Former Commerce and Industry Minister Amid Modad has backed President Joseph Boakai’s call for the cabinet to refocus on microeconomics and trade, describing it as the “forward thinking discourse our country requires right now.”
His comments followed Friday’s cabinet meeting, highlighted by the Executive Mansion, where President Boakai urged ministers to redirect their discussions toward building a stronger economy.
“When I was Minister of Commerce and Industry, I battled to underline the importance of trade in Liberia’s socioeconomic development,” Mr Modad said. “I would joke that the ‘T’ in ARREST actually stood for Trade, and tourism, as defined by the global trade system, was a tradable service.”
The former minister stressed that Liberia must move beyond the practice of exporting raw materials and instead support local entrepreneurs along the value chain. He said the end of USAID assistance and changes in US foreign policy had exposed Liberia’s over dependence on aid.
“I agree with President Boakai that over dependence on aid undermines our potential to become self sufficient and negotiate on our own terms even with potential investors; it unintentionally perpetuates a cycle of dependency,” he said. “While these challenges will continue to have an impact on our relationships with other nations and the aid paradigm as we know it, they also present opportunities and force us to reconsider our own foreign policy and trade strategy.”
Mr Modad identified several areas he believes should anchor Liberia’s economic transformation. He pointed to the need for strengthening the rule of law through reforms that ensure independence and fairness in the judiciary. He also called for a better investment climate, with reduced bureaucracy, lower costs of doing business and a more predictable environment to encourage both Liberian entrepreneurship and foreign investment.
On foreign relations, the former commerce minister said Liberia must adopt a more pragmatic approach, fostering mutually beneficial ties and leveraging its resources more strategically in a world where economic relations are becoming increasingly transactional.
He argued that Liberian businesses should be placed at the centre of natural resource exploitation, not just in traditional trade but also in value addition, especially in oil, gold, diamonds, rubber and heavy metals. He emphasised that this would require improved access to financing and incentives.
Mr Modad also urged the country to seize opportunities available under the ECOWAS Trade Liberalization Scheme and the African Continental Free Trade Area, which he said could open complementary markets and reduce reliance on raw exports. Human capital development, he added, must also be prioritized, with reforms to education aimed at ensuring quality and relevance to the demands of a modern economy.
During his brief stay at the Ministry of Commerce and Industry, Modad’s reforms were not without results. For the first time in the Ministry’s history, revenue collections broke records by raising 1.9 million US dollars within just seven months, surpassing what previous administrations struggled to achieve in an entire year. Observers say this demonstrated the impact of stronger systems, audits, and improved transparency in service delivery.
On the international stage, Modad restored Liberia’s place in global trade. He re engaged the WTO, WIPO, ITC, and EIF, settling arrears that unlocked over 6 million US dollars in support. These efforts secured funding for value addition, SME development, e commerce, and intellectual property reforms, while also opening food security talks with Cambodia, China, and India to stabilize rice supply for Liberians.
At home, he prioritized empowering Liberian businesses. His leadership saw the launch of free registration for informal sector operators, new credit lines for SMEs, and funding to support markets and women traders. He enforced industrial standards, shut down unsafe factories, and pushed supermarkets to reduce prices and provide stalls for Liberian products. He also championed a Made in Liberia store to promote local goods and expand opportunities for small businesses.
The Central Bank of Liberia (CBL) reported a 1.3% economic growth in the last quarter of 2024, attributing this improvement to stable consumer prices and increased consumption, weeks after Modad resigned.
This essentially meant that prices for everyday goods had stabilized to a certain level and people are now able to spend more. When prices became more affordable and consumer spending rises, it directly contributed steady economic growth.
Many believe much of this progress can be traced back to Modad’s reforms and management of the commercial environment by Minister Amin Modad through prioritization and restoration of credibility of the ministry, stabilizing prices, improving market conditions, and supporting local businesses.
