A presentation that I gave in November 2013, kicking off Classis Capital's business series on Understanding the economy through people. The presentation focuses on investment opportunities in Liberia and Mineke Foundation's work in the country. Topics covered range from infrastructure and utilities to mining, forestry, hospitality, and internet connectivity.

2. Tonia Dabwe, founder & chair of Mineke Foundation.
Winner, International African Woman of the Year award.
Project manager and advisor. Dutch-Liberian.
www.minekefoundation.org

3. LIBERIA: a country located on the West coast of Africa.
Independent since 1847. Median age: 19.
www.minekefoundation.org

4. Liberia is currently one of the poorest countries in the world.
Unnecessarily.
www.minekefoundation.org

5. Population: 3,8 mln (2013).
Poverty rate at 56% ('10), but 78% in vulnerable employment.
www.minekefoundation.org

6. GDP: $1,1 bn ('89) → $548 mln ('05) → $1,5 bn ('12).
Per capita: $502 ('89) → $168 ('05) → $700 ('12).
www.minekefoundation.org

7. Politics: 1st female African president. Free & fair democratic
elections (2017). Fractured opposition. UN peace keepers
(2015). Corruption. Services. Unemployment. Governance
(forestry, palm oil, oil). Small arms. Land disputes.
www.minekefoundation.org

8. Growth: 9% ('12); 7% ('13); 5% ('14). Iron ore & FDI driven.
Budget: $600 mln ('13). Inflation: 6% ('13). Interest: 16% ('12).
Debt: 14% of GDP ('12). Deficit: 5% of GDP ('13).
Highly dollarised economy: 60% of all transations in USD.
www.minekefoundation.org

9. Commodity export based economy. Vulnerable to volatility on
world markets. Exports: timber, diamonds, rubber, iron ore,
palm oil. Offshore oil exploration. Imports: almost everything,
especially rice and oil (fuel). Hardly any manufacturing.
www.minekefoundation.org

10. Less than 1% of Liberians have access to internet,
mostly due to high costs and low bandwidth.
Low literacy is also a problem. Mobile penetration is 40%.
www.minekefoundation.org

11. Infrastructure & utilities devastated.
Low trust country. Optimistic & often opportunistic.
Education standards very low. Skilled labour hardly available.
50 000 youth enter labour market yearly.
www.minekefoundation.org

12. Investment opportunities: just about anything you can think of!
More specific: financial sector, real estate & construction,
forestry, mining, oil, hospitality, agriculture, transportation,
fishery & energy. Special attention to MSMEs (outgrowers).
www.minekefoundation.org

13. Financial sector: few banks, low profitability, poorly
capitalised, semi-fragile. NPLs: 15-45%. Liquid asset ratio: 55%.
Creation of government debt market? Leasing! Challenge: bring
people into the formal financial market.
www.minekefoundation.org

14. Real estate & construction: housing needs are huge and vary
from quality low-cost homes to housing for expats. No large
real estate developer. New industries = construction.
www.minekefoundation.org

15. Forestry: half the country is tropical rainforest. 2,3 mln ha
commercial forest. Estimated yield: 750 000 m3 over the next
50 years.1,4 mln ha protected areas. Rubber! Government
keen on value-added processes. Challenges: land rights.
www.minekefoundation.org

16. Mining: very rich iron-ore deposits. Was major exporter prior
to war. Also: diamonds. Challenges: rehabilitation of railway
and port facilities.
www.minekefoundation.org

17. Oil: off-shore exploration is ongoing and requires heavy
investments. Storage capacity insufficient. The refinery is
defunct. Big opportunity to build and operate a new refinery.
www.minekefoundation.org

18. Hospitality: Liberia has beautiful beaches and exotic wildlife.
Hardly any tourism or facilities. High expat demand led to
building of expensive hotels ($200+ per night). Challenges:
infrastructure and security.
www.minekefoundation.org

