US-based Liberian Proposes Establishment of Liberian Diaspora Initiative to Enhance Trade, Investment - FrontPageAfrica

Source: Front Page Africa
Author: Gerald C. Koinyeneh

MONROVIA - US-based Liberian Mr. Siaka B. Kromah is proposing the establishment of a Liberian Diaspora Initiative to enhance trade and investment opportunities. Kromah envisions creating a Diaspora Bureau of Economic Affairs Program Management Office (PMO) at each Liberian embassy worldwide to coordinate diaspora initiatives, particularly in countries with significant Liberian communities like the United States.

By Gerald C. Koinyeneh - [email protected]

In the United States, where a large Liberian diaspora resides, Kromah suggests setting up a PMO at the Liberian Embassy in Washington D.C. Staffed by expertly trained Liberians and American-Liberians, these offices would monitor and manage diaspora initiatives, employing best practices in commerce, finance, management, public health, good governance, and sustainable development.

The goal, he says, is to positively impact Liberia's private-public cooperation (PPC) initiatives by effectively utilizing diaspora resources. The PMOs would coordinate diaspora contributions to Liberia's development, seeking partnerships with governmental and private organizations to identify investment opportunities.

Potential partners include the Government of Liberia, National Investment Commission (NiC), Ministry of Commerce, Ministry of Planning and Development, Liberian Revenue Authority (LRA), Ministry of Foreign Affairs, the Liberian Embassy in Washington, DC, Ministry of Defense, Ministry of Heath, the United States Congressional Black Caucus (CBC), Historical Black Colleges and Universities (HBCUs), the White House, US State Department (USAID), US Department of Health and Human Services, the Centers for Disease Control (CDC), the Center for Infectious Diseases, the US Department of Commerce, the US Federal Judiciary, and other key stakeholders in the public and private sectors.

Liberia has a substantial diaspora community that has significantly contributed to the country's post-war development, with remittances totaling between US$414 million and $645 million from 2013-2015, and $338.07 million in 2021 despite COVID-19 disruptions.

Kromah believes that his proposal, if implemented, will expand diaspora contributions and investments in Liberia, but emphasizes the need for support from both Liberians at home and abroad. To facilitate this initiative, Kromah calls for the legislation of a Bureau of Diaspora Affairs under the Ministry of Foreign Affairs in Liberia to coordinate the Program Management Offices at various Liberian Embassies globally.

He argues that such a move would increase diaspora participation and coordinate efforts to promote innovation, ingenuity, and growth both abroad and in Liberia. The rationale behind the Diaspora Initiative lies in Liberia's efforts to rebuild its economic, social, health, and political structures post-conflict.

The "ARREST" strategy of the Boakai-Koung administration (focusing on Agriculture, Roads, Rule of Law, Education, Sanitation, and Tourism) underscores the importance of leveraging the diaspora's potential, estimated between 250,000 and 500,000 individuals. Kromah emphasizes that tapping into the diaspora's vast network, human capital, and economic resources is crucial for Liberia's development, especially in areas where foreign aid and donor countries fall short.

By empowering ordinary Liberians with access to transparent systems, capital, and resources in both public and private sectors, he noted, will drive improvements in public health, sanitation, infrastructure, technology, governance, commerce, and law enforcement, ultimately combating corruption through skilled human capital acquisition.

There is approximately between $500 million to $4 billion of human and financial capital investment within the Diaspora and this huge influx in investment will help to increase the growth domestic product (GDP) from $500 million to $2 billion dollars in under 10 years, through the building of infrastructure, trade and development and commerce, as well as automation of services in Liberia's cash-based economy.

He also recommends tapping into the vast network of African American educators and Fortune 100 African American companies to invest in Liberia. "There are over 100 Historical Black Colleges and Universities (HBCUs) in the United States where highly skilled professors are retiring with approximately $500 thousand to $4 million dollars in their retirement accounts," he said. "Henceforth, the Diaspora Economic Affairs office along with Government of Liberia (GOL) should market to this core group to come to Liberia to teach K-12, and at the community college and university levels. An incentive will be to grant them Liberian residency to further invest in the country. Ghana has instituted a similar kind of program."

In respect to the Fortune 100 African American companies viz Millennium Steel Service, World Wide Technology (WWT), Bird Electric, and including Vista Equity Partners, he called for the leveraging of these firms for investment and development through Corporate Social Responsibility (CSR) programs in Liberia.

Kromah is also a technology leader at Lenovo Corporation in Morrisville, NC, and has "unofficially" been scoping out opportunities in the Education, Agriculture, and eCommerce sectors to leverage information communications and technology (ICT) to promote investment, trade and development through partnerships and promote digital learning by the utilization of mobile devices, pos, desktops and low and high end servers through the automation of processes and services to enhance productivity in public and private sectors.

Some Key Recommendations

In his proposal, Kromah noted that the function of the Diaspora office working in conjunction with their various embassies and Liberia professional community, will be to coordinate and advise the diaspora community on the implementation of their various projects and initiatives.

One of the major impediments to trade in Liberia by the Diaspora community has been Storage or Warehousing. "We advise that the Diaspora consult with the LRA and Trade Ministry to build Bonded Warehouses out of the Freeport of Monrovia. Currently, 98% of the warehouses in the Freeport are leased, owned, and operated by foreign businesses."