The engagement of Swedish industry in the Liberian American–Swedish Minerals Company (LAMCO), which mined iron in Liberia between 1963 and 1989, was the largest Swedish commercial investment in Africa during the Cold War. In this paper I investigate how political and administrative actors of the Swedish government conceptualized the link between private and public interests in the context of LAMCO’s operations, and how this shaped Swedish government policy towards the company and Liberia. I identify two phases: a phase of almost unanimous political support for LAMCO and close Swedish–Liberian relations from ca. 1955 to 1965, and a more fragmented phase following 1965, during which LAMCO was increasingly understood as a political liability. My findings show how business interests could figure into Swedish foreign policy during the Cold War, highlighting the coherence with which Swedish industry and government acted in relation to the commercial interests in Liberia before ca. 1965, but also the lack of coherence – between government and industry as well as within the state apparatus – that followed the turn to a more activist policy after the mid-1960s.