Boakai Revokes Bio Chico’s Permit -Responds to Citizens Complaining About Enduring Company Excesses

By George C Flomo
MONROVIA – At a time when Liberia is positioning itself for renewed economic engagement and sustainable development, President Joseph Nyuma Boakai has taken decisive action in response to public safety and environmental concerns by revoking the operating permit of mining company Bio Chico Resources Liberia Limited.
The announcement was made Thursday by the Minister of Information, Cultural Affairs and Tourism, Jerolinmek Matthew Piah, during the regular press briefing at the Ministry of Information in Monrovia.
According to Minister Piah, the President’s decision followed a high-level inter-ministerial meeting held on Wednesday at the Executive Mansion. The meeting, convened in response to widespread public outcry, brought together key ministries, including Justice, Mines and Energy, Public Works, Transport, State, and Information.
At the center of public concern were reports of reckless driving and hazardous environmental practices linked to heavy-duty iron ore trucks operated by Bio Chico. The trucks have been transporting ore from the Bomi corridor to the Freeport of Monrovia, reportedly causing fatal road accidents and contributing to significant environmental degradation.
“Citizens, particularly those in Montserrado’s and across Bomi and Gbarpolu Counties, have persistently raised alarms over the danger these trucks pose,” said Minister Piah. “The President has responded swiftly and firmly by revoking the company’s operational permit.”
Bio Chico Resources Liberia Limited is a Hong Kong-based company licensed to explore and export iron ore in Liberia. However, the mounting complaints from residents about road safety violations and pollution prompted the President’s firm stance.
While addressing immediate domestic concerns, the Liberian government is simultaneously charting a forward-looking path toward economic revitalization through regional cooperation.
Minister Piah also disclosed that the Government of Liberia, through the Ministry of Foreign Affairs and its embassy in Accra, is hosting the Liberia Investment Conference in Accra, Ghana. The two-day event, which began Thursday and continues and end on Friday, is designed to deepen economic ties between Liberia and Ghana and to spotlight Liberia’s investment potential.
Held under the theme “Unlocking Liberia’s Investment Potential for Sustainable Economic Growth,” the conference seeks to attract international and regional investors, government policymakers, entrepreneurs, and development partners to explore growth sectors in Liberia.
According to Minister Piah, key areas of focus include agriculture, tourism, telecommunications, energy, and infrastructure. The event will feature panel discussions, sector-specific presentations, breakout sessions, and business-to-business matchmaking opportunities.
He disclosed that participants will also have direct engagement with government officials, regulatory bodies, and investment promotion authorities to better understand Liberia’s investment policies, tax incentives, and sectoral prospects.
“This is an initiative that supports President Boakai’s broader agenda for rebuilding and economic transformation,” Piah noted. “Our Deputy Minister Daniel O. Sando and the Assistant Minister for Tourism are currently representing our ministry at the summit.”
Another significant highlight of Wednesday’s press briefing was the unveiling of a major economic blueprint by the Central Bank of Liberia (CBL). Minister Piah revealed that the Bank has launched a five-year strategic plan (2025–2029) valued at US$63.32 million.
The plan, introduced by Executive Governor Henry F Saamoi, outlines a comprehensive approach to ensuring financial inclusion, stabilizing the economy, and restoring public trust in the financial system.
Of the 50 proposed projects under the strategy, seven have already secured donor commitments totaling US$16.01 million, while US$47.3 million remains unfunded.
The CBL strategy aligns with President Boakai’s AAREST agenda (Agriculture, Roads, Education, Sanitation, and Tourism), with a focus on transitioning Liberia to a digital economy. The plan emphasizes the launch of a national electronic payment switch and collaboration with GSM companies to expand digital financial services.
Minister Piah outlined five key pillars of the strategic plan – Domestic Price Stability, Regional Integration, Operational Efficiency, Financial Inclusion, Digital Financial Services
“These reforms are expected to modernize the banking landscape and enhance Liberia’s competitiveness in the sub-region,” Piah said.
The developments announced during the MICAT press briefing present a dual narrative of governance in action — one addressing citizens’ immediate safety and environmental concerns, and the other steering the country toward sustainable economic progress through investment and financial innovation.
As Liberia balances urgent domestic issues with strategic international engagement, the actions of President Boakai and his administration reflect a government determined to respond to its people while unlocking the nation’s full economic potential.