MONROVIA – Acting Minister of Finance and Development Planning, Hon. Anthony G. Myers, provided a mid-year update on Liberia’s economic outlook, projecting a growth rate of 5.1% for 2024. Speaking at the Ministry of Information, Culture, and Tourism, Myers highlighted strong performances in mining, agriculture, fishing, and services as key growth drivers.
Minister Myers announced that economic growth is expected to reach 5.8% by 2025. He emphasized that a medium-term growth rate averaging 5.6% will be supported by increased activity in mining, expansion of the services sector, significant infrastructure investments, and improved electricity supply.
To sustain and enhance this growth, the government is committed to implementing structural reforms in crucial sectors such as energy, trade, transport, and financial services. Myers stated these reforms aim to create a more favorable environment for economic activity and investment.
The Minister reported that inflation is projected to slow to 7.0% by the end of 2024, reflecting a stabilization of prices in the market. He anticipates inflation will further decline to 5.0% by 2027, indicating a positive trend in economic stability.
Myers provided an update on fiscal performance, revealing that tax revenues are on track, with the Liberia Revenue Authority collecting $342.6 million by the end of June 2024. The cash on hand was $315.4 million, with interim receipts totaling $27.2 million.
Taxes on income and profits, amounting to $137.2 million, alongside taxes on international trade, totaling $108.8 million, were highlighted as the main revenue sources. These figures underscore the government’s effective revenue collection strategies.
Minister Myers assured that of the $315.4 million collected, $255.4 million has been disbursed, reflecting efficient fiscal management. This spending aligns with the government’s strategic priorities for economic development.
In line with President Joseph Boakai’s efforts toward fiscal decentralization, Myers noted that County Service Centers will retain 40% of state-generated revenues. This initiative supports the broader goal of implementing the Local Government Act and enhancing administrative decentralization.
To advance the President’s vision, a Local Government Finance Commission will be appointed to set annual spending caps for each county. This measure aims to empower local governance and ensure financial resources are effectively utilized.
Myers announced significant progress on 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 shortly.
Furthermore, the Ministry of Finance has finalized plans for an audit in collaboration with the General Audit Committee. This audit will cover the period from January 2022 to January 2024, aiming to ensure transparency and accountability in financial management.
Concluding his address, Minister Myers expressed optimism about Liberia’s economic future. He reaffirmed the government’s commitment to sustainable growth through continued reforms and strategic investments, emphasizing a bright outlook for the nation.
