Liberia Culture of Business

By | July 24, 2022
Basic data
Capital Monrovia
Population 5.15 million
Language English
Religion Christians 86.1% Islam 12.4% Others 1.5%
State system Republic
Head of State George Weah
Head of government George Weah
Currency name Liberian dollar
Travel
Time shift -1h (in summer -2h)
Economy 2021
Nominal GDP (billion USD) 6.6
Economic growth (%) 3.4
Inflation (%) 9
Unemployment (%) ON

The Republic of Liberia is a country on the coast of West Africa. It borders Sierra Leone to the northwest, Guinea to the north, Ivory Coast to the east, and the Atlantic Ocean to the southwest. The Liberian economy is predominantly agrarian and raw materials, equipment and consumer goods are imported. Production for export is carried out on a large scale through foreign investment in rubber, forestry and mining. Foreign ships registered under the Liberian “flag of convenience” have made Liberia one of the leading countries in the world and in registered shipping tonnage. However, Liberia remains primarily an agricultural region. Liberia is a member of two regional economic unions – the Mano River Union, a free trade group that also includes Sierra Leone and Guinea, and the Economic Community of West African States (ECOWAS). It is a signatory to the African Continental Free Trade Agreement.

Liberia’s economy shrank by an estimated percent in 2019, due to weak activity stemming from the extractive sub-sectors of the economy, particularly services and manufacturing. Real GDP was estimated to contract further by 3.1% in 2020, the third year of decline in the last five years. The 2020 result reflects the pandemic-induced reduction in external demand for its main export. However, the economy started to recover in 2021. Real GDP growth is estimated at 6.6% by the end of 2021. It is expected to gradually increase to an average of percent in the period 2022–2025. In the near term, growth will be driven by an expected recovery in the mining sector, supported by the recent rise in commodity prices.

The rate of inflation moderated in 2021; consumer prices will average 9% this year, down from 17% in 2020. The rapid decline in inflation is largely due to a shortage of Liberian dollars, leading to a rapid appreciation of the currency, but also partly to a slight easing of supply chain constraints related to the coronavirus Inflationary pressures will increase on average in 2022 as local currency printing encourages demand and leads to a depreciation of the Liberian dollar. A sharp increase in the global price of oil – one of Liberia’s main imports – and high freight costs will keep inflation high in 2022.

This Summary Territorial Information is processed for a country that is so-called accredited. The information is provided in a basic scope.

Culture of business dealings

Subchapters:

  • Introduction
  • Addressing
  • Business Meeting
  • Communication
  • Recommendations
  • Public holidays

Introduction

N/A regarding the business and cultural session, it is possible to be inspired by the information prepared for Ghana.

Addressing

ON

Business meeting

ON

Communication

ON

Recommendation

ON

Public Holidays

Public holidays on January 1; February 11 (Armed Forces Day); March 11 (Decoration Day); March 16 (birthday of JJ Roberts, the first president of Liberia); March 2-4 April 2021 (Easter); 14 May (National Unification Day); 27 July (Independence Day); 24 August (Flag Day); ○ November 25 (Thanksgiving); ○ November 30 (birthday of William Tubman, Liberia’s longest-serving president); ○ 25-26 December (Christmas). Visit Allunitconverters for more information about Liberia culture and traditions.

Visas, fees, specific conditions for traveling to the territory

To enter the country, you need a passport (valid for at least 6 months) and a visa (on the basis of an invitation, proof of the destination of the trip and a recent bank statement, interview, within 7 working days). A visa can be obtained for 75-350 euros (depending on the type and duration of the visa) at the Liberian Embassy in Berlin: it cannot be obtained on the spot – a person without a visa is immediately deported. After crossing the border, the passport is stamped (a visa extension can be requested for USD 20 at the Monrovia immigration office (Broad street, Monrovia). More on the website: http://www.liberiaembassygermany.de/consulate/visa-documents/

Employment of citizens from the Czech Republic

Hiring foreign nationals in Liberia is subject to the availability of qualified local candidates for the position. Labor law favors the employment of Liberian nationals, and many investment contracts require businesses to employ a certain percentage of Liberians, including in top management positions. Finding skilled labor remains a challenge, and foreign companies often point to the difficulty of finding skilled labor as their biggest operational hurdle. The Ministry of Labor announced in 2015 that it would not issue work permits to non-Liberians seeking employment in positions such as accountants, human resources managers and administrative managers. A foreign company wishing to employ foreign nationals must first establish its Liberian branch. This Liberian entity is then required to apply for the appropriate work permit for the employee. Foreigners need a long-term visa and work. authorization. More at: http://lis.gov.lr

Fairs and events

https://allevents.in/liberia/exhibitions

https://www.tradeshowalerts.com/liberia/index.html

https://www.showsbee.com/shows-0-1-Liberia-all_city-Professional_Shows.html

Liberia Culture of Business