The Minister of Commerce & Industry (MoCI), Magdalene Ellen Dagoseh has described Small and Medium Enterprises as the backbone of job creation, innovation, and inclusive growth.

Minister Dagoseh said SMEs serve as the engine for economic transformation-noting that no economy succeeds without a strong private sector. 

She added that the Ministry of Commerce & Industry would put Liberian-owned businesses at the center of Liberia’s national development strategy in support of the ARREST Agenda for inclusive development. In the words of Madam Dagoseh, true development takes place when local businesses grow, compete and lead.

The Commerce & Industry Minister made the observation Thursday, May 1, 2025, when she officially launched the Accelerate 360 Program at the EJS Ministerial Complex in Congo Town. 

Madam Dagoseh stated that Accelerate 360 is a top component of what was originally known as the Liberia Economic Recovery and Transformation Project – the LIFT Project. Besides, she indicated that Accelerate 360, is not just a technical assistance project, but equally a part of a bold vision to change the narrative for Liberian SMEs.

“Today, LIFT is a foundation of our post-crisis recovery, and we are proud to have the World Bank as a steadfast partner on this journey, “she added.

She pointed out that through LIFT, the Ministry of Commerce & Industry has been working on three core pillars; namely improving the business climate, expanding access to finance for SMEs and enhancing trade efficiency.

She said the Ministry is currently working along with over ten government institutions to   build a more SME-friendly Liberia while a national electronic system, credit reference and a $2.5 million credit line dedicated to small businesses has been launched together with the Central Bank of Liberia (CBL) and the World Bank.  Minister Dagoseh lauded the Ministry’s partners, particularly the World Bank for their support.

Speaking earlier, the Chief of Party of Accelerate 360, Prosper Doe Melomey mentioned that the three-year initiative targets 150 Liberian-owned businesses as beneficiaries.

 The program, he said focuses on addressing critical market challenges that hinder SMEs’ access to markets and finance, while at the same time strengthening the capacity of the Small Business Administration (SBA), Business Development Service Providers(BDSPs),Entrepreneurship Support Organizations(ESOs).  He also said the program has a strong focus on inclusivity, with a target of training 50% women-led SMEs to ensure gender equity in economic growth.

Meanwhile Deputizing for World Bank Liberia Country Manager, Georgia Wallen, Ms.   Alarie Mahdi, described the launch of Accelerate 360   as a milestone for both the government and SMEs across Liberia. She lauded the Liberian government and Minister Dagoseh for the astute leadership in steering the project. 

It can be recalled that in September 2024, the Ministry of Commerce and Industry signed a partnership agreement with Bridgewater Advisors to provide hands-on support to 165 growth-oriented SMEs. The three-year program is expected to deliver targeted technical assistance to SMEs, link them to markets, and improve their access to finance through a Line of Credit (LOC), etc.