Monrovia – President Joseph Boakai, in his State of the Nation Address, outlined significant strides in reviving Liberia’s economy, following years of steep decline and financial instability. The President attributed the country’s progress to sound fiscal and monetary policies implemented by his administration.
According to President Boakai, Liberia’s real GDP growth for 2024 was revised upward to 5.1%, signaling economic resilience and steady expansion. Key sectors, including mining, agriculture, fisheries, and services, drove this growth, bolstered by strategic investments in infrastructure and energy development.
Efforts to stabilize the economy have also borne fruit, with inflation reduced from 10.1% in 2023 to 7.7% by the end of 2024. The President expressed optimism that inflation will drop further to 6.0% in 2025.
The administration also made strides in strengthening the financial system. International reserves improved significantly, reaching $458.9 million. The Liberian dollar appreciated by 4.7% against the U.S. dollar, restoring some stability to the local currency. In a bid to foster confidence in the financial sector, the Central Bank reduced the monetary policy rate from 20% to 17%, paving the way for increased private sector activity.
“Private sector credit grew by 9.1% last year, reflecting our commitment to creating an enabling environment for businesses,” the President said.
These achievements come against the backdrop of severe economic challenges inherited by the Boakai administration, including a ballooning debt burden, low reserves, and soaring inflation. However, the President noted that decisive measures have set Liberia on a path of sustainable recovery.
As Liberia looks ahead to 2025, President Boakai expressed confidence in the nation’s medium-term outlook, with projected growth rates of 5.8%. He reiterated his administration’s commitment to building an economy that works for all Liberians, driven by resilience, prudent policies, and strategic investments.
