Monrovia – Ministry of Finance and Development Planning Minister, Augustine Ngafuan, has reiterated the government’s pledge to strengthen and empower the private sector, warning that to do otherwise would be a “self-inflicted wound” to national development.
By Jaheim T. [email protected]
Speaking Monday at the signing ceremony of a €25 million financial agreement to boast private sector development between the Government of Liberia and the European Union (EU), Ngafuan described the private sector as the “engine of growth,” and stressed that an attempt to sideline it would amount to “scoring own goals in football parlance.”
Said Ngafuan “But we can do all the things we pledge for. If we abandon the private sector, it means that in football parlance we are scoring our own goals. We cannot abandon the private sector.”
He remarked, “And the actions we are taking, you know, electricity, powering the country, reducing the cost of business, the major constraint to business, small business, power. So, we are doing things as a government, but through your support we are politicizing actions that redound to the kind of objectives we seek.
The new agreement, funded through EU grant support, aims to enhance critical value chains including cassava, fisheries, and wood processing sector with a focus on micro, small, and medium-sized enterprises towards a path of self-sustainability, reduction of import dependency and net exploration. The project also aims at fostering women’s employment, youth entrepreneurship and the creation of decent working conditions.
“We attract government resources, we have to enable the private sector. When we do roads, we are doing it because we want to do it to help the country generally, but also the private sector,” Ngafuan said. “Our people, if they can move from here to Maryland, quickly they can sell their goods and services quickly and make profit.”
In remarks delivered by the EU Ambassador to Liberia, Nona Deprez, emphasized that the agreement aligns with both the Government’s ARREST Agenda and the EU’s Global Gateway Strategy—a broad development plan that promotes sustainable economic partnerships worldwide.
“This is a holistic package,” the EU Ambassador said. “It connects with Liberia’s inclusive development priorities, supports vocational education and training, enhances food value chains, and promotes better work conditions. Most importantly, it is a grant—not a loan—and reflects our strong confidence in Liberia’s future.”
She added that the EU is looking to build a stronger public-private sector dialogue, pledging continued support to ministries including Finance, Commerce, Foreign Affairs, and other ministries and agencies.
While praising the EU for what he called a “critical lifeline” in difficult economic times, Minister Ngafuan used the occasion to call for a government-wide effort to support Liberian businesses beyond policy statements.
“It’s become easy to say ‘private sector’—you can even say it in your sleep,” he said humorously. “But President Boakai wants us not just to talk the talk, but to run the talk.”
He highlighted recent initiatives such as reducing bottlenecks at the Freeport of Monrovia, where port hours are now being extended to night-time service to ease container clearing. These moves, Ngafuan noted, are not cosmetic but aimed at removing constraints that stifle business growth.
Minister Ngafuan pointed out that Liberia’s workforce, predominantly youthful and growing, cannot rely on public sector employment alone, citing that the government employs about 60,000 people in a country of over five million.
“The government payroll cannot be bloated. It’s the private sector that must absorb the energy and talent of our people. And that’s why this support is so critical,” he said.
He also referenced ongoing infrastructure projects—especially in the Southeast such as the ‘Light Up Southeastern Liberia’ initiative—as complementary efforts aimed at electrifying the region and enabling economic activity and reducing the cost of doing business across Liberia’s regions.
On the margins of the signing ceremony, Minister Ngafuan met with the Children’s Parliament of Liberia, a symbolic gesture he used to underscore the importance of intergenerational equity.
“We sit in these offices not as owners, but as stewards,” he told them. “Everything we do here—every agreement signed, every policy made—must serve the future. That means creating a Liberia where they will have a head start, not a struggle.”
In closing, Ngafuan extended appreciation on behalf of Boakai- administration to the EU highlighting the consistency of their support.
“This year has not been easy,” he admitted. “Some partners have pulled back. But when others stepped down, the EU stepped up. And the Liberian people remember that at this critical time.