Monrovia – The Ministry of Commerce and Industry, in collaboration with the International Development Association (IDA) of the World Bank on Thursday the launched the Small and Medium Enterprise (SME) Technical Assistance Program (TAP) known as Accelerate360, a transformative initiative under the Liberia Investment, Finance, and Trade (LIFT) Project.
Accelerate360 is a key component of the LIFT Project, which supports the Liberian government’s strategic objectives to promote private sector development.
The initiative focuses on addressing critical market challenges that hinder SMEs’ access to markets and finance, while also strengthening the capacity of the Small Business Administration (SBA) and Business Development Service Providers (BDSPs) and Entrepreneurship Support Organizations (ESOs).
Accelerate360 is an initiative under the Liberia Investment, Finance, and Trade (LIFT) Project which aims to empower SMEs with access to markets, finance, and technical assistance.
In September 2024, the Ministry of Commerce and Industry signed a partnership agreement with Bridgewater Advisors to provide hands-on support to 165 growth-oriented SMEs.
These are businesses that are innovating, adding value, and helping to shape Liberia’s future not only for the local market but for regional and global trade as well.
The Minister of Commerce and Industry Madam Magdalene Ellen Dagoseh speaking during the program on Thursday said the Accelerate360 program will Boost SME Capacity and Drive Economic Growth in Liberia.
The Minister praised the members of the National Project Steering Committee of LIFT, Ms. Alari Mahdi of the World Bank Group, Representatives from the private sector and business associations, Our Small and Medium Enterprises (SMEs), Mr. Prosper Doe Melomey and the Bridgewater Advisory team.
“This program the ACCELERATE 360, is more than a technical assistance project. It is part of a bold vision to change the narrative for Liberian SMEs,” Minister Dagoseh said.
According to the Minister of Commerce, no economy can succeed without a strong private sector. Small and medium enterprises are the backbone of job creation, innovation, and inclusive growth.
“They are the engine that drives economic transformation,” she said.
Madam Dagoseh added: “Under the ARREST Agenda, we are putting Liberian-owned businesses at the center of our national development strategy. Our message is clear: prosperity must be owned locally. Yes, we welcome investment – but true development happens when local businesses grow, compete, and lead.”
“Accelerate 360 is a top component of what was originally known as the Liberia Economic Recovery and Transformation Project – the LIFT Project. Today, LIFT is a foundation of our post-crisis recovery, and we are proud to have the World Bank as a steadfast partner on this journey, she asserted.
According to her, improving the business climate, expanding access to finance for SMEs and enhancing trade efficiency are some of the areas the program will be looking at.
“We are collaborating with over 10 government institutions to build a more SME-friendly Liberia. Together with the Central Bank and the World Bank, we’ve launched a national electronic payment system, a credit reference bureau, and a $2.5 million credit line dedicated to small businesses,” the Minister said.
She added: “Looking ahead, we are preparing to roll out several major initiatives –like a faster, digital business registration system, upgrades to the asycuda trade system and the development of a national electronic single window for customs and trade facilitation.”
