By Amara Konneh (Senator, Gbarpolu County)
Last week, the Boakai Administration made significant progress on U.S. visa reciprocity, signaling a renewed commitment to fair treatment between longtime allies. This significant diplomatic win marked a vital step toward potentially boosting Liberia’s foreign direct investment and economic growth. We congratulated the President and his team on this achievement.
At the same time, we noted with no surprise the optimistic, yet sober economic outlook detailed in the World Bank’s Liberia Economic Update 2025, released on Wednesday, October 29. The report, titled “From Stabilization to Inclusion – Pathways to Resilient Growth and Productive Jobs,” highlights a high poverty rate, persistently high unemployment caused by a stagnant private sector, a rapidly growing labor force, and a lack of structural reforms.
The report reveals the real-life struggles behind the data by focusing on these human factors rather than just macroeconomic figures. The sharp decline in the mining sector, from 11.9% to 1.8%, and in manufacturing, from 32.4% to 7.1%, reflects the daily challenges faced by our people and demands urgent attention.
The data below paints a stark picture that supports the World Bank’s findings: life expectancy is now 61 years, school enrollment and educational levels remain low, and 1.6 million Liberians—almost the size of our voting population—live on less than $3 a day. If that doesn’t grab our attention, I don’t know what will. These issues are not new, but how the Administration responds will define President Boakai’s legacy and the Unity Party’s chance for another term.
Let’s be honest: under President Weah, Liberia’s GDP growth lagged in the first four years, then peaked in the last two, averaging about 4.8% in 2022 and 4.7% in 2023. However, high inflation rates of 7.6% in FY22 and 10.1% in FY23, along with a fiscal deficit of 7.1% in FY23, offset that growth.
The main problem was Weah’s failure to attract new investments and create jobs, leaving most citizens feeling little impact from these macroeconomic numbers by the end of his term—an outcome contributing to his electoral loss. Now, under President Boakai, we see a lowered fiscal deficit of 2% in 2024. But little else has changed on the macroeconomic front. Growth is even slower than Weah’s best at 4%, and inflation remains above the 2022 rate at 8.3%.
Services and agriculture are the only sectors showing some promise under President Boakai, growing by 5% and 3.4%, respectively, helped by improved electricity supply and increased rubber and rice outputs. We commend the heads of LEC and the Ministry of Agriculture—two capable professionals I have been fortunate to work with during my time as Minister of Finance.
I expressed these concerns months ago, but faced resistance—even from friends within the Unity Party. The data now supports our call for a stronger focus on structural reforms that can spark growth and create jobs. This is how we tackle the real issues that matter most to our people. Intellectualizing and winning the public relations or PR campaigns on the political economy is one of the most difficult tasks for any government as long as the people’s pockets are empty.
To be fair, these indicators reflect the Boakai Administration’s efforts to stabilize the economy. And they are moving in the right direction. The problem is the slow pace and limited scope of the solutions. The lack of meaningful job creation over the past two years remains deeply troubling.
The World Bank correctly warns that “structural weaknesses continue to limit job creation and private-sector development,” and urges us to pursue “job-rich growth” to turn stabilization into truly inclusive progress. In simple terms, a structural weakness is “an inherent, long-term flaw in an economy’s fundamental makeup that hinders its efficiency and stability.” These weaknesses are deep-rooted issues like poor infrastructure, rigid labor markets, inadequate investment, or weak financial regulation, which make the economy vulnerable to shocks and limit policy effectiveness. The key point: GDP isn’t the only measure of a nation’s well-being.
In response, the President has proposed three new investment initiatives to the Legislature aligned with the message of the Economic Outlook—“resilient growth and productive jobs.” While promising, these proposals need careful evaluation to ensure they truly deliver real jobs and opportunities for Liberians, not just headlines and superficial interventions benefiting a few.
However, these proposals are not enough. We must also invest in strengthening our institutions to restore our credibility as an attractive investment destination. Hostility toward investors and reports of extortion hurt our reputation. In September, the U.S. Department of State published its 2025 Investment Climate report on Liberia, noting that government officials often view foreign investors as “opportunities for short-term graft rather than long-term partners in growth.” Strong institutions, effective policies, anti-corruption measures, and the rule of law attract investments. When enforced consistently, investments will flow, leading to growth, jobs, and ultimately, families being able to put food on the table and regain their dignity. That’s what our people want most.
Our citizens also want to drive economic growth in their own country. But according to the World Bank report, most businesses are micro-level with limited potential for expansion and little access to financial or policy support. To change this, we must fully implement the Liberia Small Business Empowerment Act, ensuring that at least 25% of public procurement supports Liberian-owned businesses, with 5% reserved for women entrepreneurs. This is genuine empowerment. We also need to significantly and sustainably increase funding for education and improve the quality and economic relevance of learning outcomes.
That said, the Legislature has a big role to play in supporting the Boakai Administration for the sake of the Liberian people. We must carefully review and swiftly act on the President’s investment proposals, learning from past mistakes. We also need to align the FY 2026 budget with the priorities of the ARREST Agenda, focusing on agriculture, health, infrastructure, and education. As someone who helped bring President Boakai into office and as an elected Senator representing our hurting constituents, my job is to support these efforts and scrutinize policies to ensure they create real change. Silence is not an option.
I look forward to working with my colleagues in the Legislature and the Executive to accomplish that. Together, we can aim for higher, resilient, and inclusive growth.
Achieving double-digit growth is possible, but it won’t mean much for the average Liberian unless we emphasize resilience and fairness. Reaching these goals will require discipline, bold reforms, and persistent execution of tough structural changes to make Liberia an attractive hub for inclusive investments benefiting all Liberians.
I believe we can do it. Let’s rise to the occasion. Our people are watching; their future depends on what we do in the next 12 months!
