Vice President Koung Issues 10-Day Ultimatum to Enforce Liberian Business Protections

By Amos Harris

Vice President Jeremiah Koung has issued a 10-day ultimatum, warning of imminent government action against widespread violations in Liberia’s business sector. His concerns center primarily on foreign dominance in commercial areas specifically reserved for Liberian citizens under national law.

Speaking to journalists in Monrovia, Vice President Koung alleged that foreign nationals from several countries—including Ghana, Nigeria, Kenya, Sierra Leone, and Côte d’Ivoire—are increasingly taking control of businesses legally restricted to Liberians. He pointed to the Investment Act of 2010 as the legal framework intended to protect local participation in these sectors. However, he acknowledged that enforcement over the years has been slow and largely ineffective, allowing these violations to persist and grow.

A major concern highlighted by the Vice President is the rising practice of “fronting.” In these arrangements, Liberians register businesses in their own names while foreign nationals provide the capital, manage operations, and claim the profits. Koung argued that this practice directly undermines the intent of the law and prevents genuine local economic empowerment.

To counter these illegal arrangements, Koung disclosed that the government is introducing new regulatory measures. These include a requirement for Liberian business owners to maintain direct and verified control over company bank accounts, a move aimed at curbing fronting and strengthening financial accountability.

The Vice President confirmed that President Joseph Nyuma Boakai has fully endorsed this initiative, signaling a decisive shift toward the strict enforcement of existing business regulations. This stronger government stance is intended to reclaim the domestic market for local entrepreneurs.

Beyond the issue of business ownership, Vice President Koung also addressed broader national concerns, including persistent electricity challenges, mining activities, and developments surrounding the Putu iron ore deal. These remarks suggest that the current crackdown on business violations is part of a wider, more aggressive push for economic reform and national self-reliance in Liberia.