Liberia’s Economic Predicament: As Several Int’l Businesses ‘Murmuring’, Threatening Closure
Several international businesses operating in Liberia in their bid to bringing total relief to dozens of Liberians through jobs creation have reportedly resolved to transfer their services to other locations in the region due to what they believed is an unfavorable investment climate which is not health to their status.
According to a survey conducted by a staff of this outlet, GNN, KLM Airlines has vowed to slowdown its operation in the Country, while at the same time Total, the world’s fourth-largest oil and gas company, as well as a major integrated player in low-carbon energies, is said to be reducing its services around the country due to some unexplained reasons.
Information gathered revealed that this French oil giant oversees board have agreed in principle to shutdown operations in Liberia, as over the last three months began a gradual shutdown its facilities across the country, “I can say for sure to you, Total Liberia has considered its decision reached by its oversees board to shutdown operations in Liberia because the company is experiencing continued loses couple with continued huge tax burden, lack of customers inflow and recent scale down of operations by many concessions. The source explained.
The Indian owned Company, Sethi Brothers Incorporated which recently dedicated a state of the art steel plant that has over 1,,000 Liberians across the country is reportedly contemplating to transfer its services to Guinea due to the currently economic situation being faced with the Liberian business community.
Our team of reporters during this survey observed that one the management team of one of the leading supermarkets in Monrovia, the Exclusive Super Store is drastically reducing some of its supermarkets in Monrovia and its environs, already the one in central Monrovia, at the corner of Center and Carey Streets has surprisingly close its door to the public, a situation that pondering many of its customers.
Some Liberians who spoke to the GNN expressed disappointment to this development, observing that major foreign owned businesses are closing down the operations to seek other greener pasture, “These people are business people, and therefore, all they want is to see their investment grow instead of draining down, as it is being done at this current state of our nation,” Henry Freeman, a private security guard at one of the foreign owned companies in an exclusive interview noted.