The Impact of an Effective Intellectual Property Regime on the Production of Goods and Services in Liberia

Abstract

Liberia is a fragile state that is yet to recover from the devastating impact of the 14 years civil unrest. In-addition Liberia suffered what is referred to as the twin shock in 2014-the eruption of the so-called EBOLA Virus Disease (EVD) and the fallen global commodity prices of Liberia two major export commodities (rubber and Iron ore). As a result, Liberia is faced with huge macroeconomic in-balances, limited fiscal space, poor health infrastructures, weak public health system, food insecurity and malnutrition. In early 2020, the COVID-19 pandemic emerged in the world when Liberia already had challenges domestically and externally; weak domestic Consumption and declining output made the Liberian economy to contract by an estimated 2.3 percent in 2019, while the rate of inflation eroded consumer purchasing power and the fiscal space by reaching 27 percent. The Government of Liberia therefore needs to derive other Policy options to diversify the economy and ultimately economic recovery. Liberia needs to therefore utilized the standard set by the global trading system and therefore make use of the pivotal role it plays in ensuring economic growth and development of developing and least developed countries. Intellectual property protection creates means for owners to realize returns on their investments to encourage new innovations. Hence, the legal framework of intellectual property rights is a key component to discourage unfair competitions. This study therefore examined the vital role an effective intellectual property regime can play on economic growth and development in Liberia taking into consideration its economic size and structure. This study also investigated the impact of intellectual property rights protection on economic growth. Evidence has shown that intellectual property rights contribute significantly to economic growth especially in developed countries. Most countries in South Saharan Africa (SSA) have not taken advantage of the immense benefits that intellectual property rights offer due to low human capacity and poor economic architecture. Thus, this study accessed the economic impact of Intellectual property with focus on industrial property in Liberia. Hence, this research investigated the effectiveness of an intellectual property regime in Liberia and to determine the impact on the production of goods and services for policy recommendations.