President Joseph Nyma Boakai has overstated plans to attract more than $ 3 billion in Liberia in the next few years.
A revolutionary presentation on the second national speech (SONA) to the 55th Congress on January 27 emphasized the possibility of these investment changes. technology.
Regarding the diversification of the investment environment and the economy, the President has said that it is currently negotiating with more than $ 3 billion of more than $ 3 billion of the United States, which spans energy, mining and agricultural sector.
In addition, special economic zones are being developed in order to strengthen employment creation and promote economic diversification. Regarding the enhancement of infrastructure, the initiative to modernize Roberts International Airport is given to Ethiopian airlines as the main career and engaged in discussions with Qatar Airlines. These initiatives are positioned as Liberia as a regional hub for commercial and travel.
These ambitious initiative are part of the Boakai administration's “arrested agenda” for the purpose of accelerating economic growth and fostering comprehensive development.
On Monday, the president began his Sona by looking back on the economic challenges inherited by his administration and explaining many Libertians, unemployment, inflation, and inequality.
“We have taken over the economy that was free autumn,” he said. “Growth has slowed to 4.6 %, inflation is a tremendous 10.1 %, and our debt burden has risen to $ 2.5 billion, that is, 54.6 % of GDP.”
To address these issues, the administration has implemented a series of financial and financial reforms that have already brought important consequences.
According to President, Liberia's GDP growth rose to 5.1 % in 2024, due to the robust performance of mining, agriculture, fisheries, and services.
Inflation has decreased to 7.7 % by the end of 2024, and the Central Bank reported an increase in international reserve to $ 458.9 million. “We have stabilized the economy, but now it's time to take bold measures to ensure sustainable growth,” Boakai declared.
The center of President Baakai's speech was a continuous negotiations with major multinational companies, which are expected to have more than $ 3 billion in Liberia. “We are actively involved with global investors to unlock Liberia's great possibilities,” he said. “These investments are for important sectors such as energy, mining, agriculture, infrastructure, and technology. When completed, you can create thousands of employment and greatly increase the economy.”
However, the president did not provide the source of these investments or specific information on the expected impact on ordinary Liberians and the state economy.
The president also emphasized the establishment of a special economic zone (SEZ) as a basis for this strategy. These zones are designed to attract both domestic and foreign investments by providing rational regulations, tax incentives, and world -class infrastructure. “Economic bands can not only diversify the economy, but also enable companies to prosper,” said Boakai.
Infrastructure and energy development are important priority in administrative investment plans. President Boakai has pointed out a continuous initiative to modernize Roberts International Airport, including investment in fire safety devices, backup generators, and navigation AIDS.
“Our goal is to position Liberia as a hub of air travel and commercial regions,” he said, and the government established an air service agreement with highly discussions with airlines like Qatar Airlines. I added it.
In the Energy Section, Liberia is working with international partners to increase access to power and develop renewable energy projects. “A reliable and affordable energy is essential for economic growth,” said the President. “We are working to make all the Libertians access electricity, regardless of whether all the Liberians live in urban areas, regardless of whether they live in a remote area.”
President Boakai has outline measures to improve Liberia's financial systems, including the introduction of the National Electronic Payment Switch (NEPS) and the transition to the cashless economy.
“These initiatives will strengthen financial inclusiveness and make transactions more efficient,” he said. The government has also invested in digital tax management, constructing the most advanced customs inspection facility in Monrovia's free ports, increasing income, and expanding tax bases.
The president has praised many of the strong partnerships of Liberia's progress with international financial institutions and suppliers. He has revealed that Liberia has secured an additional support from the IMF extension credit frame (ECF) of $ 21 billion, and has provided additional support from the World Bank, African Development Bank, and the European Union. did. “These partnerships are helpful to stabilize our economy and build the foundation for sustainable growth,” he said.
Boakai has also emphasized the recent qualifications for Liberia's recent Millennium Challenge Corporation (MCC) Compact. “This milestone reflects our confidence in our governance reform and economic policy,” he said.
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The president emphasized the importance of guaranteeing economic growth to benefit all Libergians. He announced that the county development and social development funds that have been ignored for many years are now completely transferred to local governments. “This will promote our own development agendas and improve the happiness of citizens,” says Boakai.
He also praised the progress of domestic revenue mobilization in Japan, focusing on reducing the cost of important products such as rice and petroleum products. In 2024, Liberia gathered a record of $ 6955.3 million in domestic income and expressed an increase of 12 % year -on -year. “This result is a proof of our commitment to fiscal discipline and accountability,” said the President.
In the future, President Boakai expressed optimism on the economic outlook of Liberia and predicted a growth rate of 5.8 % in 2025. “With the appropriate policy and investment, Liberia can become a beacon of prosperity in this area.”
The President concluded his speech with the call of unity and cooperation, urging all the Libertians to support the government's efforts to transform the nation. “We can build a Liberia to provide opportunities to all citizens,” he said. “Let's cooperate and cooperate to change the vision into reality.”
