Liberia: Growth & Graft - How Oil Can Profit or Ruin Liberia

Dec 9, 2014 | Front Page Africa
View Original

Liberia recently ended consultations on reforms in the emerging oil industry by stakeholders' participation. As part of its efforts to educate the public on the potential of the industry to grow the economy and improve the lives of citizens or ruin the country, FrontPage Africa begins a three part series to shine light on the current status of oil exploration and potential production in Liberia.

The series will concentrate on positive developments occurring in the industry but will also provide instances where lack of transparency, alleged corruption and personal interests are conspiring to undermine the emergence of the oil and gas industry in Liberia. With big bucks and swashbuckling entrepreneurs, the modern day version of the "gold rush" in Liberia could produce all of the elements of the resource curse or the Dutch disease. On the other hand, if the resources are managed properly, it could support the country's development agenda. Thus, the reform process is absolutely necessary to ensure that Liberians gain from their natural resources.