It Is Scaring As Foreign Owned Businesses Shutting Down
GNN Liberia has finally uncovered that major foreign businesses are gradually shutting down on the Liberian market, including the French giant oil company, Total for unnamed reasons, but political analysts who spoke to this news outlet after a comprehensive survey to find out what give reason for the unceremonious departure of major foreign owned businesses blamed it on the downward trend of the Liberian economy.
DITCO, one of the leading electronic and household material department store in the heart of the City, Randall Street also has since closed down, blaming it on what the management called ‘Unbearable’ reason, leaving many of its customers in a shock of disappointment.
In a notice posted on the gates of its stores, the management wrote, “Management of DITCO wishes to extend sincere thanks to its numerous customers for their support for the past 58 years. Regretfully, due to our slow business, we are compelled to close down for time indefinite.”
Several attempts to get comments from the Minister of Commerce on the closure of DITCO and the impact it may have on government’s push to attract more investors could not materialize. The Minister failed to respond to several phone calls and SMS sent to him.
However, some Liberians see the closure as a bruise to the country’s already wounded economy as many Liberians have lost their jobs due to the closure. Others believe such reports may discourage future investors from looking Liberia’s way.
Few weeks ago, this news outlet reported the closing down of several businesses in Monrovia and its environs including the Exclusive Super Store which run a chain of Supermarkets in the City and its suburb with the start of new business venture in neighboring Guinea and Sierra Leone, according to source closed to the management.
Today, one of Liberia’s leading local dailies, Front Page Africa also reported what was earlier featured in the GNN Liberia page, noting that it has also received unconfirmed reports that Total Liberia has already sold several of its filling stations outside the nation’s capital, including the ones in Sinoe, Bomi and Grand Cape Mount Counties.
Total Liberia is the largest importer of petroleum products in the country and second highest tax payer.
Economic pundits have warned that the pullout of Total would seriously injure the country’s revenue base.
They are also fears that several other companies including concessions are reading between the lines and studying the variables while observing how adequately the government would handle the prevailing situation. Pulling out is also an option for some of these companies.