Nov 10, 2025
Show Notes:
Samora Wolokolie talks
about his dual roles as a CPA, CA and attorney in Monrovia,
Liberia. Samora lists his credentials: chartered accountant,
certified public accountant, certified forensic investigation
professional, certified fraud examiner, certified tax practitioner,
and lawyer, and details his academic background. He is also an
assistant professor at the University of Liberia where he teaches
all levels of accounting. Samora also teaches at other universities
and holds graduate and post graduate degrees from Cuttington
University, and Charisma University. He talks about his career
path, including working with Deloitte in 2000, then moved to PKF
Liberia and Baker Tilly, where he qualified as a chartered
accountant in 2014.
Serving as Liberia’s Deputy Minister of Finance for Fiscal
Affairs
Samora served as Liberia's Deputy
Minister of Finance for Fiscal Affairs from 2018 to 2024, managing
the national budget and growing it from $600 million to $800
million. When asked about the major sources of revenue for the
Liberian government, Samora explains that over 80% of the
government budget comes from domestic revenue, with the rest from
External resources (donors like the IMF, World Bank, and European
Union). He details the importance of conducting audits and meeting
benchmarks to access external resources and shares a few examples
of how this works. Samora discusses his role in developing revenue
policies and regulations, focusing on domestic resource
mobilization to grow the budget to $1 billion. He highlights the
challenges and strategies needed to achieve this goal, including
tax policies and revenue measures. He goes on to explain the
structure of the companies he currently works for, his roles there,
and how it focuses on both accounting and legal issues.
Major Industries and Economic Potential in
Liberia
The conversation turns to the main industries in Liberia. Samora
describes Liberia as an input-driven economy with significant
potential in mining, forestry, and infrastructure development. He
mentions the mining sector's potential, including gold, iron ore,
and diamonds, and the involvement of companies like ArcelorMittal.
Samora also discusses the forestry sector's potential, including
logs and the Kimberley Process. He emphasizes the government's
efforts in infrastructure development, particularly road
construction and building maintenance. He goes on to talk about
investment potential and licensing, shipping, and exporting.
Consulting and Legal Processes in
Liberia
Samora talks about the process of hiring
independent consultants in Liberia. He advises talking to an
attorney and a CPA. He recommends checking with the Liberian
Institute of Certified Public Accountants (LICPA) and the Liberian
National Bar Association (LNBA) for licensed professionals. Samora
explains the distinction between attorneys and counsellors at law
in Liberia and recommends dealing with firms to ensure coverage
through professional liability and insurance coverage. He goes into
detail on the importance of following processes and doing due
diligence and background checks when hiring
consultants.
Taxation and Labor Law Considerations for Foreign
Companies
Focusing on the tax implications for foreign companies hiring
consultants in Liberia, Samora explains the withholding tax rates
for resident and non-resident taxpayers, including the 10% and 15%
rates for ordinary companies and the 6% rate for mining operations.
He clarifies the concept of resident and non-resident status based
on the number of days spent in Liberia. Samora discusses the
importance of understanding Labor law considerations, including
contracts, occupational health and safety, and long-term
employment. He also explains the tax brackets and Social Security
tax obligations for foreign companies, employees and independent
contractors, in addition to labour laws and health and safety laws
in Liberia.
Insurance Requirements for Firms in Liberia.
Samora advises firms to have professional liability insurance to
cover potential transgressions. He emphasizes the importance of
ensuring payments pass through formal financial institutions to
avoid money laundering issues. Samora suggests using bank-to-bank
wire transfers or prepaid cards for payments to consultants, and he
reiterates the importance of due diligence and background checks
when hiring consultants in Liberia.
Timestamps:
04:11: Revenue Sources and Management in Liberia
09:38: Major Industries and Economic Potential
20:04: Consulting and Legal Processes in Liberia
27:08: Taxation and Labor Law Considerations
36:50: Insurance and Payment Methods
Links:
LinkedIn: https://www.linkedin.com/in/atty-samora-p-z-wolokolie-ph-d-cfe-ca-cpa-fcfip-l-l-b-67315438/
Alliance CPA Inc: https://alliancecpainc.com/
TORCH Professional Consultancy Inc: https://topcinc.com/
This episode on Umbrex: https://umbrex.com/unleashed/episode-625-samora-p-z-wolokolie-how-to-hire-a-consultant-in-liberia/
Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.