Paynesville, Liberia – Liberia has arguably become the first African nation to establish a Youth Entrepreneurship Investment Bank (YEIB), which officially launched on Tuesday in Monrovia through a partnership between the Liberian government and the African Development Bank. President Joseph Boakai and AfDB President Dr. Akinwumi Adesina presided over the landmark ceremony that positions young entrepreneurs at the center of Liberia’s economic transformation.
Now, private sector leaders and educational institutions like GonetAfrica and Gonet Academy have hailed the initiative, recognizing its potential to transform young job seekers into employers. They believe that the bank’s launch represents a major achievement of President Boakai’s ARREST economic agenda and aligns with both national development priorities and global frameworks like the UN Sustainable Development Goals.
The innovative financial institution comes as a direct response to Liberia’s pressing youth unemployment crisis, where more than 60% of the population under 35 struggles to find meaningful economic opportunities. With $17.1 million in initial funding – including $15.9 million from the AfDB and $1.2 million in-kind support from Liberia – the bank will provide accessible financing, business training, and mentorship programs specifically tailored for young business owners aged 18 to 35.
Financial analysts project the YEIB could revolutionize Liberia’s economic landscape by financing approximately 30,000 youth-led businesses and creating 120,000 direct and indirect jobs. The initiative is expected to generate $80 million in government tax revenue while unlocking up to $500 million in additional lending capacity for young entrepreneurs across various sectors.
As Liberia launches the Youth Entrepreneurship Investment Bank (YEIB), Gonet Academy’s veneration of the effort comes with its readiness to bridge the critical skills gap for aspiring young entrepreneurs. The training institution has already equipped over 3,000 Liberian youth and professionals through its 20+ certificate and diploma programs in key areas like business management, financial literacy, and ICT.
The academy’s specialized entrepreneurship programs have graduated more than 300 young business owners who now operate successful micro-enterprises across Liberia. “We transform education into empowerment,” said Mohammed Kerkulah, Founder & CEO of GonetAfrica. “YEIB is the perfect complement to our work – providing both skills and capital to young visionaries.”
Gonet Academy’s 2025-2029 Strategic Plan directly aligns with YEIB’s mission through its Goal 5: “Fostering Entrepreneurship and Innovation for Sustainable Development.” Wilcom Duncan, Growth Strategist at GonetAfrica, emphasized: “Success requires more than funding – it needs training systems that help young entrepreneurs grow sustainable businesses.”
The academy proposes building county-level access points to reach rural youth and prioritizing green/digital startups that align with continental development agendas. They stress the importance of establishing robust monitoring systems and forging public-private partnerships to incubate promising ventures.
“This bank represents our shared belief in Liberian youth,” Kerkulah added. “By combining YEIB’s financing with our training programs, we can position Liberia as West Africa’s next innovation hub.” The academy says it stands ready to provide business incubation support and mentorship to help young entrepreneurs maximize this unprecedented opportunity.