19. Agriculture (tree crops, fruits & vegetables): ideal climatic
conditions for many crops like rubber, oil palm & cocoa.
Challenges: high energy costs, lack of expertise/skilled labour,
building an agro-processing value chain.
www.minekefoundation.org

20. Transportation: sea transport and ground trucking need more
players and services to enhance diversity. Challenges: road &
port rehabilitation, lack of skilled labour.
www.minekefoundation.org

21. Fishery: 20 000 sq km of coastline, 180 000 MT/yr. Challenges:
traditional methods, lack of skilled labour, infrastructure and
cold chain facilities.
Government goal: inclusive growth.
www.minekefoundation.org

22. Energy: renewable energy is key. Major hydro potential.
Renewable-based generation of 100MW can reduce US$250M
import of diesel. Cost of electricity at $0,52 kWh (African
average: $0,18). Challenge: regulatory framework.
www.minekefoundation.org

23. Prioritised sectors: tree crops, fruits & vegetables,
transportation, fishery, and energy. Incentives available for
investors. Note: foreign nationals cannot own land in Liberia,
and are banned from certain sectors.
www.minekefoundation.org

24. So how do you start a business in Liberia? It's all about
relationships and lots of patience.
Verify, verify, verify. Trust is not always the basis for doing
business with foreigners! Money is a strong driver.
www.minekefoundation.org

25. Incentives for investors include
tax deductions for machinery, hotel or tourist resort,
manufacturing of finished products; exemption from GST and
import duty for medical and educational equipment.
www.minekefoundation.org

26. LIBERIA RISING, Agenda for Transformation.
Key element: inclusive growth
The ambition is to become a middle income country by 2030.
Countless opportunities but also many challenges.
www.minekefoundation.org

27. Liberia is a country recovering from a devastating war which
lasted from 1989-2003. 60.000 rebels, many child soldiers.
Over 200.000 dead, hundreds of 1000s of refugees.
www.minekefoundation.org

28. The war resulted in a lost generation. Little to no education,
no skills, disconnected from social structures. No future?

29. In 1968, Dabwe Wiah and Mineke Muilerman settled in an area
that later became known as Dabwe Town. Their vision: teach
Liberians to grow their own food; help develop the country.
www.minekefoundation.org

30. They started with an experimental farm, growing a wide
variety of produce using organic farming methods.
www.minekefoundation.org

31. Followed by a primary school offering affordable but high
quality education, including basic agriculture. It went on to
become the third best primary school in Monrovia.
www.minekefoundation.org

32. Income from the school was invested in the community through
sponsoring, microfinance, infrastructure, and utilities.
www.minekefoundation.org

33. On December 24, 1989, a civil war started that lasted for
almost 15 years. Most of their work was destroyed.
My mother, Mineke, went missing.
www.minekefoundation.org

34. OORLOG

35. LIBERIA: EEN LAND HERSTELLENDE VAN OORLOG

37. In 2009, I established Mineke Foundation. Objective: to
continue and build upon my parents' dream.
Our philosophy: you are responsible for your own future.
www.minekefoundation.org

38. Renovation of Damiefa Kindergarten & Primary School
www.minekefoundation.org

39. Just Say No Club says NO:
– to drugs & alcohol abuse
– to criminality
– to risky sexual behaviour
– to disrespecting elders
– to violence against women
Youth Club 'JUST SAY NO'
www.minekefoundation.org

40. The Just Say No club also organises sports competitions.
www.minekefoundation.org

41. Vocational training and small business skills training
www.minekefoundation.org

42. At present: soap making and pastry
www.minekefoundation.org

43. Strategic plan 2014-2020: more vocational training, business
and NGO partners, education and youth leadership
development, basic infrastructure, solar power and water.
www.minekefoundation.org

44. So yes, there is a future! But it will take some time to get
there. And it will take time to rebuild trust and skills. Most
importantly however, there are immense opportunities!

45. A life's dream, a life's work
Will you join us?
www.minekefoundation.org