Zorzor City – The Government of Liberia, through the Ministry of Finance and Development Planning (MFDP), has concluded a comprehensive Annual Economic Review (AER) workshop aimed at assessing the nation’s economic performance and strengthening development planning.
The week-long review, held in Zorzor City, Lofa County, was organized by the Economic Policy, Macroeconomic and Financial Sector Division of the MFDP and brought together stakeholders to evaluate key economic indicators.
Assistant Minister for Economic Policy, Macroeconomic and Financial Sector Policy, Hon. Henry D. Z. Yanquoi, described the AER as a critical platform for assessing Liberia’s economic trajectory. He noted that the 2022/2023 review focused on GDP growth, inflation trends, fiscal and monetary conditions, sectoral performance in agriculture and infrastructure, and climate-related financial impacts.
“The AER provides data-driven insights to inform policy decisions. We plan to finalize the 2024 review soon and initiate the 2025 review early next year,” said Minister Yanquoi. The review aligns with the Boakai-led administration’s ARREST Agenda, which emphasizes inclusive growth and regional equity in development.
Highlighting infrastructure development, Minister Yanquoi pointed to progress on the Gbarnga-Mendikorma Road Project. He stated that the Arab Bank for Economic Development in Africa (BADEA), which is financing the Gbarnga-Salayea segment, has agreed to co-finance the Salayea-Voinjama stretch alongside other Arab partners, including the Kuwaiti Fund for Arab Economic Development.
He noted that discussions between Finance Minister Hon. Augustine Kpehe Ngafuan and BADEA’s President in Kuwait City recently resulted in commitments to raise $76 million. The funding will target two key phases: $65 million for a 50 km stretch between Konia and Voinjama, and $11 million for an additional asphalt layer on the 81 km portion of the road.
Minister Yanquoi identified key partners in the project, including the Saudi Fund for Development, the OPEC Fund for International Development (OFID), and the Abu Dhabi Fund.
Zorzor District Commissioner Hon. Paul R. Kalama welcomed the hosting of the AER in his district, noting the event’s potential to stimulate the local economy. “Your presence here is appreciated, and I hope this engagement directly benefits our community,” he said. Commissioner Kalama expressed confidence that the ARREST Agenda will strengthen agriculture and broader development in Lofa County.
The workshop ended with key findings highlighting Liberia’s economic gains, ongoing climate vulnerabilities, and challenges in fiscal discipline and debt management.
Recommendations include scaling up investment in climate-resilient infrastructure and enhancing private sector-driven job creation. A national validation session of the draft AER report will be held in the coming weeks.
