Boakai Unveils Sweeping Mining Plans

By Stephen G. Fellajuah

HARBEL, Margibi County, October 30, 2026- President Joseph Nyuma Boakai has announced plans to establish a state-owned mining company, build Liberia’s first gold refinery, and create a sovereign wealth fund.

Boakai unveiled the initiatives Wednesday, October 28, 2026, while delivering the keynote address at the opening of the Liberia International Mining and Energy Conference and Expo (LIMEC 2026) at the Farmington Hotel in Harbel, Margibi County.

The proposed National Mining Company of Liberia would enable the government to pursue equity participation in mining operations and earn commercial returns beyond taxes and royalties.

The President also announced plan to establish a domestic gold processing facility within two years, allowing gold mined in Liberia to be refined locally to internationally recognized standards before export.

The initiative aims to retain more economic value, create skilled jobs, and expand opportunities for Liberian businesses.

Boakai’s third initiative is the proposed Liberia Sovereign Wealth Fund, which he said would operate independently and in line with the internationally recognized Santiago Principles.

The fund would receive a fixed percentage of mineral revenues and invest in diversified domestic and international assets.

According to the President, the fund would help preserve Liberia’s finite natural resource wealth for future generations and reduce exposure to fluctuations in global commodity prices.

Beyond mining, Boakai identified unreliable and expensive electricity as a major obstacle to industrialization and investment.

According to the Liberian leader, his administration is pursuing renewable energy development, improved transmission and distribution networks, regional electricity cooperation, and greater private-sector participation.

Boakai said additional financing had been announced to increase solar generation capacity associated with the Mount Coffee energy development programme from 20 megawatts to 30 megawatts, install a 12-megawatt battery energy storage system, and undertake further improvements to the facility.

The government is also targeting a 75 percent share of renewable sources in Liberia’s electricity generation mix while expanding access and improving reliability. Achieving that goal will require sustained investment in generation, storage, transmission, and distribution infrastructure.

The President reaffirmed plans to explore additional hydropower capacity, including the proposed Saint Paul River hydropower project. He also pledged to strengthen electricity distribution, reduce technical and commercial losses, and expand connections to underserved communities.

Boakai said regional electricity cooperation could diversify supply and improve system resilience, while investments in substations, transformers, distribution lines, and smart metering would help strengthen the national grid.

Calling for increased investment, the President urged international mining companies, energy developers, financiers, and technical experts to support Liberia’s mineral, renewable energy, hydropower, and electricity infrastructure projects.

He also emphasized local enterprise development, skills training, technology transfer, and domestic value addition.

“Our objective is to ensure that good investments produce lasting results for investors, workers, communities, and the nation,” Boakai said, reaffirming his administration’s commitment to improving the investment climate and attracting responsible private capital.

The proposed mining company, gold refinery, and sovereign wealth fund form part of a broader strategy to increase public revenue, create employment, and preserve national wealth.

However, their impact will depend on implementation, financing, institutional capacity, and transparent governance.

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