Editing Economy of Liberia (section)

== Economic sectors ==

[[Image:Young boy grinding sugar cane in Liberia.jpg|thumb|260px|Boy grinding sugar cane 1968]]
Liberia's business sector is largely controlled by foreigners mainly of Levantine (primarily Lebanese) and Indian descent. There also are limited numbers of [[overseas Chinese|Chinese people]] engaged in agriculture. The largest timber concession, Oriental Timber Corporation (OTC), is Indonesian owned. There also are significant numbers of [[West Africa]]is engaged in cross-border trade. Legal monopolies are possible; for example, [[Liberia Cement Corporation|Cemenco]] holds a monopoly on [[cement]] production.

=== Forestry ===
[[Timber]] and [[rubber]] are Liberia's main export items since the end of the war. Liberia earns more than $100 million and more than $70 million annually from timber and rubber exports, respectively.

=== Mining and resources ===
{{main|Mining industry of Liberia}}
Alluvial diamond and gold mining activities also account for some economic activity. In recent years (2005 - 2012), foreign investment from ArcelorMittal Steel, BHP Biliton, and China Union is aiding the revitalization of the iron-ore mining sector.

Liberia has begun exploration for offshore oil; unproven oil reserves may be in excess of one billion barrels.<ref>{{cite news |url=https://af.reuters.com/article/southAfricaNews/idAFWEA839820091103 |archive-url=https://web.archive.org/web/20120120101525/http://af.reuters.com/article/southAfricaNews/idAFWEA839820091103 |url-status=dead |archive-date=January 20, 2012 |title=Liberia may have over 1 bln barrels in oil resources |newspaper=Reuters Africa|date=November 3, 2009}}</ref> The government divided its offshore waters into 17 blocks and began auctioning off exploration licenses for the blocks in 2004, with further auctions in 2007 and 2009.<ref>{{cite web |url=http://www.businesswire.com/news/home/20040202005192/en/NOCAL-2004-Liberia-Offshore-Bid-Announcement|title=NOCAL 2004 Liberia Offshore Bid Round Announcement|work=Business Wire|date=February 2, 2004}}</ref><ref name=bidding>{{cite web |first=Natalie Obiko|last=Pearson|url=http://www.rigzone.com/news/article.asp?a_id=53828 |title=Liberia Opens Bidding for 10 Offshore Oil Blocks |work=RigZone |date=December 10, 2007}}</ref><ref>{{cite web|url=https://www.psg.deloitte.com/NewsLicensingRounds_LR_0909.asp|title=Third Liberian Offshore Petroleum Licensing Round 2009|work=Deloitte Petroleum Services|publisher=Deloitte|date=August 27, 2009|url-status=dead|archive-url=https://web.archive.org/web/20131104072748/https://www.psg.deloitte.com/NewsLicensingRounds_LR_0909.asp|archive-date=November 4, 2013}}</ref> An additional 13 ultra-deep offshore blocks were demarcated in 2011 and planned for auction.<ref>{{cite news | first=Alphonso | last=Toweh | url=https://af.reuters.com/article/topNews/idAFJOE76K01J20110721 | archive-url=https://web.archive.org/web/20120322102142/http://af.reuters.com/article/topNews/idAFJOE76K01J20110721 | url-status=dead | archive-date=March 22, 2012 |title=Liberia marks out new oil blocks, auction seen soon |work=[[Reuters]] |date=July 21, 2011 }}</ref> Among the companies to have won licenses are [[Repsol YPF]], [[Chevron Corporation]], and [[Woodside Petroleum]].<ref>{{cite press release | url=https://www.chevron.com/stories/chevron-to-acquire-deepwater-interest-offshore-liberia | title=Chevron to Acquire Deepwater Interest Offshore Liberia | publisher=[[Chevron Corporation]] | date=September 8, 2010 | access-date=August 9, 2019 | archive-date=September 27, 2020 | archive-url=https://web.archive.org/web/20200927230326/https://www.chevron.com/stories/chevron-to-acquire-deepwater-interest-offshore-liberia | url-status=dead }}</ref>

