MONROVIA: After sighting what could be called an error in the investment incentive granted to the Fouani Brothers Corporation with respect to its investment in the Palm oil industry in the country, Representative Francis S. Dopoh II of River Gee County has written his colleagues through the Speaker, Bhofal Chambers to recall the instrument earlier passed by members of the national legislature granted to Fouani Brothers Corporation because it will destabilize other companies equally in the oil palm sector of the economy.
In a letter addressed to the Speaker and dated October 23, 2023, Rep. Dopoh said his intent was premised on good faith and intended to correct what he called an oversight on the part of the House of Representative while passing the instrument which he realized will affect the operations and business concerns of other companies such as GVL, MOPP, etc.
“In my review of this instrument I notice that section 10.1 subsection C, is inconsistent with the intent of granting the incentive to build and operate a palm oil refinery in Liberia. Kindly note that section 5.2 and 5.3 of the incentive agreement are reasonable grounds for granting such incentive, but section 10.1 subsection C has the propensity to undermine palm oil production in Liberia by giving duty free to Fouani Brothers Corporation to import vegetable oil in Liberia.
“The very huge investment in palm oil plantations in Liberia by GVL, MOPP, etc will be destabilized if Fouani Brothers shall be given duty free for the importation of finished oil in Liberia”, Rep Dopoh said.
Rep. Dopoh who is one of the financial experts at the national legislature has a track record of speaking on financial issues that affect the economy especially the national budget. He was recently elected as a Senator of River Gee County, defeating the incumbent Conmany Wesseh.