Boakai Seeks Amendment to Liberia’s Commercial Code

By Bridgett Milton

CAPITOL HILL, Monrovia, October 30, 2026: President Joseph Nyuma Boakai has submitted a bill to the House of Representatives seeking amendments to Chapters 5 and 6 of Liberia’s Commercial Code to strengthen secured lending and expand access to financing for businesses.

The proposed legislation, transmitted to the Legislature on October 21, 2026, seeks to improve the legal framework governing secured transactions and mortgages, clarify the rights and obligations of creditors and debtors, and facilitate the use of movable assets as collateral for loans.

According to President Boakai, the amendments are intended to improve access to credit, particularly for micro, small, and medium-sized enterprises (MSMEs), while strengthening creditor confidence and encouraging private-sector investment.

The proposed reforms were developed by the Central Bank of Liberia (CBL), with technical assistance from the International Finance Corporation (IFC), following consultations with stakeholders in the legal, financial and private sectors.

Following its first reading, the bill was forwarded to the House Joint Committee on Judiciary, Ways, Means and Finance, Commerce, Good Governance, and Banking and Currency for review.

The committee has been mandated to report to Plenary within two weeks for further legislative consideration.

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