By: Papie Sheriff Kollie, Jr.
IPNews-Capital Hill-Monrovia, Liberia-31 January 2018: As part of effort in giving Liberian back the economy Grand Kru county Representative in the 54th Legislature Cllr. Jonathan Fonati Koffa Tuesday hit the ground running with an Act title “Liberian Business and Economic Empowerment Act of 2018” which seek to protect some business exclusively for Liberian citizen.
The Grand Kru County Lawmaker Act was contained in a communication addressed to House Speaker Dr. Bhofal Chambers Tuesday craving plenary approval which will protect Liberian.
Following the reading and subsequent debate, the Plenary of the House of Representatives Tuesday mandated its committees on Judiciary, Ways, Means and Finance, Commerce and Labor to scrutinize a proposed Act seeking to strengthen and protect Liberian businesses.
The proposed Act was submitted on Tuesday, 30 January during the 6th day sitting of the House of Representatives of the 54th Legislature, According to Representative Koffa is to strengthen the law protecting Liberian businesses which have been identified since the 1973 Investment Act.
This law provides for criminal penalties for violators and creates a fund to ensure that Liberian businesses in the subject category succeed” the crafter indicated in the proposed bill.
At the same time , the proposed Act intend to create more restrictive environments and a stronger enforcement mechanism so that the Liberianization policy as envisaged by the government and people of Liberia becomes full-fledged reality.
The investment act of 2010 calls for the provision of certain restrictions of foreign ownership of named enterprises and reserved such exclusively for Liberians.
Following deliberation on the instrument the joint committee is expected to review the instrument and report findings to Plenary within two weeks for actions.
