Boakai Says Liberia’s Gold Must Be Refined at Home Before Export

HARBEL, Margibi: President Joseph Nyuma Boakai has outlined a policy requiring gold extracted in Liberia to be refined domestically before export, saying his government wants the country to retain more mineral wealth and create skilled jobs.

Speaking Wednesday at the opening of the Liberia International Mining and Energy Conference and Expo at the Farmington Hotel, Boakai said Liberia seeks to establish its first gold processing facility within two years.

“The Government’s stated policy is for gold extracted in Liberia to undergo primary and secondary refining to internationally recognized purity standards at licensed domestic facilities before export,” the President said.

The announcement puts domestic processing at the center of his administration’s effort to increase Liberia’s returns from mining. However, Boakai did not announce a date when the refining requirement would take effect or explain how it would be enforced before the proposed facility becomes operational.

His address also did not identify the facility’s location, financing arrangements, ownership or processing capacity, leaving key implementation questions unanswered.

Boakai argued that Liberia must move beyond an economic model in which resource-rich countries export raw materials while importing finished products, technology and expertise.

“Our minerals should support domestic processing, industrial development, infrastructure, technology, and decent jobs,” he said.

The proposed gold facility forms part of three initiatives the President outlined to increase national participation in the mining sector and preserve earnings from resources that will eventually run out.

Boakai said the National Mining Company of Liberia would pursue state participation through equity and strategic ownership, expanding the government’s role beyond collecting royalties.

He also announced authorization for the creation of a Liberia Sovereign Wealth Fund, intended to invest a fixed percentage of mineral revenues in domestic and international assets.

According to the President, the fund would help preserve wealth for future generations and reduce Liberia’s exposure to fluctuations in commodity markets. His speech did not specify the percentage of revenue to be allocated or when the fund would begin operating.

Delivering the mining proposals alongside plans to expand electricity supply, Boakai acknowledged that unreliable and expensive power raises production costs and discourages investment.

He said the government is pursuing renewable generation, stronger transmission and distribution networks, and greater private investment to support industrial growth.

The President also promised a review of the Minerals and Mining Law and related regulations, alongside improvements in licensing, oversight and access to geological information.

While inviting investment, Boakai said operators must pay required taxes and fees, meet environmental obligations, and respect workers and host communities.

“Mineral resources are finite, and we must ensure they generate lasting returns for Liberians,” he said.