Monrovia, Liberia – In a significant event that underscores the ongoing efforts towards enhancing economic transparency in Liberia, Narvin Jusay-Fanonkon Irelan, Integrity Watch Liberia Policy Analyst, represented the institution at a pivotal public hearing held yesterday by the Joint Senate Committees on Ways, Means, Finance and Budget, and Banking and Currency.
This hearing was convened to discuss a crucial piece of legislation-the draft Export Proceeds Repatriation Bill, which was introduced by Senator Francis Dopoh with substantial technical support from Integrity Watch Liberia.
The proposed Export Proceeds Repatriation Bill seeks to enforce a mandatory requirement for all companies and businesses operating within Liberia to repatriate proceeds garnered from exporting goods and services to local banking institutions. This imperative aims to ensure that the repatriated funds are deposited in local banks before allocating them for any other expenditure.
If enacted, the legislation would create a significant shift in the financial landscape of Liberia, bringing along a host of benefits, notably in enhancing tax transparency.
“This bill is not just about legal compliance; it symbolizes our commitment to a transparent economy. The traceability of export earnings will strengthen our financial systems and ultimately fortify the liquidity position of our domestic commercial banks,” said Irelan during the hearing.
Furthermore, the ramifications of this bill extend beyond taxation and transactions.
By boosting the repatriation of funds, the proposed legislation is designed to enhance the country’s foreign reserves and stabilize the Liberian dollar, contributing to broader macroeconomic resilience.
The support for this bill is rooted in the advocacy efforts led by Integrity Watch Liberia, in collaboration with the Tax Justice Network Africa (TJNA).
Together, they have been mobilizing citizens and fostering dialogue to build a cohesive consensus in favor of this vital piece of legislation.
The public hearing served as a platform for influential figures in Liberia’s financial and economic sectors.
Irelan shared the stage with prominent officials, including the Governor of the Central Bank of Liberia, the Deputy Minister for Fiscal Affairs, the Minister of Mines and Energy, the President of the Liberia Bankers Association, the head of the Liberia Extractive Industries Transparency Initiative (LEITI), and the Executive Director of the Center for Transparency and Accountability in Liberia (CENTAL).
The presence of these officials speaks about the importance of the Export Proceeds Repatriation Bill and the commitment of the Liberian government to foster a more transparent and resilient economic environment.
He, however, noted that if the Export Proceeds Repatriation Bill would mark a monumental step towards achieving a more inclusive Liberian economy—one that prioritizes local investment and strengthens the state’s financial infrastructure.
As discussions advance within the Senate, advocates and citizens alike eagerly await the outcomes that this legislation may bring, hoping for a future that ensures equitable economic growth and fosters sustainable development in Liberia.
