By Boima J.V.Boima
Photo on Flickr by Alex E. Proimos

As the global economic recession continues to pose a threat to the rest of Africa’s economy, Liberia after a decade long civil war is embarking on strategies to recover its most influential economy lost in the war.

The strategies, which are being laid out in a four-day commercial law reform symposium organized by the Ministry of Commerce and Industry, the Law Reform Commission and the United States Federal Trade Commission, are aimed at creating laws that will enable a stable business platform in the country.

The four-day symposium, which is expected to end on Thursaday, October 1st, 2009, will, according to Ellen Johnson-Sirleaf, pave a way for a dynamic trade regime that will seek the protection of both the public and private sectors in the country.

Thus Liberia ’s long time god father, America, through its ambassador, Lynda Thomas Greenfield, welcomed the move taken by the government in ensuring a stable economy in the country. The US ambassador in the country also encouraged the government of Liberia to continue to strive as it will lead to reform in the business sector, thus leading to a speedy economic recovery for the war-torn country. The US ambassador also disclosed that the government has through USAID extended a $US250,000 package for this year’s development activities of the country, adding that the money will also help the country achieve its Poverty Reduction Strategy (PRS).

Speaking for the government is Liberia’s Commerce Minister Miata Beysolow, who had earlier welcomed some 75 participants at the four-day symposium at the Kandeja’s Resort on the Roberts field Highway. She described the move as a ‘comprehensive agenda’ that the Ministry alone cannot accomplish. Therefore, she stressed that the new move will entail a well organized and consolidated national and international effort that should require a broad spectrum of government functionaries and private sector-collaborators. She noted that the symposium will create a commercial framework that will spur trade, commerce, and revitalize the economy of the war torn country. The minister also said that is is necessary to reform laws to seek growth and recovery and benefit the masses. She also noted that if the commercial laws are reformed, they will enhance the welfare of the masses and sustain the fragile peace and security of the country.

“Sustainable economic development relies heavily on the effective implementation of the rule of law in all sectors. With the right framework in place, we can shift the current tide towards a more stable, predicated, investor-friendly and consumer-friendly commercial environment,” Minister Beysolow noted.

Further commenting was Liberia’s Law Reform Commission’s Chairman, Cllr. Philip A.Z.Banks, who described the symposium as ‘unique’ and the first step taken taken by the government to reform a law that will be vital for the economic development and revitalization of the country.

“This symposium is very important in a way that it will not only reform the existing laws of our business sector, but rather, it will also reform the institutions to which they are attached. In order to achieve such, we should participate fully in this very important symposium,” Chairman Banks said. The laws reform chairman also pledged the fullest support of his commission in the drive to ensure a sustainable free business environment for both the government and the private sector.