Liberia’s largest palm oil company lays off 10% of its staff

Liberia’s agriculture sector took a hard knock this weekend as Golden Veroleum, the country’s largest Palm oil company laid off 443 of its workers according to a statement from the company’s spokesperson, Aphonso Kofi on Saturday.

Kofi blames resultant low prices as the coronavirus pandemic impeded trade globally.

“Instead of closing down the company, the company has deemed it necessary to reduce the workforce. The previous number (of layoffs) was 1,200 but was trimmed after a series of negotiations with the government,” Kofi said.

Golden Veroleum is Liberia’s biggest palm oil company. It is owned by Verdant Fund LP from the U.S. with investment from Singapore palm oil giant Golden Agri-Resources.

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