MONROVIA, LIBERIA – President Joseph Nyuma Boakai delivered an important speech to the Legislature on January 27, 2025, unveiling his economic vision for Liberia’s recovery and growth. The address highlighted a roadmap for national transformation, with ambitious plans targeting infrastructure, agriculture, and fiscal discipline, all aiming to elevate Liberia into a prosperous middle-income nation by 2030.
The President began by emphasizing Liberia’s improved international standing, pointing to the successful negotiation of a significant US$210 million financing package with the International Monetary Fund (IMF). This deal, part of the Extended Credit Facility (ECF), is a critical step in stabilizing the nation’s economy over the next three years and signals renewed confidence in Liberia’s financial management.
Not stopping there, Boakai spotlighted the importance of continued international support for Liberia’s development. The World Bank pledged US$60 million, while the European Union followed suit with another US$60 million. Additionally, the African Development Bank committed US$40 million to road development, underscoring the global commitment to Liberia’s prosperity.
Boakai outlined his administration’s ARREST Agenda for Inclusive Development (AAID), a bold initiative designed to position Liberia as a lower-middle-income country by 2030. This comprehensive plan will cost an estimated US$8.4 billion, with a funding mix that includes government revenues, international aid, and private sector investments, laying the foundation for economic transformation.
Agriculture, as one of Liberia’s critical sectors, took center stage in the President’s address. Boakai announced plans to significantly boost rice production, with projections for 4,000 hectares in 2024 and an additional 6,000 hectares this year. The government also aims to modernize farming practices by mechanizing cassava cultivation and expanding the production of cocoa and oil palm.
Addressing the nation’s long-standing infrastructure deficiencies, Boakai noted that only 1,600 kilometers of Liberia’s road network is paved out of an estimated 13,000 kilometers. He revealed that several key road projects are already underway, including major corridors from Brewerville to Bopolu and Zwedru to Kanweaken, with further expansion planned in the coming years.
Electricity access in Liberia remains critically low, and Boakai acknowledged the urgent need for improvement. He unveiled plans for the construction of a 20-megawatt solar plant in Montserrado County, scheduled for completion in 2025. Moreover, efforts to increase imports of electricity from neighboring Côte d’Ivoire are in motion, alongside the restructuring of the Liberia Electricity Corporation (LEC) to enhance service delivery.The country’s mineral resources also play a crucial role in the President’s economic agenda. Boakai revealed that recent surveys, with assistance from Chinese partners, have uncovered significant deposits of lithium, cobalt, nickel, and tantalum—critical minerals for the global tech industry. These resources, Boakai emphasized, must be mined sustainably to contribute to Liberia’s long-term economic growth.
On governance, Boakai stressed the need to address Liberia’s political divisions, acknowledging that unity is vital for the nation’s progress. He appealed to both political leaders and the general public to put aside differences and focus on national development. A united Liberia, he argued, will be better positioned to meet its economic challenges.
The President made it clear that his administration is committed to tackling corruption head-on. He reiterated his government’s pledge to bolster anti-corruption measures, particularly through strengthening institutions like the Liberia Anti-Corruption Commission (LACC). This is part of an ongoing effort to restore public confidence in Liberia’s governance system.
In his address, Boakai also addressed the pervasive issue of illegal mining. He outlined plans to clamp down on unregulated mining activities that have long undermined Liberia’s environmental and economic stability. His government will take a tough stance to ensure that mineral resources are exploited responsibly for the nation’s benefit.
Justice reform was another focal point in the President’s speech. Boakai underscored the need for a more effective, accessible, and fair judicial system. He pointed to ongoing reforms aimed at reducing case backlogs and improving the overall efficiency of the justice system, which is essential for maintaining law and order.
Boakai further emphasized the importance of decentralization. He announced plans to strengthen local governments by increasing their budgets and improving service delivery in rural areas. This will ensure that all regions of Liberia benefit from national development initiatives, especially those outside of Monrovia.
Education also received significant attention during the speech. Boakai acknowledged the critical shortcomings in the nation’s education system and promised to increase funding for teacher training programs and vocational education. These efforts aim to equip Liberia’s youth with the skills necessary to thrive in the modern economy.
The President directly addressed Liberia’s youth, urging them to seize opportunities in entrepreneurship and civic engagement. He announced that the government would roll out new initiatives to empower young people and provide them with the tools to drive the country’s future growth.
The speech concluded with a call to action. Boakai recognized the challenges ahead but remained resolute in his belief that Liberia’s future lies in the successful implementation of these strategic initiatives. He encouraged Liberians to remain hopeful and committed to building a stronger, more prosperous nation.
