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Speaking at the opening of the Liberia MSME Conference 2024, World Bank Country Manager Georgia Wallen emphasized the pivotal role of micro, small, and medium enterprises (MSMEs) in driving Liberia’s economic growth and achieving the ambitious goals of the ARREST Agenda for Inclusive Development (AAID).
Addressing the audience and other high-level government officials, Wallen praised the Ministry of Commerce and Industry for reviving the annual MSME Conference. This year’s theme, “From Vision to Implementation: Think Liberia, Buy Liberian, and Build Liberia,” resonated strongly with her message.
“This is a moment for Liberia’s entrepreneurs to rise,” Wallen said. “MSMEs are the backbone of the economy, not just in Liberia but globally. They account for 90% of all businesses, over 70% of employment, and half of global GDP. Here in Liberia, your growth and productivity are essential to creating a more prosperous and inclusive future.”
Wallen highlighted the urgency of Liberia’s development agenda, noting that the AAID aims to lift per capita income to over $1,000 by 2030. This goal, she stressed, requires rapid and inclusive economic growth, with job creation as a central driver.
“Liberia Rising cannot happen without the rise of MSMEs,” she stated emphatically. “Your contributions to job creation, innovation, and resilience are indispensable. This is your moment to lead.”
Wallen also addressed the challenges MSMEs face in Liberia, including poor infrastructure, limited access to finance, inadequate ICT adoption, and a lack of skilled labor. “Liberia was ranked 134th out of 137 economies in the latest Global Competitiveness Index, and we lag behind our neighbors in key areas like infrastructure and innovation,” she pointed out.
Acknowledging the obstacles, Wallen stressed that overcoming these barriers requires collective effort. She noted that real progress demands collaboration among the government, private sector, and development partners. By leveraging each other’s strengths, she added, Liberia can create an environment where MSMEs thrive and fuel sustainable economic growth.
Wallen described the conference as an opportunity for dialogue and innovation, emphasizing that no single entity can address the complex issues facing Liberia’s entrepreneurs. “This week’s event matters because it brings key stakeholders together to tackle the risks and barriers to MSME growth. Together, we can create the transparent and supportive environment that Liberia’s businesses need,” she explained.
Wallen outlined the World Bank’s ongoing initiatives to support MSMEs in Liberia. These include the Liberia Investment, Finance, and Trade Project, which focuses on strengthening managerial capacities, improving market access, and providing technical assistance through programs like the MSME Line of Credit Facility and Accelerate360.
She also highlighted the World Bank’s efforts in the agriculture sector, including the STAR and RETRAP projects, which target women and youth entrepreneurs in rural areas, as well as the REALISE program, aimed at assisting micro and informal enterprises in scaling their operations.
“We remain steadfast in our support for Liberia’s MSMEs,” Wallen said. “Over the coming months, we look forward to engaging with the Boakai administration to maximize these initiatives and deliver results under the AAID framework.”
Wallen concluded her address with a call to action for Liberia’s entrepreneurs, urging them to set clear goals for their businesses and align their efforts with the country’s broader development agenda.
“As Liberians work toward achieving Liberia Rising 2030, I encourage you to define your vision,” she said. “What targets do you aspire to achieve in terms of profitability and job creation? How will you contribute to policy-making and inspire others through your success?”
She stressed the importance of determination and collaboration, adding, “The more specific you are, the more likely you are to pursue and achieve your vision. Liberia’s growth is inextricably linked to the success of its MSMEs, and it starts with each of us here today.”
