The group has lamented that companies operating within the Liberian borders have shamefully failed to pay corporate income tax for over 15 years.
By Lewis S. Teh
Monrovia, May 1, 2024: Integrity Watch Liberia (IWL) has revealed that Liberia lost about US$966 million due to huge illicit financial flows.
“The Global Financial Integrity report on Liberia shows that Liberia loses a staggering $966 million annually due to illicit financial flows,” IWL said Tuesday, 30 April 2024.
IWL Executive Director Mr. Harold Aidoo revealed the nation’s huge financial loss in a single sector at a one-day training for civil society organizations (CSOs) on Illicit Financial Flows and Taxation at I-campus on Carey Street in central Monrovia.
Aidoo said the figure mentioned is not merely a statistic but represents the lifeblood of the nation’s [finances] siphoned away by companies operating here.
He lamented that they are robbing the people of vital resources desperately needed for education, healthcare, infrastructure, and economic development.
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According to Mr. Aidoo, one particularly egregious aspect of this crisis is the flagrant disregard for corporate responsibility within Liberia’s extractive sector.
He said that for over 15 years, companies operating within Liberian borders have shamefully evaded their duties to contribute fairly to the nation’s coffers by failing to pay corporate income tax.
“This betrayal not only undermines our fiscal stability but also perpetuates a cycle of poverty and inequality that shackle our people,” Aidoo suggested.
“Therefore, I stand here today to issue a resounding call to action. It is time for our government to rise to the challenge and exert its authority in renegotiating the fiscal terms of all extractive contracts.”
Aidoo demanded transparency, accountability, and fairness from multinational corporations profiting from Liberia’s natural resources.
He indicated that no longer can Liberia tolerate exploitation and greed at the expense of its prosperity.
He reminded participants not to forget that the fight against illicit financial flows is not merely a battle waged in the halls of power.
Instead, he said it is a grassroots movement fuelled by the passion and resilience of ordinary citizens determined to reclaim what is rightfully theirs.
Together, he pleaded, Liberians must hold their leaders accountable, advocate for systemic reforms, and build a future where justice and equity reign supreme.
“Together, let us stand united in our pursuit of a brighter tomorrow, where the wealth of Liberia enriches the lives of all its people,” Aidoo noted.
According to him, the topic for the straining held at I-Lab, Illicit Financial Flows (IFFs), strikes at the core of economic justice and national sovereignty.
“Today, we gather not just as individuals but as stewards of our collective future, tasked with confronting a grave injustice that has plagued our nation for far too long,” he said.
