By Dr. Chris Tokpah
I do not claim to be a financial expert, but I have studied how other countries manage investment, and I know Liberia can do better if we choose to. During my MBA studies, I gained practical training in how investments and ownership structures work. What I am proposing is not rocket science; It is common sense. If Liberia is to achieve real progress, we need bold strategies that put citizens at the center of growth, rather than repeating tired policies that benefit a few while the majority remain spectators.
On September 27–28, 2025, the Government of Liberia hosted a conference with Liberians in the diaspora to explore ways of boosting investment. Finance Minister Ngafuan assured participants that the government is taking concrete steps to improve Liberia’s investment climate. He highlighted partnerships with the U.S. Development Finance Corporation and the World Bank’s International Finance Corporation, offering low-interest financing for sectors such as agribusiness. He also noted progress in modernizing the financial system. The Central Bank has introduced a payment switch to support remote transactions, port services have been extended into the night, and mobile money platforms will soon be interconnected.
Every inaugural speech has promised to move Liberians from spectators to participants in their own economy for as long as I can remember. It has become a copy-and-paste refrain, yet the dream remains out of reach. Liberians are still watching from the sidelines while others profit from their resources. This reality is even more troubling because Liberia already has a Liberianization policy to promote local ownership. That policy sets aside sectors such as retail trade, transportation services, small-scale construction, and other businesses exclusively for Liberians. Yet in practice, it has failed because most ordinary citizens lack the financial strength to enter these reserved sectors as individuals. Without a collective approach, the policy has excluded the very people it was supposed to empower. Reforms are being made, but they will not change this reality unless Liberians are given a direct stake. That is why it is time to try something bold.
A citizen ownership model
Imagine an international company wants to open a gold mine in Liberia, requiring an investment of fifty million dollars (US$50,000,000). Traditionally, the company bears the risk and keeps most of the profit, while the government collects taxes and royalties. But what if the Government of Liberia demands a fifty percent (50%) stake? That would mean raising twenty-five million dollars (US$25,000,000). Instead of borrowing, the government could sell one hundred thousand (100,000) shares at two hundred fifty dollars (US$250) each.
This approach would allow ordinary Liberians to become co-owners. When profits are made, half would flow back into the country and into the hands of its people. The same model could apply in other areas, such as building a beachfront boardwalk from Monrovia to Marshall for fifty million dollars (US$50,000,000). Shops and entertainment spots along the boardwalk would create jobs, boost tourism, and provide rental income for shareholders.
Lessons from Ghana
Ghana offers a practical example of how this can work. The Ghana Stock Exchange (GSE), launched in 1990, allowed citizens to buy shares in major companies. When Ashanti Goldfields, one of Africa’s largest gold producers, listed on the exchange, thousands of ordinary Ghanaians invested directly in the mining sector. They received dividends when the company performed well and could resell their shares if they needed cash. This broadened wealth creation and turned mining from a purely foreign-driven venture into an opportunity for national participation.
The same principle can be applied in Liberia. A national stock exchange, supported by strong regulations, could manage shares in mines, infrastructure projects, and tourism ventures, giving citizens at home and in the diaspora the chance to build wealth from their country’s resources.
The missed opportunity in oil
This opportunity became especially clear on September 17, 2025, when Liberia signed four Production Sharing Contracts with Atlas Oranto Petroleum for offshore Blocks LB-15, LB-16, LB-22, and LB-24. The agreement included a signature bonus of fifteen million dollars (US$15,000,000) and commitments to invest heavily in exploration and development. The government celebrated the deal as a milestone in reviving the petroleum sector, with promises of transparency, local content, and job creation.
Yet this was the kind of project where a citizen ownership model could have been applied. Instead of treating the oil blocks purely as a concession, the government could have offered shares in the venture to Liberians willing to invest. Even modest investments would allow citizens to share in dividends when production begins. Such an approach would spread the benefits of natural resources beyond royalties and bonuses, reduce the temptation for mismanagement, and turn one deal into a nationwide opportunity for empowerment.
Safeguards against mismanagement
For a citizen ownership model to succeed, safeguards must be uncompromising. An Independent Investment Board should be created by law to oversee citizen shares. Its members should come from civil society, the private sector, and the diaspora, with the government represented only by a seat from the Central Bank. Staggered terms and independent funding, raised from a small percentage of transaction fees or investment returns, would help insulate the board from politics.
Transparency is essential. All financial records must be audited and published annually so investors can follow how every dollar is managed. Shares should be traded under the supervision of a Liberia Securities and Exchange Commission modeled after Ghana and Nigeria. Dividend policies must be clear and consistent. Mobile banking should allow Liberians everywhere to buy shares and receive dividends directly without bureaucratic delays.
The Choice Before Us
The government’s current reforms are steps in the right direction, but they will not be enough unless citizens are given a direct stake in investment. Ghana’s experience with Ashanti Goldfields shows that African nations can build vibrant stock markets that empower citizens and attract capital. Liberia has the same opportunity, but only if we are willing to think differently.
A citizen ownership model would complement government reforms by making Liberians wealth creators, not bystanders. Investors would gain capital, the government would earn a share in profits without excessive borrowing, and citizens would see tangible returns on their own soil. Liberia leaned on aid dependency. She signed concessions that favored others more than herself. Liberia waited for foreign direct investment to deliver prosperity. None of these paths transformed the nation. The time has come to take a new direction. Real progress will come when Liberians own their share of the nation’s wealth and build an economy that reflects their aspirations. If the Government of Liberia is truly committed to making citizens genuine participants in their own economy, it must move past rhetoric and act swiftly to implement bold initiatives like this.
About the Author
Dr. Chris Tokpah is the Associate Vice President for Institutional Effectiveness at Delaware County Community College in Pennsylvania. He holds a Ph.D. in Program Evaluation and Measurement, an MBA with an emphasis in Management Information Systems, and a B.Sc. in Mathematics. Dr. Tokpah also serves as an Adjunct Professor of Research Methods and Statistics in the Ph.D. program at Delaware Valley University. He is an independent consultant who supervised baseline studies and evaluations sponsored by the World Bank, IDA, Geneva Global, USAID, and the African Development Bank. He is a co-owner of the Center for Research, Evaluation, and Policy (CENREP), a Liberian consulting firm that specializes in strategic planning, monitoring, evaluation, social science research, and training services. His email address is ctokpah@cenrepliberia.org.
