Liberian Economy Poised for Growth: Finance Minister Projects 5.1% Growth in 2024.

Monrovia, Liberia – The Acting Minister of Finance and Development Planning, Hon. Anthony G. Myers, delivered a promising mid-year update on the Liberian economy, forecasting a growth rate of 5.1 percent for 2024. This projection was shared during a special press conference at the Ministry of Information, Culture, and Tourism on Wednesday, July 17, 2024.Acting Minister Myers attributed the expected economic growth to the robust performance of key sectors, including mining, agriculture, fishing, and services. He emphasized that these sectors would play a pivotal role in driving the economy forward.Looking ahead, Myers projected an acceleration of economic growth to 5.8% by 2025, with a medium-term average growth rate of 5.6%. He credited this optimistic outlook to increased economic activities, particularly in mining, an expanding services sector, significant infrastructure investments by development partners, and improved electricity supply.To maintain and boost this growth trajectory, Myers highlighted the government’s commitment to implementing structural reforms in critical sectors such as energy, trade, transport, and financial services. These reforms aim to create a more favorable environment for economic activity and investment.However, Minister Myers also reported a significant slowdown in inflation, which is expected to be 7.0% by the end of 2024. He noted that this stabilization of prices in the Liberian market reflects the broader economic improvements. The inflation rate is anticipated to decline further to 5.0% by 2027.On the fiscal front, Myers assured that tax revenues are on track, revealing that the Liberia Revenue Authority’s total receipts for the June 2024 fiscal year stood at $342.6 million. He provided a breakdown, noting that cash on hand was $315.4 million, with interim receipts amounting to $27.2 million.Additionally, Income and profit taxes, generating $137.2 million, and taxes on international trade, contributing $108.8 million, were the primary sources of revenue. Myers emphasized the government’s optimism about the future of the economy, underscoring its commitment to sustainable growth through further reforms and strategic investments.Regarding expenditure, the government had disbursed $255.4 million of the $315.4 million collected by the LRA as of June this year. Myers detailed ongoing efforts towards fiscal decentralization, highlighting President Joseph Nyuma Boakai’s initiatives and the recently verified Revenue Sharing Law.In conclusion, Myers announced significant preparations for the National Development Plan, Public Sector Investment Plan, and District Development Plan. Two Liberian think tanks have been appointed to lead these efforts, with consultations set to begin soon. Additionally, the Ministry of Finance has finalized plans with the General Audit Committee for an audit covering January 1, 2022, to January 31, 2024.