Should You Invest in Libya

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Libya’s Economic Outlook

Libya’s economy primarily relies on the oil and gas industry. After a long 4-year recession, started in 2014, the country bounced back in 2017 to register a record growth of 26.7 percent. Recently, Libya improved their security arrangements and this, coupled with enhanced political stability has saw the country more than double its oil production to reach around 1 million barrels per day (bdp).

However, challenges are still present; over the first half of 2018, Libya could not sustain this growth and its oil production dropped heavily, to 0.7 million bpd in June 2018. The government still believes that a 7.2 percent growth is possible in 2018.

Challenges to Libya’s Economy

In June 2018, armed militias took temporary control of the country’s eastern oil fields and terminals. Most of the infrastructures were badly damaged, including oil reservoirs. Currently, most of these damages have been fixed, and the recovery process is on the way.

Inflation remains a major concern for Libya. Market disruptions, mainly due to shortages of goods and services, have increased the consumer price index by 17.6 percent over the first 4 months of 2018. The cumulative inflation coupled with weak basic service delivery are likely to have increased population poverty.

Over-reliance on the hydrocarbon sector poses a major threat to the country’s economic stability. Though the government has shown its interest to diversify Libya’s economy, the non-hydrocarbon sectors remained sluggish; lack of liquidity and security directly impact the economic performance of the country.

Recent Development in Libya

Prime Minister Faiez Serraj recently signed off a new set of economic measures in September 2018. The main objective is to ease the life of Libyans who have suffered persistent lack of cash liquidity and falling purchasing power due to the drop in the dinar’s value.

The official goal of the new reforms is to:

  1. Reduce the gap between the official exchange rate to the U.S dollar (USD), fixed at 1.3 Libyan dollars.
  2. Ensure easier access to foreign currency through the official banking system, rather than reliance on the black market to import goods.

The economic model set forward to achieve these objectives is the creation of a second official exchange rate of 3.90 LYB/USD and the inclusion of a 184 percent fee on the official exchange rate for all foreign currency. These measures have been endorsed by top financial consultants in the region, such as the Central Bank of Libya Governor and the Representative of the UN Secretary-General.

To the government’s credit, the reforms have shown initial positive effects. Upon the announcement of these measures, the black-market exchange rate dropped by almost 20 percent. Yet, it is still early to determine the long-term success of the measures undertaken, since the current system for allowing letters of credit is still being rolled out.

Possible forecast for Libya

With the new measures in place, Libya is expected to generate 20 billion dinars from the new service fees alone. Part of this should be used to repay public debt and finance development projects. Gradually, the Libyan Government will most likely reduce fuel subsidies, as this strongly encourages fuel smuggling and costs the state up to $6 billion annually.

To complete the recovery process, Libya is expected to replace the service fee system currently in place by a proper devaluation of the dinar. This would take away any abuse of the dual exchange rate currently in place. Enforcing these measures would send a strong signal that stakeholders are serious about bridging the country’s divides and moving towards stabilization.

Are you setting up a venture in Libya?

Africa HR Solutions Ltd offers an array of services for temporary and permanent employment in Libya:

  • Fast solutions to hire employees from other countries
  • Assistance with processing passports, visas and work permits
  • Reliable HR Assistance for the proper operation management
  • Fully undertake employee insurance, with health and safety support
  • Facilitate local services, such as opening new bank account, first accommodation, car rental, etc…

Get in touch for more information

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Grant Geraghty is the longest-serving member of the Africa HR team. This resident subject matter expert and client champion is responsible for gaining a deep understanding of our clients’ unique HR needs in Africa and providing tailored solutions that align with their business objectives. Grant collaborates closely with our clients to ensure that their requirements are properly implemented, providing ongoing support and guidance throughout the process.

Grant brings a wealth of experience to his role, having served as Africa HR’s longest-serving employee. He holds a Bachelor of Commerce degree, with a major in Economics and Business Finance, from the University of Natal in South Africa. Additionally, he has completed a certification program in Payroll and Tax Administration from the University of Cape Town, further enhancing his expertise in HR operations and compliance.

