Liberia: Boakai Announces U.S.$30m Geological Survey, Gold Refinery Plan

President Joseph Nyuma Boakai Sr. has announced plans for a US$30 million geological survey to identify Liberia's mineral potential, alongside a commitment to establish the country's first gold-processing facility within two years as his administration seeks to attract investment and increase national benefits from the mining sector.

Boakai said the planned airborne geophysical data collection, to be undertaken under the Millennium Challenge Corporation (MCC) compact, would strengthen Liberia's geological information, particularly on critical and strategic minerals, and provide investors with better information for exploration and development decisions.

Delivering the keynote address at the opening of the second Liberia International Mining and Energy Conference and Exhibition (LIMEC 2026) at the Farmington Hotel in Harbel, Margibi County, on Wednesday, October 28, 2026, the President said Liberia must improve its understanding of its mineral resources while creating the conditions necessary for responsible investment and local value addition.

He said the government intends to use the geological survey to support a coordinated national exploration programme over the next five years, improve access to reliable mineral data, and strengthen the country's position in attracting credible mining companies.

The President also announced plans to establish Liberia's first gold-processing facility within two years, saying the government wants more value from the country's mineral resources to be retained within its borders rather than leaving the country primarily as raw materials.

Under the policy outlined in his address, gold mined in Liberia should undergo primary and secondary refining to internationally recognized purity standards at licensed domestic facilities before export.

Boakai said the initiative is intended to expand local processing, create employment opportunities, strengthen domestic businesses, and increase the economic benefits Liberia derives from gold production.

The proposed refinery would require substantial investment, reliable electricity, technical expertise, and appropriate regulatory arrangements. The government's ability to coordinate these requirements will be critical to meeting the two-year target.

The President's announcements formed part of a broader strategy to strengthen Liberia's mining and energy sectors, including plans for a National Mining Company of Liberia, a sovereign wealth fund, and expanded investment in renewable energy.

Boakai said Liberia must move beyond depending largely on royalties and conventional mining revenues and explore ways for the state to participate more directly in the industry through equity and strategic ownership.

He said the proposed National Mining Company would provide a mechanism for increasing the government's participation in selected mining ventures and capturing additional economic benefits from the country's natural resources.

The President did not specify the company's proposed capitalization, ownership arrangements, or operational timetable in the address, leaving those details to be clarified as the initiative advances.

He also announced that his administration had authorized the creation of a Liberia Sovereign Wealth Fund to preserve and grow a portion of the country's natural resource wealth for future generations.

According to Boakai, the fund would be designed to operate independently and align with the Santiago Principles, an internationally recognized framework for sovereign wealth fund governance, accountability, and transparency.

Under the proposed arrangement, a fixed percentage of mineral revenue would be directed into diversified domestic and international investments. The objective would be to reduce Liberia's exposure to fluctuations in commodity prices and build a long-term financial reserve from non-renewable resources.

The fund's eventual impact will depend on the legal framework establishing it, the proportion of revenue allocated, withdrawal rules, and safeguards to ensure transparency and responsible management.

Boakai said the proposed initiatives reflected the government's determination to ensure that Liberia's natural resources contribute more directly to national development and economic resilience.

Providing an overview of the mining sector, the President said mining activity had expanded by 17 percent since January 2024, reflecting the industry's growing importance to the economy.

He reported that mining accounted for 18.4 percent of Liberia's real gross domestic product in 2025, with its contribution projected to rise to 19.4 percent in 2026.

Boakai also cited real GDP growth of 5.1 percent and a projection of 5.5 percent in his address.

He said the mining sector contributed approximately US$124 million directly to national revenue in 2024 and had contributed US$432 million to domestic revenue to date.

The President said the government was pursuing a domestic revenue target of US$1.1 billion for the current year, compared with US$699 million in 2024, with the mining sector playing an important role in the country's revenue base.

He said the figures reinforced the need for stronger oversight, transparent revenue administration, and policies that ensure the country receives appropriate benefits from resource extraction.

Beyond geological data collection and gold processing, Boakai announced plans to improve digital licensing processes and make official mining fee schedules more accessible to investors.

He also said the government would review the Minerals and Mining Law to ensure that the legal framework supports the country's development priorities and responds to the changing demands of the mining industry.

The measures are intended to improve regulatory certainty, strengthen transparency, and provide investors with clearer information about the requirements for exploring and operating in Liberia.

The President said Liberia possesses substantial deposits and potential resources, including iron ore, gold, diamonds, critical minerals, and rare earth elements. He also cited the country's Atlantic coastline, transport corridors, access to regional markets, and young population as advantages for investment.

However, he stressed that mineral wealth alone would not guarantee economic transformation, arguing that Liberia must improve its geological information, infrastructure, regulatory institutions, and capacity to process resources locally.

The conference, organized by the Ministry of Mines and Energy in collaboration with the Liberia Chamber of Mines and AME Trade Ltd., brought together government officials, investors, development partners, and other stakeholders to discuss investment opportunities and challenges in the mining and energy industries.

Boakai urged participants to turn discussions into practical commitments that would advance mineral exploration, local processing, infrastructure development, and employment creation.

He said investment should deliver benefits beyond resource extraction through technology transfer, workforce training, and opportunities for Liberian businesses to participate in mining-related supply chains.

Turning to the energy sector, the President acknowledged that unreliable and expensive electricity remained a constraint on industrial development and private-sector growth.

He announced plans to expand solar energy capacity associated with the Mount Coffee programme from 20 megawatts to 30 megawatts, install 12 megawatts of battery storage, and improve existing hydropower infrastructure.

Boakai said Liberia's national ambition was to achieve a 75 percent renewable share in its electricity generation mix while expanding access and improving reliability.

The administration's energy strategy includes additional solar generation, hydropower development, battery storage, regional power imports, and improvements to transmission and distribution networks.

The President also identified the proposed Saint Paul River hydropower development as part of the country's longer-term energy plans. He said preparations would need to address technical, environmental, financial, and procurement requirements, including potential resettlement and water-related impacts.

He said investments in substations, transformers, power lines, smart meters, and storage systems would be necessary to reduce electricity losses, improve supply, and connect more households and businesses.

Boakai emphasized that reliable electricity would be important to the success of the planned gold-processing facility and other industrial ventures, as well as the broader effort to attract investment and expand local manufacturing.

He invited investors to explore opportunities in mineral exploration, gold processing, renewable energy, hydropower, electricity transmission, and regional market connections.

The President said the government's ARREST Agenda for Inclusive Development required mining and energy investments to contribute directly to national priorities, including employment, local enterprise development, and improved economic opportunities for Liberians.

The announcements at LIMEC 2026 place geological exploration, domestic mineral processing, state participation in mining, and long-term management of natural resource revenues at the center of the administration's plans for the sector.

The success of the proposed initiatives will depend on the availability of financing, the establishment of clear implementation arrangements, the strength of regulatory institutions, and the government's ability to ensure transparency and accountability.

Boakai said the ultimate objective was to use Liberia's natural resources and energy potential to build a stronger, more resilient economy and ensure that the country's mineral wealth delivers lasting benefits to present and future generations.

Read the original article on Liberian Observer.