Africa-Press – Liberia. Over the past year, President Boakai says his administration has focused on transforming Liberia’s investment climate and it is implementing policy changes to attract investment.
Liberia’s President Joseph Nyuma Boakai has disclosed that he is actively negotiating with major multinational companies to bring over US$3 billion in investment in the Liberian economy.
Boakai announced the plan on Monday, January 27, 2025, while delivering his second State of the Nation Address (SONA) at the Capitol. Over the past year, he said his administration has focused on transforming Liberia’s investment climate and it is implementing policy changes to attract investment.
According to President Boakai, this includes 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,” President Boakai reported.
While some key agreements are still pending, President Boakai expressed pleasure in reporting that his administration is actively negotiating with major multinational companies in energy, mining, agriculture, infrastructure, and technology.
Once finalized, he disclosed that these negotiations are expected to bring over $3 billion in investments to the Liberian economy. Looking ahead, President Boakai stated that the government anticipates a promising medium-term outlook, with expected growth rates of 5.8% in 2025.
He added that the government has successfully passed the 2025 national budget in the amount of US$880.7 million before the start of the fiscal year, the first time in the post-war period.
He further indicated that the passage of the budget before the start of the fiscal year will also make the execution of the national budget more predictable and efficient.
For many years, he observed, the government neglected to remit County Development and Social Development Funds to the counties. He argued that this deprived citizens of essential resources for local governance and development.
‘’However, we have begun reversing this trend by ensuring that these funds allocations for 2024 were duly disbursed to the counties.”
“Moving forward, we will continue to ensure that counties receive these vital resources to improve the well-being of their citizens.”
Also, for the first time in years, President Boakai reported that the government remitted to the Road Fund all road fund-related revenues deposited in the Consolidated Fund. According to him, this move enabled the implementation of several road rehabilitation and maintenance works during the year.
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