iberia’s President Joseph N. Boakai has disclosed that the revised real GDP growth rate of 5.1 % in 2024 demonstrates resilience and steady growth of the country’s economy. He named the driving sectors for said growth as: mining, agriculture, fisheries, and services.
President Boakai said his government anticipates a promising medium-term outlook, with expected growth rates of 5.8% in 2025.
The Liberian leader made the statement on Monday, January 27, when he delivered his annual State of the Nation Address to the Legislature on Capitol Hill.
President Boakai said: “In 2024, our economy demonstrated resilience and steady growth, with a revised real GDP growth rate of 5.1%. Key sectors driving this growth include mining, agriculture, fisheries, and services. Strategic investments in infrastructure and energy development, supported by international partners such as the World Bank, the African Development Bank, the European Union, and USAID, further bolster this expansion.”
He informed the Legislature that his government has managed inflation prudently, by reducing it to 7.7 percent by the end of 2024, down from 10.1% in 2023, adding that the government expects inflation to decrease further to 6.0% in 2025.
“We have managed inflation prudently, reducing it to 7.7% by the end of 2024, down from 10.1% in 2023, thanks to sound fiscal and monetary policies. We expect inflation to decrease further to 6.0% in 2025.”
According to the Liberian leader, the country’s international reserves have improved to US$458.9 million, and the Liberian dollar has appreciated by 4.7% against the US dollar.
He noted that the Central Bank has reduced the monetary policy rate from 20% to 17%, thus boosting confidence in the financial system. He added private sector credit has increased by 9.1%.
Moreover, he explained that efforts to strengthen financial governance were underway, focusing on reducing operational costs and addressing audit recommendations.
“Our participation in the IMF’s Extended Credit Facility (ECF) program will help rebuild reserves, strengthen fiscal policy, and enhance domestic revenue through improved tax collection and streamlined exemptions.
We have also made progress in modernizing financial systems, improving access to finance for micro, small, and medium enterprises (SMEs), and increasing financial inclusion, which now covers 52% of the adult population.”
He indicated that implementing the National Electronic Payment Switch (NEPS) and the transition to a cashless economy further demonstrate Liberia’s commitment to a stable, inclusive, and resilient economy.
The insurance sector, he adds, is also being strengthened, with reforms underway to establish an independent Insurance Commission.
And that the establishment of Special Economic Zones will further diversify the economy, promote job creation, and foster inclusive development in Liberia.
He said that over the past year, his administration focused on transforming Liberia’s investment climate by implementing policy changes to attract investment, including simplifying regulations, reducing red tape, and strengthening legal frameworks while ensuring social protection and local empowerment.
“We have engaged both domestic and international investors, showcasing Liberia as a land of untapped opportunities. While some key agreements are still pending, I am pleased to report that we are actively negotiating with major multinational companies in energy, mining, agriculture, infrastructure, and technology. Once finalized, these negotiations are expected to bring over $3 billion in investments to our economy”, President Boakai said in his address.
