CEMENCO Offers 200,000 Shares

The government of Liberia has taken a giant step forward in its drive at creating a middle income country with the announcement to offer Government shares in key companies and concession operations to ordinary Liberians, beginning with the cement producing giant, the Liberia Cement Corporation, CEMENCO.

The disclosure was made by Liberia’s Finance Minister and the Chairman of the Board of Directors of the Liberian Bank for Development and Investment, Amara Konneh at a news conference on Thursday in Monrovia,

According to a press release, Minister Konneh said that Madam Sirleaf is pursuing her vision of creating a middle class in our society consistent with the National Vision 2030 and the Agenda for Transformation.

The government has already begun this initiative by the turning over Monday of her over 200,000 shares in the Liberia Cement Company-CEMENCO to ordinary citizens. President Sirleaf instructed the finance ministry to ensure the exercise is not monopolized by any one group of Liberians

Minister Konneh disclosed that government policy frameworks have articulated the need to empower Liberians through entrepreneurship, build markets and support light manufacturing industries.

He revealed that progress has been in the incubation mood, largely due to gradual maturing of the nation’s largest investment programs, including energy, roads and other infrastructure.

“We are gradually moving in the right direction to ensure more opportunities are created for our people as we embark on our national development agenda.” He concluded.

The Government has hired the services of LBDI to undertake this divestiture of nearly 200,000 shares to ordinary Liberians.

Minister Konneh: “One thing we have made abundantly clear is that no one Liberia can buy more than 15% of the total share offerings. In this direction, we encourage ordinary Liberians; market women, yana boys, school teachers, nurses, doctors, trade men and women and Liberians from all walks of life to take advantage of this divestiture. When more Liberians own a part of these investments, it generates a wealth protection safety net that can run across several generations.

“The President has instructed that we ensure this exercise is not monopolized by any one group of Liberians, with wealth or authority, as this program is critical to her vision of creating a middle class in our society consistent with the National Vision 2030 and the Agenda for Transformation.