President Joseph N. Boakai has signed Executive Order #139 suspending tariffs on agricultural products. During the signing ceremony Wednesday, November 27, 2024 at the Executive Mansion in Monrovia, President Boakai said his government remains committed to advancing the forestry and agricultural sectors of Liberia by taking decisive action to enhance macroeconomic stability and support to private-sector-led growth,
According to him, the government has identified high tariffs on agricultural inputs as a significant barrier to growth in the sector and the livelihood of rural farmers.
He said the tariffs contravene the government’s strategic goals outlined in the ARREST Agenda and undermine the efforts to promote competitiveness and economic diversification within the economy.
Boakai said it’s projected that temporarily suspending tariffs on agricultural inputs will lead to an increased access to high-quality agricultural inputs at more affordable prices, enhanced agricultural productivity, making activities commercially viable and sustained income levels for local farmers, thereby promoting economic stability.
“In the exercise of the executive powers vested in the President by the Constitution of the Republic of Liberia, the President may issue an executive order in the public interest, either to meet emergencies or to correct particular situations which cannot await lengthy legislative processes,” Boakai stated.
The Liberian leader said, “The Government of Liberia hereby issues this Executive Order that suspends Import Tariffs on the types of agricultural products and equipment, directly related to agriculture development, as attached to and forming a cogent part of this Executive Order.”
He said the Minister of Finance and Development Planning, in consultation with the Minister of Agriculture and the Commissioner General of the Liberia Revenue Authority, is mandated to formulate administrative regulations to streamline the tax exemption process for eligible beneficiaries within the agricultural sector.
Boakai said importers of agricultural inputs shall only be required to pay Customs Users Fees (CUF) and, where applicable, the ECOWAS Trade Levy (ETL), adding that beneficiaries qualifying for these exemptions under this Executive Order must demonstrate direct involvement in the agricultural sector, as verified by the Ministry of Agriculture.
By Prince Saah
