The Government of Liberia (GoL), through the Ministry of Commerce and Industry, in collaboration with the International Development Association (|DA) of the World Bank, has launched the Small and Medium Enterprise (SME) Technical Assistance Program (TAP) known as Accelerate 360.
The Accelerate 360 is a transformative initiative under the Liberia Investment, Finance, and Trade (LIFT) Project which aims to empower SMEs with access to markets, finance, and technical assistance
Giving the Keynote address at the launching ceremony held Thursday, May 1, 2025 at the Ellen Johnson- Sirleaf Ministerial Complex in Congo Town, outside Monrovia, Commerce and Industry Minister Magdalene Dagoseh explained that the partnership agreement for the project was signed in September of last year.
“In September 2024, the Ministry of Commerce and Industry signed a partnership agreement with Bridgewater Advisors to provide hands-on support to 165 growth-oriented SMEs,” said the Minister.
She pointed out that the program is more than a technical assistance project. “It is part of a bold vision to change the narrative for Liberia These are businesses that are innovating, adding value, and helping to shape Liberia’s future not only for the local market but for regional and global trade as well n SMEs.”
“Indeed, No economy can succeed without a strong private sector. Small and medium enterprises are the backbone of job creation, innovation, and inclusive growth that drives economic transformation,” she said.
The Liberia Commerce Minister stated, “Under the ARREST Agenda, we are putting Liberian-owned businesses at the center of our national development strategy, and our message is clear; prosperity must be owned locally.’’
Adding, “Yes, we welcome investment, but true development happens when local businesses grow, compete, and lead.’’ According to her, the Accelerate 360 is a top component of what was originally known as the Liberia Economic Recovery and Transformation Project (LIFT Project).
She noted by saying, “Through LIFT project, we are working on three core pillars such as improving the business climate, expanding access to finance for SMEs, and enhancing trade efficiency amongst others.’’
“We are collaborating with over 10 government institutions to build a more SME-friendly Liberia. Together with the Central Bank and the World Bank, we’ve launched a national electronic payment system, a credit reference bureau, and a $2.5 million credit line dedicated to small businesses,” she noted.
Disclosing future plans, Minister Magdalene Dagoseh said,’ ‘we are preparing to roll out several major initiatives which include, a faster, digital business registration system, upgrades to the Asycuda trade system, and the development of a national electronic single window for customs and trade facilitation.’’
Appreciating the efforts and strong technical collaboration of the partners, the Liberia Commerce and Industry Minister said, “I want to extend my especially thank to Ms. Georgia Wallen, and the dedicated World Bank team, including Alari Mahdi and Neema Mwingu, for your continued support.
She furthered by saying, To the Steering Committee, thank you for your leadership and oversight in approving budgets, reviewing reports, and demanding results is critical.
“To Prosper Doe Melomey and the Bridgewater Advisory team – your work begins now. We count on you to support our SMEs with the urgency and quality they deserve,” she said.
“And to the press – development doesn’t happen in silence. Your role in keeping the public informed, engaged, and inspired is essential,” she concluded. The program, which is designed to enhance the capabilities and competitiveness of Small and Medium Enterprises (SMEs) in Liberia, brought together the Ministry of Commerce, Central Bank of Liberia (CBL), World Bank, Liberia Chambers of Commerce, Liberia Business Association (LBA), the Consortium of Business Development Specialist Providers (BDSPs).
The initiative focuses on addressing critical market challenges that hinder SMEs’ access to markets and finance, and also strengthening the capacity of the Small Business Administration (SBA) and Business Development Service Providers (BDSPs) and Entrepreneurship Support Organizations (ESOs).
The Government of Liberia (GoL) has engaged Bridgewater Advisors Limited, a leading international advisory firm, to implement Accelerate360: SME Technical Assistance Program (Component 2 of the LIFT Project). This three-year program will deliver targeted technical assistance to SMEs, link them to markets, and improve their access to finance through a Line of Credit (LOC). Notably, the program has a strong focus on inclusivity, with a target of training 50% women-led SMEs to ensure gender equity in economic growth.
