By Festus Poquie
President Joseph Boakai is poised to appoint former Finance Minister Augustine Ngafuan as the new Minister of Finance and Development Planning, following the resignation of Boima Kamara in July, according to people familiar with the plan.
Ngafuan, who served as finance minister from 2008 to 2012, is credited with overseeing a remarkable period of economic growth and stability in Liberia.
During his tenure, Liberia recorded its highest post-war growth rate of 13%, making it one of the fastest-growing economies in sub-Saharan Africa. Ngafuan also managed to reduce inflation from a high of 11.3% in 2007 to around 5% by 2010.
His extensive experience in post-conflict nations and developing economies, as well as his proven track record in financial management, are seen as essential for reviving Liberia’s struggling economy. The country has faced challenges since the inception of the Boakai administration, with the economy barely kicking off.
Currently, Ngafuan serves as the African Development Bank’s Country Manager for Uganda, overseeing a portfolio of 24 projects worth approximately $1.87 billion. He has also held various roles within the Central Bank of Liberia and has served as an independent director and part-time lecturer in public financial management.
Known for his strong technical and managerial skills, Ngafuan is expected to bring his expertise in public financial management, fiscal policy reforms, and stakeholder engagement to the table as he takes on the task of reviving Liberia’s economy.
Liberian authorities are currently negotiating a new program with the International Monetary Fund (IMF). The move could lead to cut in public spending and other monetary and fiscal adjustments based on the content of an agreed deal. Authorities are proposing about $17 million drop in the 2024 national budget.
