Lisiate is a graduate of Victoria University of Wellington and American University. He worked for the Tonga Commodities Board and Tongan Development Bank, before becoming CEO of the South Pacific Tourism Organization in 2000.
He stood in the 2010 election in the seat of Vavaʻu 14 and was successful. New Prime Minister Lord Tuʻivakanō retained him in Cabinet as Minister for Labour, Commerce and Industries. On September 1, 2011, he was reshuffled to the Ministry for Police, Prisons and Fire Services. On May 1, 2012, at his own request, he was reshuffled to the position of Minister for Finance. Radio New Zealand International reported: "He told Lord Tu’ivakano he could do better than Sunia Fili as finance minister and he got the job." The two men's portfolios were switched, with Fili becoming Minister for Police, Prisons and Fire Services.   He developed a reputation as "a financial conservative who doesn't want to see Tonga overwhelmed by debt repayments". He was also the lead Spokesperson for Pacific ACP States' negotiations with the European Union (EU) on a comprehensive Economic Partnership Agreement (EPA).
On 9 January 2014, ‘Akolo was sacked from his position as Minister for Finance after publicly criticising aspects of the budget.
- "Lisiate 'Akolo the new Minister of Labour , Commerce and Industries". Radio/TV Tonga News. 2006-10-02. Retrieved 2010-10-24.
- "First meeting of Tonga's new Cabinet", Matangi Tonga, January 5, 2011
- "Cabinet quietly reshuffles portfolios", Matangi Tonga, September 7, 2011
- "Tonga talk of associate ministers goes against constitution", Radio New Zealand International, 16 May 2012
- "Four Cabinet Ministers to be reshuffled on May 1", Matangi Tonga, 20 April 2012
- "Tonga government names minsters", Radio New Zealand International, 15 April 2012
- "Tonga's finance minister sacked after defying order to quit", Radio Australia, 9 January 2014
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