His commitment to delivering exceptional service and his extensive knowledge of HR in Africa make him an invaluable member of the Africa HR team.




Kevina Takoordyal has a BA Hons Business Management from the University of Glamorgan, UK, with MBA in leadership and Innovation, MBA General, PMP Certified, and Agile Scrum Master. She currently works as the Head of Operations at Africa HR Solutions Ltd with more than 20 years of proven leadership capabilities in Operations, Business Development, People Management, Process Optimization, and Project Management in the Financial Services, BPO, Banking Industry, and Heath Care Industry. In Senior leadership roles with an international footprint across Europe working and extensive Pan- African experience from a compliance, finance, and operations angle, Kevina comes across with a panoply of cross-functional skills. Kevina also serves on a few Boards, Non-Independent Executive at MioD and for NGOs on a voluntary basis, a coach and mentor to aspiring female leaders across Africa and Mauritius.

Kevina is a firm believer in Servant Leadership with a strong focus and commitment to uplifting others, with the ability to deliver through a highly engaged – diverse team, and works towards consistently synergistic value creation. While being a focused and adaptive thinker and Kevina is actively participating in panel discussions on Innovation, CX, Digital transformation.

Kevina serves as Project Assessor for the National Youth upskilling program. She has been recognized as Global Talent in a few companies, Ceridian, and International SOS Ltd whereby she has been awarded a few scholarships and had the opportunity to be mentored by Senior Vice President in the US. Award Winner in various fields and at a national level and recognized including Super Achiever Leader Award in Africa in 2016, Awarded Africa Women Leader 2018.



Head of Finance & Business Support

Viloshna is an experienced finance professional with 18 years of expertise in strategic financial planning, financial analysis, cash flow management, systems and controls implementation, financial reporting, and continuous process improvements. She currently serves as Head of Finance & Business Support, where she has successfully automated and leveraged the financial reporting system capabilities to ensure efficient company operations.

Viloshna’s background includes senior roles in a multinational pharmaceutical company and a large listed Mauritian conglomerate. Her meticulous attention to detail and strategic thinking have streamlined financial processes, making her a valuable addition to any finance team. Viloshna is a qualified finance professional with an FCCA qualification and an MBA, bringing valuable expertise to any organization.

In her current role, Viloshna leads the company’s Treasury and Payments function, including the fulfillment of the company’s cross-border payments into Africa. With her strong educational background and extensive experience, Viloshna consistently demonstrates her ability to optimize financial operations, minimize risks, and improve profitability. Her expertise in financial reporting and process improvements make her a valuable asset to any organization.



Head of Legal & Compliance

A qualified lawyer who joined Africa HR Solutions in July 2020, Mark Du Preez has experience working in private practice for a reputable law firm in South Africa. He also played commercially focused roles at a leading private bank, wealth management company, and outsourcing firm in South Africa and Mauritius.

Mark has played a pivotal role in Africa HR Solution’s risk mitigation strategy, which positively impacted P&L performance over the years.

He currently leads the Partnerships function of the company including relationships and oversight with in-country partners (ICPs) across Africa.

Alex Daruty - Africa HR Team


Head of Commercial

Alex has more than 15 years of experience in the global, strategic development of both enterprise and consumer brands in categories including technology, transport, enterprise software, entertainment, and travel.

With experience in roles on both agency and corporate side, he has worked across international brands and has led the development and execution of multi-discipline campaigns across EMEA, NORAM and Asia Pacific.

His focus is on driving meaningful business impact through brand differentiation and building high-functioning, digitally oriented, and analytically driven capabilities. He is motivated by working with, and developing dynamic people, teams, and organizations.

He leads, manages, develops and mentors the Key Account Management department, including line management responsibility for the team of Key Account Managers and Key Account Administrator who represent the Company as the primary communication link between all relevant stakeholders, including clients, third party in-country partners and internal functions.

Originally from Mauritius, he holds bachelor’s degrees in International Business, Finance and Management from the University of Nevada, Reno.