MONROVIA – The World Bank’s March 2025 Liberia Country Economic Memorandum presents a comprehensive assessment of Liberia’s economic trajectory and proposes key policy recommendations for achieving sustained and inclusive growth. The report rightly emphasizes macroeconomic stability, private sector development, agricultural transformation, and trade liberalization as pivotal drivers of Liberia’s economic progress.
And in line with this report, Finance and Development Planning Augustine Kpehe Ngafuan has disclosed that Liberia as a country is making progress with its economy, indicating that the economy is experiencing modest growth over last year, and last year experienced growth over the previous year.
According to Minister Ngafuan when he spoke to Prime FM Night Time Heat on Friday, May 9, from where he sits and sees as Minister of Finance and Development Planning, the economic growth outlook of the country looks good despite the challenges being confronted economically in general, but Liberia is adjusting.
He disclosed the country has a growth of 5.3% this year over last year’s growth of 4.8.% which is mainly driven action and activities in agriculture, fishery, mining, forestry, manufacturing and others. According to him, Inflation stays in imaginable limit. Minister Ngafuan noted inflation in January left single digit levels and went as high as 12% but they are back within single digit now. “Liberia is one of few countries that has inflation in controllable able limits. Overall, the aggregates are good, the fundamentals still remain strong and it is those fundamentals that make them to say they are making progress.”
On the macroeconomic level, Minister Ngafuan said the Liberian economy is facing challenges but it is still robust inspite of some vulnerabilities in some areas. In terms of what the Government is doing, Minister Ngafuan disclosed there are some initiatives that are ongoing, stating the Government allotted funds to undertake some programs that will benefit the people of the country. “We have attracted donor fundings for some projects. All these initiatives help job creation,” the finance minister told Prime FM Night Time Heat program.
“We have attracted donor fundings for some projects. All these initiatives help job creation,”
On the issue of Macroeconomic Stability and Fiscal Sustainability, Ngafuan stressed the need for improved revenue mobilization and fiscal discipline to ensure macroeconomic stability. Liberia has historically struggled with fiscal imbalances and external debt vulnerabilities. The recommendation to implement a value-added tax (VAT) and rationalize tax expenditures by the World Bank is sound, as these measures significantly enhances domestic revenue generation. The emphasis on public investment efficiency is also commendable, as effective allocation of public funds will be crucial for long-term economic resilience.
Commenting on Private Sector Growth and Business Climate Reform, the Minister intoned a conducive business environment is essential for economic expansion.
Concluding, Minister Ngafuan urged his fellow cabinet colleagues and other government officials to try at all times to avail themselves to address issues that the public need to know, because according to him information is power and makes the citizenry to know and understand how their government is working.
He vowed that the Liberian government will allot more money to market the government of Liberia as it carries out is constitutional duties. Ngafuan wants a more empowered press so that the people of Liberia will be right informed. “Inspite of our differences, our country Liberia is making progress and that makes me happy as Minister of Finance and Development Planning,” Minister Ngafuan declared.
