Africa-Press – Liberia. Liberia’s Minister of Commerce and Industry, Magdalene Ellen Dagoseh, has declared Small and Medium Enterprises (SMEs) as the backbone of job creation, innovation, and inclusive national growth, pledging the Ministry’s commitment to place Liberian-owned businesses at the center of the country’s development agenda.
Speaking recently during the official launch of the Accelerate 360 Program at the EJS Ministerial Complex in Congo Town, Minister Dagoseh emphasized that no economy can thrive without a strong and vibrant private sector, particularly one driven by empowered local businesses.
“SMEs are not just participants in our economy — they are the engine of transformation. True development happens when local businesses grow, compete, and lead,” Minister Dagoseh stated during her keynote address.
The Accelerate 360 initiative is a top component of what was previously known as the Liberia Economic Recovery and Transformation Project (LIFT). Minister Dagoseh said the program reflects a bold shift toward changing the narrative for Liberian SMEs — from surviving to scaling.
“Accelerate 360 is not just a technical assistance project. It is part of a bold vision to support SMEs in accessing finance, breaking into markets, and strengthening their institutional resilience,” she added.
She hailed the World Bank for being a consistent and strategic partner in supporting Liberia’s post-crisis economic recovery, which she described as being anchored on improving the business climate, expanding access to finance for SMEs, and enhancing trade efficiency.
The Commerce Minister announced that her Ministry is now working closely with over ten government agencies to build a more SME-friendly environment. She cited recent milestones, including the launch of a national electronic business registry system, the establishment of a credit reference framework, and the rollout of a $2.5 million credit line for small businesses in partnership with the Central Bank of Liberia and the World Bank.
“Our goal is clear: Liberian businesses must not just participate—they must dominate in key economic sectors. That’s the vision Accelerate 360 embodies, and we will not rest until it becomes a reality,” she vowed.
Minister Dagoseh also expressed appreciation to all partners supporting the project, especially the World Bank, for their unwavering commitment to Liberia’s private sector development.
Speaking earlier, Prosper Doe Melomey, Chief of Party for the Accelerate 360 Program, revealed that the three-year initiative will directly benefit 150 Liberian-owned SMEs, providing them with tailored technical assistance and connections to markets and finance.
“We are addressing core market challenges that prevent SMEs from growing. This includes boosting the capacity of Business Development Service Providers (BDSPs), the Small Business Administration (SBA), and Entrepreneurship Support Organizations (ESOs),” Melomey said.
He emphasized the program’s strong focus on inclusivity, noting that 50% of participating businesses will be women-led, in line with the government’s commitment to gender equity in economic development.
Alarie Mahdi, representing the World Bank Country Manager, Georgia Wallen, described the launch as a major milestone for Liberia’s development goals and praised Minister Dagoseh for her leadership.
“This launch is a landmark moment for Liberia’s SMEs. We commend the Ministry of Commerce and Industry for the strategic direction it is providing, and we reaffirm the World Bank’s commitment to this transformative journey,” Mahdi noted.
It can be recalled that in September 2024, the Ministry of Commerce and Industry signed a partnership with Bridgewater Advisors to deliver direct support to 165 growth-oriented SMEs. The three-year agreement is designed to strengthen business capacity, unlock financing through a dedicated Line of Credit (LOC), and open new market opportunities for Liberian enterprises.
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