Liberian will record strong growth this year while preparing to limit dependence on iron ore production and expand manning activities as the country announces discovery of nearly two dozen of minerals that could potentially impact export earnings.
The Ministry of Mines and Energy has analyzed data from resource mineral survey conducted by the Chinese government and the results indicate a significant shift away from the country’s previous sole focus on iron ore, diamonds, and gold, President Joseph Boakai told lawmakers in a speech Monday in the capital Monrovia.
“We have discovered lithium, neodymium, silver, nickel, zinc, uranium, chromium, lead, tin, cobalt, niobium (coltan), tantalum, manganese, copper, zirconium, and monazite, amongst others.
“This report provides new insights into Liberia’s mineral resource potential and represents the most comprehensive scientific investigation conducted in over five decades. We extend our gratitude to the People’s Republic of China for funding this important project.”
Boakai said his administration is engaging both domestic and international investors, showcasing Liberia’s
Untapped opportunities. While some key agreements are still pending, active negotiations with major multinational companies in energy, mining, agriculture, infrastructure, and technology are expected to bring over $3 billion investments to our economy,” he said.
He expects the economy to grow 5.8% in 2025 from 5.1% end 2024/. Inflation will moderate to 6%. The West African nation of 5.5 million people which is leading producer of iron ore and rubber on the continent is still struggling to recover from impacts of public health pandemics like the EBOLA and COVID-19.
This month the Central Bank said it was pursuing measures to counter inflation risks and back economic growth. The domestic economy is set to lose nearly half a billion as US President Joseph Boakai suspends aid to foreign nations.
