Liberia is rich in natural resources, notably iron ore, diamonds, gold, timber and rubber. All of these sectors suffered dramatically during the civil war. During a 14-year-long civil war that ended in 2003, all major mines were closed and the mineral sector’s contribution to the economy was reduced to a negligible level. In 2010, Liberia made significant progress in reviving the mining sector, which before 1990 had contributed more than 65% of the country’s export earnings and represented about 25% of the country’s gross domestic product (GDP). In 2010, the contribution of the mining sector to the GDP was 0.9%. The mineral commodities produced included cement, diamond, and gold. Liberia’s undeveloped mineral resources included base metals, such as cobalt, lead, manganese, nickel,and tin, and industrial minerals, such as dolorite, granite, ilmenite, kyanite, phosphate rock, rutile, silica sand, and sulfur.The agriculture sector continues to be the leading contributor to growth followed by the services sector. The mining sector’s contribution to growth has tripled (from 3.7% in 2011 to 10.4% in 2012) due to an expansion of iron ore production
Ernst & Young has produced the reconciliation report for July 2010-June 2011 which is now pending approval by the MSG. Publication of the reconciliation report and the ought to be paid audits are expected shortly.
- EITI-specific law: LEITI Act of 2009
- Disaggregated data by company and revenue stream
- Coverage of Forestry and agriculture sectors
- High quality summary report, widely distributed throughout the country
- Contracts for concessions in the sector are published
- Next report to include “ought-to-be-paid” audits and track of use of revenues.