 ECONOMY |
| CURRENCY |
The national currency is the Liberian dollar. A family of new banknotes was introduced in the year 2000 ranging from $5, $10, $20, $50 and $100 denominations. Change coins valued at 25 and 50 cents and one dollar are also in circulation. The Liberian dollar (LD) exchanges at US$1 to LD40 on the parallel market. The official exchange rate is unrealistically set at US$1 to LD1. Commercial banks also exchange at LD40 to USD1. Credit cards are not easily accepted due to unfamiliarity with its use in the business sector, while checks drawn on foreign accounts may take up to 22 working days to mature.
| RESOURCES |
Liberia is endowed with abundant natural resources, paramount among which are iron ore, gold, diamond, fisheries, rubber and timber from its vast tropical rain forests and a variety of animal species.
A World Bank study, which included natural resources in its measurement of total national wealth per head, ranked Liberia 132nd out of 192 countries worldwide - higher than Nigeria, Cote d'Ivoire and Zimbabwe.
 Forestry |
Liberia has about 45% of the tropical rain forest in the Upper Guinea region comprising some five West African countries and is labeled one of the "hot spots" in the world in terms of its untapped forest resources. The country has also been classified as having "a global heritage site" inundated with unique species of fauna and flora.
The Liberian forest reserves are reported to have a potential of 10,000-15,000 cubic meters per square kilometer on a closed forest area of around 2.4million hectares. This is one sector that has attracted direct foreign investment since 1997.
| Rubber |
This could well be the leading cash crop in the country at present, produced by smallholders (about 35%) and a number of concessionaires, prominent among which are Bridgestone (Japan), Liberia Agriculture Company (French group Bollore) and Guthrie (Malaysian). This sector yearns for a processing facility to do finished products in the country to add value in the wake of a worldwide recession in the prices of the commodity.
| Cocoa and Coffee |
Plantations of cocoa and coffee, once leading cash crops in Liberia, as well as plantations of oil palm, are yet to be fully revitalized and marketing mechanism installed to create incentives for the farmers, the bulk of them smallholders.
| Gold and Diamond |
There are at least three concessions doing gold and diamond mining particularly in the west and southeast of the country. The disparity between licensed and unlicensed miners is high, with many of then doing illicit alluvial mining. The government has passed new mining and mineral laws, regulating the industry and providing incentives for investors wanting to do large scale, mechanized mining of the minerals. Official statistics shows that US$84million was earned in export of diamond in 1988, while gold reached some 40-45kg per month around the same period.
| Iron Ore |
Already hit by a decline by 1990 due largely to a slump in world market prices, the iron ore sector on which the country's national revenue intake once depended, has hit the rocks. However, studies show reserves of some 800million tons with iron ore content of 35-67% and the discovery of deposits amounting to an estimated one billion tons of high-grade ore. Swedish, American and German companies once ran four iron ore mines in the country. Studies indicate re-starting the old mines or operating new ones will call for sizable infusion of investment capital for repairs and replacement of vandalized equipment. Several countries are reported to be eying this sector. | | INFRASTRUCTURE |
| Electricity |
The Liberia Electricity Corporation with the approval of the government in December 1999 converted the country's electricity supply system from the North American standard of 60 cycle (110/220 volts) to the IEC West African standard of 50 cycle (230/400 volts). The conversion makes possible future connection to the West African Grid and lowers, over time, the unit cost of electricity since future interconnection will present the opportunity of buying cheaper power from abroad in the sub-region when the need arises.
Although much of the electricity generation and distribution facilities were damaged during the civil conflict, efforts by the government and some foreign friends have led to the installation of five diesel units and upgrading of distribution network. Efforts to restore the country's hydro-electricity plant outside Monrovia are also underway. For now, certain individuals and entities rely on private generators.
The country's pre-conflict power generating capacity was estimated at 173kw per 1,000 inhabitants.
| Water |
The Liberia Water and Sewer Corporation ensure the supply of safe drinking water to the Liberian capital with the help of the European Union. Some 15million gallons of water are required daily for the city which has had only a partial restoration of water through the tap. Many entities and individuals rely on reservoirs for constant water supply, while water is trucked to huge reservoirs in the communities for the mass of the people. Imported brands of mineral water abound in the shopping malls and hotels.
| POST AND TELECOMMUNICATIONS |
The postal system is slowly returning to normal. Most mail leaves Liberia faster than they arrive. One's best bet is to use international courier services such as DHL, Fed Ex and AES for fast and reliable mailing with the outside world. Postal services in the regions are resuscitating at a snail's pace.
Modern telecommunications technology has come to Liberia, albeit at an exorbitant cost to the consumer. Cellular and satellite phones, Internet and other such services are available. Local and international calls get through easily, although one may experience a sudden, unannounced breakdown in the system that may take days to restore.
Communication outside the capital, to a large extend, is poor. SSB (single side band) radios have been a major source of communication with the rural parts. The state-owned telecommunications corporation may be up for privatization in the near future according to the President's annual message addressed to the fifth session of the 51st.legislature on January 29, 2001.
| TRANSPORT |
Local transport is done mainly by road that, in some cases, are in a deplorable state due to war-years neglect. International flights are done through the country's only international airport, Roberts International Airport, though still being refurbished after the war, while domestic flights are out of commission. Sea transport is regularized with the country's four ports, Monrovia, Buchanan, Greenville and Harper catering for cargoes coming in and going out of the country as well as serving local commuters on small sea craft. Hire car service is available, while taxis take short-time reasonable hire and are operated by friendly, cordial drivers. Passenger train transport is also non-existent.
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