This article examines Liberia's reconstruction by external actors and it analyses in particular Liberia's Governance and Economic Management Assistance Programme (GEMAP), a program which implies co-signatures by international experts for state expenditures. The paper argues that Liberia is in a paradoxical situation between conditioned partnership and co-sovereignty with its international partners, which is neither voluntary, nor clearly imposed. The author adopts a theoretical framework based on path-dependency to enhance the understanding of this phenomenon. She analyses the basis and the functions of GEMAP to illustrate this situation.