Liberian Government Commences the drafting of a Week-long Annual Economic Review to Assess National Economic Performance

Zorzor City, Lofa County - The Government of Liberia, through the Ministry of Finance and Development Planning (MFDP), has commenced a week-long economic assessment workshop to evaluate key sectors of the nation’s economy.

The workshop, known as the Annual Economic Review (AER), is taking place in Zorzor City, Lofa County, and is being organized by the Economic Policy, Macroeconomic and Financial Sector Division at the Ministry of Finance and Development Planning.

Speaking at the start of the workshop, Assistant Minister for Economic Policy, Macroeconomic and Financial Sector Policy at the Ministry of Finance and Development Planning, Hon. Henry D. Z. Yanquoi, explained that the AER serves as a platform to evaluate Liberia’s economic performance. The review, he said, focuses on critical indicators such as GDP growth, inflation, fiscal and monetary trends, climate-related financial impacts, and sector-specific developments in agriculture and infrastructure.

“The current edition of the AER covers the 2022/2023 fiscal period. “We plan to complete the 2024 review in the coming months, followed by the 2025 review early next year, Hon. Yanquoi stated.

The review is part of the government’s broader ARREST Agenda for Inclusive Development, which aims to ensure that economic growth and policy reforms reflect the needs of all sectors and regions across Liberia.

During the session, Hon. Yanquoi also made reference to ongoing infrastructure projects, including the Gbarnga-Mendikorma Road Project. He noted that the Arab Bank for Economic Development in Africa (BADEA), a key financier of the Gbarnga-Salayea segment, has committed to partnering with the Kuwaiti Fund for Arab Economic Development and other Arab lenders to finance the Salayea-Voinjama stretch of the road project.

He revealed that recently held discussions in Kuwait City between Finance Minister Hon. Augustine Kpehe Ngafuan and BADEA’s President resulted in commitments to mobilize funding for the remaining 114 km segment from Salayea to Voinjama.

It was also agreed during that discussion that priority be given to mobilizing $76 million for the pavement of a 50 km stretch of road between Konia to Voinjama, which is estimated at 65 million dollars; followed by an extra layer of asphalt for the 81 km section of the road and put at the cost of approximately $11 million.

Hon. Yanquoi disclosed that the Arab lenders include the Saudi Fund for Development, the Arab Bank for Economic Development in Africa (BADEA), the OPEC Fund for International Development (OFID), and the Abu Dhabi Fund.

For his part, Zorzor District Commissioner Hon. Paul R. Kalama expressed appreciation for hosting the review in the district. “Your presence here is appreciated, and I hope this engagement brings direct benefits to our local economy,” he said.

Commissioner Kalama also expressed optimism that the ARREST Agenda would significantly support the agriculture sector and overall economic development in Zorzor and across Lofa County. “Zorzor is a growing city, and development is a process we are committed to,” he added.

The workshop is expected to conclude with key findings on Liberia’s economic progress, climate vulnerabilities, and recommendations for improved fiscal discipline, enhanced debt management, investments in climate-resilient infrastructure, and strategies to promote private sector-driven job creation.