The_Open_Door_deel1

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which is owned by a politically powerful and economically wealthy
Liberian family, in September 1967 obtained an agricultural
concession from the Government, and later transferred and assigned
all rights and obligations it held under the concession agreement
of September 5, 1967 to the West African Agricultural Corporation
(WAAC), created especially for this purpose. This had been
envisaged already at the time of the signing of the agreement.
Foreign investors, mainly from the U.S.A., took a more than 50 per
cent interest in the WAAC, the Sherman-family through its West
African Investment and Finance Corporation and the Macars Group of
Companies nearly 30 per cent, and other Liberian shareholders
approximately 15 per cent (among them an investment bank which is
majority-owned by the Liberian Government) (57).
The concessionaire was granted the exclusive right to select
within Grand Cape Mount County (a total area of approximately 1.4
million acres) an area of 100,000 acres, the "Exploration Area",
from which a (final) Concession Area of 35,000 acres would be
selected. Exploration Area and Concession Area had to be selected
within one and ten years respectively after the effective date of
the concession agreement (the date of approval by the National
Legislature). The concession area would be composed of
"Exploitation Lots" of between 3,000 and 6,000 acres each. Rental
for all land held by the concessionaire would be at the rate of 8
cents per acre per annum. The company became entitled to free
export of its products, no duties, charges or any taxes were to be
levied on its exports and it would never be required to export
through any agent not voluntarily chosen by it.
The first fifteen years following the effective date of the
agreement would constitute an income tax holiday as well as a
period of exemption from the payment of customs duties and excise
taxes with the exception of consular fees and other fees of
general application. A remarkable condition stated that this
import duty and excise exemption could not be applied to these
goods and materials which can also be bought in Liberia on terms
equally favourable to the WAAC and of a quality not inferior to
that of the foreign products.
Under this 50-year concession agreement the concessionaire was to
engage in the cultivation of oil palm plantations (though other
agricultural activities were also allowed) and the agreement
differs only in some aspects from the concession granted to
LIBINC, whereas the differences which were introduced represented
laudable improvements (the President of the West African
Investment and Finance Corporation had been Secretary of the
Treasury in the 1950's and early 1960's). For the first time an
agricultural concession contained a clause requiring the
concessionaire to keep all original records and reports in Liberia
which documents were to be available and accessible for inspection
by the Government provided this inspection would take place during
normal working hours.
It was further agreed that Government representatives could visit
and inspect the company's offices, installations, or other
buildings and facilities at any time, as well as working areas, In
order to examine the company's produce and records of which it -
the Government - could take samples, or make copies, while
guaranteeing and maintaining the confidentiality of the