Africa-Press – Liberia. Finance and Development Planning Minister, Augustine Ngafuan, has declared that Liberia’s recent economic progress is producing real and measurable benefits that are directly impacting markets, households, and communities across the country.
He said the gains recorded over the past two years are not abstract promises or political rhetoric but outcomes supported by verifiable data and visible improvements in economic stability.
Speaking during an extended media engagement aimed at clarifying key points from President Joseph Boakai’s State of the Nation Address, Ngafuan described the address as a practical report card rooted in resources, performance indicators, and real-world impact.
According to him, the administration’s economic narrative is anchored in facts that demonstrate steady recovery and improved fiscal discipline.
Ngafuan stated that Liberia’s economy is stronger today than it was two years ago and emphasized that the evidence supporting this claim is clear and incontrovertible.
He disclosed that the country recorded an economic growth rate of 5.1 percent in 2025, exceeding initial projections and surpassing the performance of the previous year. Inflation, he noted, dropped to four percent, marking the lowest level in more than two decades, while international reserves increased by 101 million United States dollars.
He further revealed that the Central Bank of Liberia has, for the first time in many years, recorded two consecutive operational surpluses, a development he said reflects improved monetary discipline and financial management.
Ngafuan explained that these achievements form the backbone of a more stable market environment, a stronger Liberian dollar, and a more predictable climate for business operations.
The Finance Minister also announced that domestic revenue collection reached a historic high of 847.7 million United States dollars, exceeding the government’s target by more than 43 million dollars, despite a significant reduction in donor support.
He said many observers doubted Liberia’s ability to withstand such fiscal pressures, with some predicting economic collapse. However, he explained that the government responded by strengthening fiscal controls, tightening expenditure management, and ensuring that essential services such as health, education, and infrastructure were protected.
Addressing infrastructure development, Ngafuan rejected the notion that investments in roads and energy fail to address the immediate needs of ordinary Liberians.
He argued that infrastructure development is not about political capital but about economic survival. According to him, improved road connectivity directly affects the cost of living by allowing farmers to transport produce to markets more efficiently, reducing transportation costs for businesses, and saving time and money for commuters.
He provided updates on several major road corridors, including the Red Light to Gbarnga road, the Monrovia to Harper Highway, the Fish Town to Harper corridor, and the Barclayville route. He described these roads as economic lifelines that significantly reduce travel time, lower vehicle maintenance costs, and stimulate trade across regions.
Ngafuan pointed to the improved efficiency of buses operated by the National Transit Authority as evidence of how better roads translate into lower transportation costs and improved mobility.
On energy expansion, Ngafuan acknowledged that Liberia’s electricity access rate remains just under 40 percent but said the government is working toward expanding access to more than 75 percent by 2029 through the construction of hybrid power plants and increased generation capacity.
He explained that reduced energy costs lead to higher business profitability, which in turn drives job creation and increased household purchasing power.
The Minister disclosed that more than 70,000 short- and medium-term jobs have been created over the past two years through infrastructure investments and targeted government programs. He said the connection between infrastructure, energy, and employment is often overlooked, but stressed that when major cost drivers such as electricity are reduced, businesses expand and hire more workers.
Ngafuan also addressed concerns surrounding Liberia’s public debt, which currently stands at approximately 2.8 billion United States dollars, comprising 1.6 billion dollars in external debt and 1.2 billion dollars in domestic debt.
He noted that the debt level is roughly equivalent to the national budget but emphasized that Liberia’s debt-to-GDP ratio of about 56 percent remains within internationally accepted sustainability thresholds.
He acknowledged that critics may continue to question government figures and targets but insisted that disciplined governance and strategic investment can produce results even under constrained resources.
Ngafuan also defended the submission of a supplementary budget, describing it as a necessary tool to accelerate ongoing development projects and sustain economic momentum.
Ngafuan stressed that the progress being recorded is not about any individual minister or political party but about the country as a whole, adding that Liberians ultimately have reason to be proud of the direction in which the nation is moving.
The Finance Minister urged Liberians to assess national progress based on tangible impact rather than political narratives. He said citizens should judge development not by who initiated a project but by who delivers results and who benefits from them. According to him, Liberia is better today than it was yesterday, and the future holds even greater promise.
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