New report released by the Central Bank of Liberia has revealed growth in the country’s key commodity sectors for December 2024, highlighting a marked recovery in mining and agricultural production.
This upward trend is attributed to strong global demand and favorable market conditions, signaling a positive outlook for Liberia’s export economy.
The report indicates that iron ore production in December 2024 rose by 4.0 percent to 515,000 metric tons, up from 495,000 metric tons in November. This production level remains stable compared to the same period in the previous year. As the demand for iron ore continues to rise globally, Liberia’s mining sector appears well-positioned to capitalize on this trend.
Gold production also saw an increase, up 4.2 % to 37,143 ounces from 35,663 ounces in November. This growth has been fueled by favorable market prices and an uptick in artisanal mining activities, reflecting a broader 11.4% increase compared to the same month last year.
A particularly notable development is the dramatic surge in diamond production, which skyrocketed by 116.7 percent to 2,362 carats in December 2024 from just 1,090 carats in November.
This robust growth has been propelled by intensified mining efforts, marking a distinction in diamond production growth compared to the same time last year, the Bank said.
In the agricultural sector, rubber producers reported an 8.9 % increase in output, rising to 8,229 metric tons from 7,557 metric tons in November. This growth is largely driven by improved yields and increased production from smallholder farms. Year-on-year, rubber production has surged by an impressive 45.4 percent, showcasing the sector’s resilience.
The manufacturing sector also contributed positively, with cement output jumping 9.5% to 53,094 metric tons from 48,491 metric tons in November. Activity in the construction sector, fueled by the onset of the dry season, is credited for this increase, although the production level reflects a decrease of 17.4 percent compared to December 2023.
Beverage production, which encompasses both alcoholic and non-alcoholic drinks, saw a notable increase of 10.7 percent to 3.7 million liters, driven by heightened demand coinciding with the holiday season. Alcoholic beverages accounted for 35 percent of the production, while non-alcoholic beverages represented 65 percent, signaling diverse consumer preferences.
Despite the positive production statistics, the report also highlighted a concerning rise in inflation, which soared to 10.7 percent in December from 8.2 percent in November. This increase, according to the Central Bank is primarily attributed to rising prices in the hospitality and food sectors, underscoring the need for policy interventions to manage inflationary pressures.
