Liberia to mandate domestic gold refining and establish sovereign wealth fund

President Joseph Boakai has announced a series of strategic reforms aimed at transforming Liberia’s mining and energy sectors to ensure long-term economic benefits. During the Liberia International Mining and Energy Conference and Expo, Boakai stated that the government will now require gold extracted in the country to undergo primary and secondary refining at licensed domestic facilities before it can be exported. The administration aims to establish a gold processing facility within the next two years.

To manage mineral wealth, the President unveiled plans for a sovereign wealth fund designed to invest a fixed share of mineral revenues into diversified domestic and global assets. This fund is intended to follow the Santiago Principles to provide long-term savings for future generations. Additionally, the government plans to launch a state mining company that will take equity stakes in projects, moving the nation toward strategic ownership rather than relying solely on royalties.

International support for these reforms was noted, with the Chinese government pledging cooperation in renewable energy and job creation, and the United States reiterating its commitment to supporting improvements in Liberia’s mining and electricity sectors.