Commentary: Liberia’s National Mining Company And Gold Refinery Need More Than Presidential Promises, Who Really Will Benefit?

President Joseph Nyuma Boakai’s announcement of plans to establish a National Mining Company of Liberia, construct the country’s first gold processing facility within two years, and establish a sovereign wealth fund raises an important national economic debate that Liberians cannot afford to approach with excitement alone. While the proposals present opportunities for domestic mineral processing, increased state participation in mining, employment creation, and long-term national investment, the most important question is whether these initiatives will genuinely improve the lives of ordinary Liberians or create another expensive government structure whose greatest beneficiaries will be politically connected individuals.

Liberia has heard numerous promises about transforming its natural resources into national prosperity. Successive administrations have spoken about economic empowerment, employment opportunities, infrastructure development, poverty reduction, and ensuring that the country’s natural wealth benefits its citizens. Yet, for many ordinary Liberians, the presence of gold, iron ore, diamonds, and other mineral resources has not translated into the quality of life that should accompany a country endowed with such resources.

Therefore, President Boakai’s latest announcement must be examined beyond the attractive language of industrialization and economic transformation. The country deserves to understand the ownership structure, financial arrangements, management responsibilities, investment commitments, and accountability mechanisms that will govern these proposed institutions.

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President Boakai says the proposed National Mining Company will allow the Liberian Government to move beyond collecting royalties and participate directly in mining operations through equity and strategic ownership.

That proposal deserves serious public examination.

Who will determine which mining concessions the company participates in? Who will negotiate its equity arrangements? Who will appoint its board of directors and senior management? What qualifications will determine appointments, and what safeguards will prevent the institution from becoming a political reward system for individuals close to the corridors of power?

Liberians must not wake up one morning to discover that a company established in the name of national economic transformation has become an institution controlled by a small circle of politically influential individuals.

Will the company publish its financial statements, investment agreements, ownership interests, procurement contracts, and annual performance reports? Will the National Legislature exercise meaningful oversight? Will the General Auditing Commission independently examine its financial operations?

These are not hostile questions against the government. They are legitimate questions about protecting public resources.

A national mining company should belong to the Liberian people in practice, not merely in its name.

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The proposed gold processing facility is another major component of the President’s announcement. Processing Liberian gold domestically before export could retain more economic value within the country, create technical employment, develop local expertise, and generate additional business opportunities.

However, building a refinery is not the same as guaranteeing national prosperity.

How much will the refinery cost? Where will the investment come from? Will the government finance it through taxpayers’ money, private investors, international partnerships, or a combination of these arrangements?

Who will construct the facility, who will own it, and who will operate it?

Will the construction contract be awarded through an open and competitive procurement process, or will it become another opportunity for individuals with political connections to benefit from a multimillion-dollar national project?

More importantly, what percentage of the jobs will be reserved for qualified Liberians, and what practical arrangements will ensure that Liberian engineers, technicians, scientists, and young professionals acquire the skills necessary to manage the facility?

The government must explain these matters before Liberians are asked to celebrate a refinery that has not yet been constructed.

Perhaps the most consequential announcement is the proposed establishment of a Liberia Sovereign Wealth Fund, which President Boakai says will receive a fixed percentage of mineral revenues and operate according to the international Santiago Principles.

In principle, this could provide Liberia with an opportunity to save mineral revenues, diversify national investments, and preserve wealth for future generations.

But who will manage the fund?

Who will decide where the money is invested? Who will authorize withdrawals? Will the public have access to information about its investments, financial performance, management fees, and administrative expenses?

What prevents a future administration from using the fund to finance politically motivated projects or reward individuals and companies with privileged access to government?

The President must understand that announcing an independent sovereign wealth fund is not enough. Its independence must be protected by law, not presidential goodwill.

Liberia needs a legally protected institution with professional management, independent auditing, parliamentary oversight, transparent investment policies, and strict restrictions against political interference.

