In his first official day on the job, Liberia’s new Finance Minister Augustine Ngafuan has outlined an ambitious agenda to transform the country’s financial landscape. Ngafuan has vowed to ensure fairness, competence, and integrity in the administration of Liberia’s finances.
Speaking at a takeover ceremony Monday in Monrovia, Minister Ngafuan expressed his determination to expand the nation’s budget, close loopholes in revenue generation, and bolster the mining and energy sectors to increase government income and revenue.
“We will move with deliberate speed to get things done,” he said.
Ngafuan urged donors and partners to align their funding assistance with Liberia’s development plans, emphasizing the need for improved efficiency within the government bureaucracy and the creation of a credible budget based on realistic revenue sources.
“It is our duty to serve as an instrument to fulfill the ambition of our people,” he stated, warning that the consequences of not doing the job well could have dire consequences. “In this case, we become murderers without knowing we have committed murder.”
Liberia’s economy has faced significant challenges in recent years, with the country’s GDP growth rate declining from 8.7% in 2013 to 0.5% in 2020 before picking up to about 5.3% in 2023, according to World Bank data.
The country’s inflation rate, which stood at 23.5% in 2019, has also been a cause for concern although it has eased to single digit this year according to the Central Bank of Liberia.
Growth contracted for six months end June 30, the Central Bank Said in a September 2 statement following its Monetary Policy Committee Meeting.
Minister Ngafuan’s commitment to fiscal reforms and efficient budget management is seen as a crucial step in addressing these economic challenges and paving the way for sustained growth and development in Liberia.
