Zorzol City – The Liberian government has concluded a comprehensive annual economic review (AER) workshop through the Ministry of Financial Development Planning (MFDP) aimed at assessing the country’s economic performance and strengthening the development plan.
The weekly review held in Zorzol City, Lofa County, was organized by economic policy by the Macroeconomic and Financial Sector sector of MFDP and attracted stakeholders to assess key economic indicators.
Economic Policy, Macroeconomic and Financial Sector Policy Assistant, Hon. Henry DZ Yanquoi described the AER as an important platform for assessing Liberia’s economic trajectory. He said the 2022/2023 review focused on GDP growth, inflation trends, fiscal and financial conditions, sector performance of agriculture and infrastructure, and climate-related financial impacts.
“The AER will provide data-driven insights to inform policy decisions. We will soon finalize the 2024 review and begin the 2025 review early next year,” Minister Yang Koi said. This review coincides with the Bokai-led administration’s arrest agenda, which highlights regional equity in inclusive growth and development.
Emphasizing the development of infrastructure, Minister Yangkoi pointed out the advancements in the Gbarnga-Mendikorma Road project. He said the Arab Bank for African Economic Development (Badea), which funds the Gbarnga-Salayea segment, has agreed to jointly acquire Salaea Boynjama stretches along with other Arab partners, including the Kuwait Fund for Arab Economic Development.
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He focused on discussions between Finance Minister Hong. Augustine Kupe Ngahuan and Kuwait City President Badia recently brought a commitment to raising $76 million. The funding covers two key stages: $65 million for a 50-km stretch between Conia and Voinjama and $11 million for an additional asphalt layer on the 81-km section of the road.
Minister Yangkhoi has identified key partners for the project, including the Saudi Arabian Development Fund, the OPEC International Development Fund (OFID), and the Abu Dhabi Fund.
Zolzor District Commissioner Hon. Paul R. Calama welcomed the hosting of AER in his district and looked at the potential events that stimulate the local economy. “Your presence here is appreciated and I hope this engagement will benefit our community directly,” he said. Commissioner Kalama expressed confidence that the arrest agenda will strengthen agriculture and wider development in Lofa County.
The workshop concluded with important findings highlighting Liberia’s economic benefits, continued climate vulnerability, and challenges in fiscal discipline and debt management.
Recommendations include increasing investment in climate supply infrastructure and strengthening private sector-led job creation. The national verification session for the draft AER report will be held in the coming weeks.
