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GVL’s investment grew to US$10m in 2022

-company reveals

By Lewis S Teh

Golden Veroleum Liberia (GVL) discloses here that in 2022 it invested US$10 million in the Liberian economy, outlining achievements and challenges confronted during the same period.

 The company specifically referenced the ongoing Russia-Ukraine war, which it notes has led to increase in prices globally, affecting cash flow with serious economic impact.

“In the meantime, with the economic issues that we had last year, GVL still invested in Liberia almost US$10 million in 2022”, Management says.

GVL Vice President for Strategy and Stakeholders Mr. Elvis G. Morris, addressing a news conference in Monrovia over the weekend, said despite the challenges encountered last year, GVL as an agricultural company that brings in products to run its farms, spent US$5 million in 2020 to import fertilizers, while in 2022 it spent double of this amount.

“As we speak, we are now building two tanks of 2,500 metric tons of oil in Greenville, and we have improved the ability of our mail to [be] much more efficient, and we also brought in huge number of new trucks, heavy equipment to maintain the road, knowing that our infrastructure is difficult to run on”, Mr. Morris adds.

He says in its quest to help maintain roads in the Southeast of the country, GVL signed a contract with government through the Ministry of Public Works with a joint partnership that brought in three contractors to maintain the road corridor between Sinoe county and Pleebo, Maryland county.

Mr. Morris recalls that last year despite the difficulties encountered, the road was accessible, but citizens found it extremely difficult to travel during the rainy season.

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“We also built and constructed bridges last year, now as we speak GVL is working with two ports – the Port of Greenville and the Port of Harper in Maryland County.”

He says facilities at the two ports are small and Management would like to call on government to help in making sure the Port of Harper is dredged to allow bigger ship the duck there.

At the same time Morris narrates that GVL in 2022 improved its education system, helping to maintain and build schools in its scope of operation.

According to him, schools in those areas are not only beneficial to various communities, but also employees to enable them have a good sense of education.

He details that schools in the two counties have been developed and provided necessary logistics, including chairs, textbooks and teachers to make sure children in that region acquire better education.

He notes that within the concession agreement with government, it’s written that the company will build or improve existing schools, so management chose to maintain existing schools, instead of building new schools to avoid congestion.

“The best thing we have decided is to upgrade those schools that are existing now and put in all the materials that are needed for students.”

At the same time, he adds that GVL has also supported the health system by building clinics especially in Tartweh area where he says a modern health facility is built and is currently treating about 38,000 patients from the community including workers of the company.

He says if there are cases that the company clinics failed to handle case load, staff of those clinics make referral to a bigger hospital in the capitals of the two counties that they are operating in.

He also explains that GVL is still continuing its scholarship program, saying “We give out scholarship to students in agriculture, and other related courses that we are interested in and does not only apply to workers but some members of the communities have benefited.”

Golden Veroleum Liberia (GVL) is an oil palm developer that is committed to long-term investment here. As one of Liberia’s largest investors, its operation brings employment, infrastructure, education and healthcare to some of the poorest areas of the country.

  The company says in 2009, they were invited by the Government of Liberia to explore the potential for investment, adding “We consulted local communities in 2010 and development was widely welcomed. 

We are playing a key role in the Government of Liberia’s Poverty Reduction Strategy and the economic revitalization of Liberia’s rural economy, by creating jobs and training employees in an extensive range of transferable skills, while contributing to infrastructure for the communities in which we work.” Editing by Jonathan Browne

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