developers, financiers and technology providers to invest in Liberia’s mineral resources, renewable energy, hydropower, transmission infrastructure and electricity access.
He also urged investors to support skills development, technology transfer, domestic enterprise participation and stronger links between resource projects and the wider economy.
The administration’s message was that responsible investment must deliver benefits beyond corporate profits and mineral exports.
It should also generate employment, strengthen public revenue, create business opportunities for Liberian companies and contribute to infrastructure development.
For communities located near mining and energy projects, these commitments will need to translate into transparent agreements, effective environmental monitoring, meaningful consultation and clear mechanisms for addressing grievances.
For investors, meanwhile, predictable licensing, consistent enforcement of laws, reliable infrastructure and transparent public institutions will be important in determining whether Liberia can compete for long-term capital.
The country’s Atlantic coastline and access to regional markets provide strategic advantages, but realizing those advantages will require coordinated improvements in transport, electricity, logistics, technical capacity and the broader business environment.
The second Liberia International Mining and Energy Conference and Expo brings government officials, mining executives, energy developers, financiers, technical experts and international partners together to discuss investment opportunities in two sectors central to Liberia’s economic future.
The conference comes as the government seeks to translate the country’s mineral endowment and energy potential into stronger domestic production and a more resilient economy.
President Boakai’s proposals outline a broad agenda: improve geological information, strengthen mining governance, expand state participation, establish domestic gold refining, create a sovereign wealth fund and increase renewable electricity generation.
The key challenge will be implementation.
Geological surveys must produce useful data; announced facilities must secure financing and become commercially viable; regulatory reforms must be enforced consistently; and electricity investments must improve the reliability and affordability of power for businesses and households.
If successfully implemented, these initiatives could help Liberia retain more value from its natural resources, strengthen public finances, create skilled employment and support the development of industries beyond raw-material extraction.
President Boakai urged participants to make LIMEC 2026 a turning point in the country’s resource-development strategy, moving from identifying opportunities to mobilizing the capital, expertise and partnerships needed to realize them.
The administration’s broader objective is to build a mining sector that generates greater domestic value, an energy sector that powers economic opportunity and an economy that delivers more inclusive prosperity for Liberians by 2030 and beyond.