The country must not establish a fund in which mineral revenues disappear into complicated financial arrangements while ordinary citizens continue to struggle with poor roads, inadequate healthcare, unemployment, and unreliable electricity.

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This is where the government’s economic argument must meet the realities of everyday Liberian life.

What will a gold refinery mean to a young university graduate who has been unemployed for years? What will the National Mining Company mean to a family living in a mining community whose farmland has been destroyed? What will the sovereign wealth fund mean to a mother who cannot afford adequate medical treatment for her child?

Will mining revenues translate into better hospitals, functional public schools, affordable electricity, improved roads, clean drinking water, and decent employment?

Will communities where minerals are extracted receive measurable development benefits, or will they continue to watch trucks transport their natural wealth while their own communities remain underdeveloped?

The government must publish a clear national benefits-sharing framework explaining how mining revenues will support national development and how mining-affected communities will receive their fair share.

Liberians should not be satisfied with hearing that the country is generating more revenue. They deserve to know how much is being generated, where the money is going, who is receiving the contracts, and what improvements are taking place in their communities.

Interestingly, the Extractive Industries Transparency Initiative’s July 2026 validation of Liberia identified outstanding concerns involving revenue data quality, beneficial ownership disclosures, mining license reviews, and environmental transparency.

These are precisely the governance issues that must be addressed as the government considers creating additional institutions and expanding state participation in the mining sector.

Liberia needs to know the real owners of companies benefiting from mining concessions, the individuals behind businesses receiving government contracts, and the financial interests of those making decisions about the country’s mineral resources.

The proposed National Mining Company and Sovereign Wealth Fund should therefore be subjected to stronger disclosure requirements from the beginning.

The government should also make the proposed review of the Minerals and Mining Law an opportunity to introduce enforceable safeguards against conflicts of interest, political favoritism, undisclosed beneficial ownership, and the misuse of public resources.

Civil society organizations have already raised concerns about corruption risks, weak enforcement, environmental degradation, and inadequate community participation in the mining sector. Their concerns deserve meaningful consideration in the reform process.

President Boakai’s announcement also includes a US$30 million airborne geophysics data collection initiative under the Millennium Challenge Corporation compact. The government says this will improve understanding of Liberia’s mineral resources and strengthen the country’s position in negotiations with investors.

That investment in geological information could help the country make better-informed decisions. However, the government must explain how the US$30 million will be managed, what deliverables are expected, who will undertake the work, and whether the resulting geological information will be accessible to the public under transparent arrangements.

The same standard of accountability must apply to the proposed refinery, mining company, and sovereign wealth fund.

Liberia cannot afford to create new institutions without first establishing the governance systems necessary to protect them from political interference and financial abuse.

The President should present a detailed implementation framework to the Liberian people, including projected costs, funding sources, timelines, ownership structures, independent oversight arrangements, and measurable employment and community development targets.

The National Legislature, civil society organizations, professional associations, the media, and mining-affected communities must have meaningful opportunities to examine these proposals before major financial commitments are made.

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Liberia’s mineral resources belong to the Liberian people. No administration, political party, government official, business associate, or group of privileged individuals should be allowed to treat the country’s natural wealth as a personal economic opportunity.

If these proposed institutions are established with transparency, professional management, independent oversight, and measurable benefits for citizens, they could contribute to changing how Liberia participates in its mining industry.

But if the process becomes dominated by political appointments, undisclosed business interests, questionable procurement arrangements, and excessive administrative spending, the country could end up creating additional institutions without delivering the promised national benefits.

President Boakai must therefore answer a fundamental question before Liberia commits itself to this new economic arrangement.

Will the National Mining Company, gold refinery, and Sovereign Wealth Fund become instruments for building national wealth, creating opportunities for ordinary Liberians, and improving the living conditions of citizens, or will they become another avenue through which politically connected individuals accumulate wealth while the majority continue to live in poverty?

Liberians deserve more than announcements at international conferences. They deserve transparent agreements, responsible management, measurable results, and a fair share of their country’s natural wealth.

Natural resources should build a nation, not enrich a privileged few.