Africa-Press – Liberia.
Finance and Development Planning Minister, Augustine K. Ngafuan, has emphasized that increasing domestic resource mobilization is essential for the country’s growth and development across all sectors. Minister Ngafuan made the remarks during a meeting with a Chinese delegation at the Ministry of Finance and Development Planning on Monday, November 4, 2024.
According to Ngafuan, enhancing domestic resource mobilization will help strengthen governance, fiscal systems, and capital market institutions, reducing the nation’s dependency on foreign aid. He added that it would ensure more reliable fiscal revenues, thus reinforcing the social contract between the government and the citizens.
“The leadership of President Boakai is committed to increasing domestic resources across all sectors, aligning them with the National Development Agenda for inclusive growth and development,” Ngafuan stated.
He emphasized that mobilizing local resources is critical not only for enhancing the country’s economic stability but also for enabling citizens to have greater oversight over the use of public funds.
“This will empower citizens to monitor and supervise budgetary revenues and ensure that they are used for the benefit of the people,” Ngafuan explained.
In his remarks, Minister Ngafuan also expressed his gratitude to the Chinese government for their ongoing support to Liberia’s health and education sectors.
“Your support over the years has been a source of hope for Liberians across the health and education sectors,” he acknowledged, commending China for its continued assistance.
However, Ngafuan also pointed out two major constraints hindering Liberia’s growth—energy and road infrastructure. He noted that these are the critical areas the government is currently addressing with the help of its development partners.
“Energy and roads are the two huge binding constraints that need a robust solution for our country,” Ngafuan said, underscoring the importance of addressing these issues for sustainable development.
The Liberian government is working towards qualifying for Compact Two, a partnership that would provide further support to key infrastructure projects. According to Ngafuan, the country has already met 14 out of 20 criteria required to qualify for the program.
“Our job is to continue showing progress to our people because they deserve better lives, and we are making significant strides toward that,” he added.
Ngafuan further outlined that one of the major projects underway is the construction of a hydro-energy facility on the St. Paul River, estimated to cost around US$800 million. This project is part of the government’s effort to increase power generation capacity, with solar power also being explored as an alternative source.
“We are going to make reforms to the electricity sector across the country and strengthen accountable institutions like the General Auditing Commission, which has been rolling out many audit processes,” Ngafuan stated.
The Chinese delegation, which praised Ngafuan’s leadership, expressed their commitment to supporting Liberia’s development efforts. Ambassador YIN Chengwu, Ambassador of the People’s Republic of China, reiterated China’s strong partnership with Liberia and affirmed their continued support for the country’s national development.
“We are willing to support any of your national development and infrastructure projects across Liberia,” Ambassador YIN said, highlighting China’s willingness to assist in various sectors of Liberia’s growth.
Ambassador YIN also took the opportunity to reflect on the strong bilateral ties between Liberia and China. He noted the two countries’ shared experiences in combating Ebola and COVID-19 and their fruitful cooperation in various areas of national development.
“Liberia and China enjoy a long-standing, friendly relationship. In recent years, the Chinese and Liberian people have stood together in the joint fight against Ebola and COVID-19 and have engaged in sincere cooperation in the cause of national development,” he stated.
Since the resumption of bilateral relations in 2003, China has played an increasingly important role in Liberia’s reconstruction and peace-building efforts. In 2012, China granted Liberia a duty-free trade agreement on 95% of its exports to China, further strengthening the economic ties between the two nations.
The continued cooperation between Liberia and China is seen as a critical aspect of the country’s development, as both nations work together to address the pressing challenges of infrastructure, energy, and governance. Minister Ngafuan’s statements highlight the government’s focus on strengthening domestic resource mobilization, while also reaffirming the importance of international partnerships in securing Liberia’s long-term growth and development.
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