Monrovia, Liberia - Finance and Development Planning Minister, Hon. Augustine Kpehe Ngafuan, has assured the banking sector that the government is taking deliberate and concrete steps to meet its financial obligations and rebuild confidence with commercial banks, as he spoke at the 60th Anniversary celebration of the Liberian Bank for Development and Investment (LBDI).
The anniversary program was held at a local hotel in Monrovia and brought together government officials, bankers, private sector actors, and development partners to commemorate six decades of LBDI’s contribution to Liberia’s economic growth.
Delivering remarks at the event, Minister Ngafuan said relations between the government and the banking sector are improving significantly, noting that trust—once eroded is steadily being restored through responsible fiscal management.
“Things are looking up for this country,” Minister Ngafuan underscored. “The government does not intend to be a burden on the banking sector. We are taking deliberate actions to meet our obligations so that confidence can return and grow.”
He acknowledged that in previous years, confidence in government financial commitments had weakened, causing banks to distance themselves. However, he stressed that the situation has changed.
“Years ago, when you heard government, you ran away. That is no longer the case. Now you are coming back, and we will cause more people to come back,” he stated.
The Finance Minister disclosed that debt servicing has become a major priority in the national budget, revealing that nearly US$90 million has been allocated in the upcoming fiscal year to settle obligations to commercial banks.
“One of the key appropriations in this year’s budget is debt servicing—very huge,” Hon. Ngafuan asserted. “We have almost 90 million dollars in next year’s budget to pay commercial banks. We want to regain your confidence so you can do what you do best—power the private sector.”
Minister Ngafuan emphasized that the government does not want to default on its responsibilities, noting that a strong banking sector is essential for private sector growth and national development.
He also highlighted ongoing collaboration with the Central Bank of Liberia, including reforms aimed at resuscitating the economy and addressing long-standing constraints to growth.
“We are taking big actions to deal with the constraints to growth,” he indicated. “When we unlock those constraints, the private sector is unlocked, the banking sector is enabled, and together we become the engine of economic growth.”
Touching on financial innovation, Hon. Ngafuan referenced upcoming programs on interoperability between mobile money platforms, describing them as critical to expanding financial inclusion and stimulating economic activity.
“As the economy expands, we must ensure that those growing with us—our banks, our private sector—also improve and progress,” he added.
The 60th anniversary celebration of LBDI served not only as a reflection on the bank’s historical role in national development, but also as a platform for renewed commitment between government and financial institutions toward sustaining Liberia’s economic recovery and growth.