Boakai seeks Liberia mining investment with $30m survey

Liberian President Joseph Nyuma Boakai announced a $30 million geological survey and a two-year target for the country’s first gold-processing facility at a mining conference on October 28, the Liberian Observer reported.

The proposals matter because Boakai is tying resource policy to domestic revenue: mining made up 18.4% of real GDP in 2025 and is projected to reach 19.4% in 2026, the news article said.

Boakai said the planned airborne geophysical data collection would be undertaken under the Millennium Challenge Corporation compact and would improve Liberia's information on critical and strategic minerals, according to the report.

He said the government intends to use the survey to support a coordinated national exploration programme over the next five years, widen access to reliable mineral data and attract credible mining companies.

For gold, Boakai said Liberia should move beyond exporting mainly raw materials. Under the policy he described, gold mined in the country would undergo primary and secondary refining to internationally recognized purity standards at licensed domestic facilities before export.

The announcements came at the second Liberia International Mining and Energy Conference and Exhibition, held at the Farmington Hotel in Harbel, Margibi County.

Boakai also outlined plans for a National Mining Company of Liberia and said his administration had authorized the creation of a Liberia Sovereign Wealth Fund, a state investment vehicle intended to preserve part of natural-resource income for future generations.

Under the proposed fund structure, a fixed share of mineral revenue would be invested domestically and internationally. Boakai said the fund would operate independently and align with the Santiago Principles, a governance framework for sovereign wealth funds.

Mining activity has expanded by 17% since January 2024, Boakai said. The sector contributed about $124 million directly to national revenue in 2024, and the government is pursuing a $1.1 billion domestic revenue target for 2026, compared with $699 million in 2024.

Boakai said the government would improve digital licensing processes, make official mining fee schedules easier for investors to access and review the Minerals and Mining Law to better fit the sector's development priorities.

The energy component of the plan reflects a constraint on mining and processing. Boakai said unreliable and expensive electricity remained a barrier to industrial growth, and announced plans to expand solar capacity linked to the Mount Coffee programme from 20 megawatts to 30 megawatts and install 12 megawatts of battery storage.

Implementation details remain limited. The proposed refinery would require substantial investment, dependable power, technical expertise and regulatory arrangements, while Boakai did not specify the National Mining Company's capitalization, ownership structure or operating timetable.

The conference was organized by the Ministry of Mines and Energy with the Liberia Chamber of Mines and AME Trade, and brought together officials, investors, development partners and other mining and energy stakeholders.

Source: News article, Liberian Observer via AllAfrica, October 29, 2026.