=== Shipping flag of convenience ===

Liberia maintains an open maritime registry, meaning that owners of ships can register their vessels as Liberian with relatively few restrictions. This has meant that Liberian ship registration is usually understood as the employment of a [[flag of convenience]]. Liberia has the second-largest [[Flag state|maritime registry]] in the world behind [[Panama]], with 4,300 vessels registered under its flag accounting for 12% of ships worldwide.<ref name="Schoenurl">{{cite web |first=John W.|last=Schoenurl|url=http://www.nbcnews.com/id/3072983|archive-url=https://web.archive.org/web/20201020124056/http://www.nbcnews.com/id/3072983|url-status=dead|archive-date=October 20, 2020|title=Liberian shipping draws scrutiny|work=NBC News|date=August 11, 2003}}</ref><ref name="About the Liberian Registry">{{cite web |url=http://www.liscr.com/liscr/AboutUs/AboutLiberianRegistry/tabid/206/Default.aspx |title=About the Liberian Registry |publisher=Liberian Registry |url-status=dead |archive-url=https://web.archive.org/web/20141110180209/http://www.liscr.com/liscr/AboutUs/AboutLiberianRegistry/tabid/206/Default.aspx |archive-date=2014-11-10 }}</ref> This includes 35% of the world's tanker fleet. Liberia earned more than $18 million from its maritime program in 2000.
=== Foreign aid ===
Liberia has relied heavily on vast amounts of foreign assistance, particularly from the [[United States]], [[Sweden]], [[United Kingdom|Britain]], [[France]], [[Italy]], [[Germany]], the [[People's Republic of China]], and [[Romania]]. But because of the Liberian Government's perceived disregard for [[human rights]], foreign assistance to Liberia has declined drastically.

The [[Republic of China|Republic of China (Taiwan)]] and [[Libya]] are currently the largest donors of direct financial aid to the Liberian Government. Significant amounts of aid continue to come in from Western countries through international aid agencies and non-governmental organizations, avoiding direct aid to the government.

=== Communications ===
{{Further|Communications in Liberia}}

Communications in Liberia is the press, radio, television, fixed and mobile telephones, and the Internet. There are six major newspapers in Liberia, and 45% of the population has a mobile phone service. Also, the radio stations in Liberia are abundant to the extent that there are over 70 radio stations in the entire country (Liberia). As for Montserrado County, there exist about 30 radio stations.

Even as it struggles with economic and political constraints, Liberia's media environment is expanding. The number of registered newspapers and radio stations (many of them community stations) is on the rise despite limited market potential. And politically critical content and investigative pieces do get published or broadcast.<ref>[http://www.audiencescapes.org/media-environment-development-Liberia-quantitative-qualitative-analysis-research "Media Environment and Regulation in Liberia"] {{Webarchive|url=https://web.archive.org/web/20160304031431/http://www.audiencescapes.org/media-environment-development-Liberia-quantitative-qualitative-analysis-research |date=2016-03-04 }}, AudienceScapes. Retrieved 8 February 2014.</ref>

=== Energy ===
{{Further|Energy in Liberia}}

Formal electricity services are solely provided by the state-owned Liberia Electricity Corporation, which operates a small grid almost exclusively in the [[Greater Monrovia District]].<ref name="Options">{{cite web |url=http://siteresources.worldbank.org/EXTAFRREGTOPENERGY/Resources/717305-1266613906108/Liberia_Energy_ESW_11-4-11web.pdf |title=Options for the Development of Liberia's Energy Sector|work=International Bank for Reconstruction and Development|publisher=World Bank Group|date=2011}}</ref> The vast majority of electric energy services is provided by small privately owned [[Engine-generator|generators]]. At $0.54 per kWh, the [[electricity tariff]] in Liberia is among the highest in the world. Total installed capacity in 2013 was 20 MW, a sharp decline from a peak of 191 MW in 1989.<ref name="Options" />