Abidjan, Côte d’Ivoire - Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, has underscored the country’s strong resilience in the face of recurring global and domestic shocks.
He made these remarks during the launch of Africa’s Macroeconomic Performance and Outlook 2026 Report by the African Development Bank (AfDB) at the Bank’s headquarters in Abidjan on Monday, March 30, 2026.
The Africa’s Macroeconomic Performance and Outlook 2026 Report by the African Development Bank, shows that despite headwinds, Africa remains a global growth frontier, on track to remain one of the fastest-growing regions in 2026, and hosting 12 of the world’s 20 fastest-growing economies.
The report added that growth uptick in 2025 was broad based, with stronger estimated performance in 32 of 54 African countries, with 22 countries including Liberia having more than 5 percent growth.
Serving as a panel discussant alongside finance ministers and senior policymakers, including Dr. Retselisitsoe Adelaide Matlanyane of Lesotho, Dr. Adama Coulibaly of Côte d’Ivoire, Professor Mthuli Ncube of Zimbabwe, and Mme Aminata Touré of the International Monetary Fund, Minister Ngafuan emphasized Liberia’s progress despite its relatively small population of just over five million.
He recalled that in the aftermath of the conflict, Liberia faced a severe debt crisis, with its debt-to-GDP ratio reaching above 700 percent. Through sustained reform efforts and strong international cooperation, the country successfully secured debt relief covering nearly 90 percent of its obligations, laying the foundation for macroeconomic stability.
Reflecting on public health challenges, Minister Ngafuan mentioned the devastating toll of the Ebola epidemic, which claimed more than 5,000 lives.
He noted, however, that the experience strengthened Liberia’s institutional capacity, enabling a more effective response to the COVID-19 pandemic and mitigating its overall economic and social impact.
The Minister also addressed recent fiscal shocks, including the abrupt withdrawal last year of over $300 million in external project financing following the exit of Liberia's second largest donor. Despite this setback,
Liberia maintained fiscal stability through enhanced domestic resource mobilization.
“The sky did not collapse, on our heads” Minister Ngafuan stated, attributing the country’s resilience to improved tax administration, enhanced digitization, increased transparency, and efforts to eliminate revenue leakages.
As a result, Liberia achieved its highest-ever domestic revenue collection and recorded a small budget surplus.
The Minister emphasized that these reforms remain central to the government’s broader development agenda, including the implementation of its national development plan and targeted initiatives to strengthen resource governance.
Highlighting sector-specific reforms,
Minister Ngafuan pointed to ongoing collaboration with the African Development Bank to improve transparency and revenue generation in Liberia’s mining sector.
“While mining has been a major driver of economic growth, contributing the largest share to GDP growth in the past year, revenues from the sector have historically remain relatively low compared to what private entities and multinationals in the sector earn’, he said.
He noted that current reforms are aimed at addressing these disparities and ensuring that natural resource wealth delivers tangible benefits to the Liberian people.
Liberia’s economic outlook, he revealed, remains positive, with GDP growth recorded at 5.1 percent last year and projected to increase to 5.6 percent this year. Inflation has also declined significantly, averaging 8.2 percent for 2025 with end December inflation of 4 percent percent. He noted that January 2026 inflation was slightly above 3 percent.
However, Minister Ngafuan expressed concern about emerging inflationary pressures driven by rising global prices, particularly in fuel and transportation.
He warned that recent increases in fuel costs are already impacting the cost of living, especially for vulnerable populations.
“While we remain confident, the reality is that rising prices are already affecting the poor,” he noted.
The government, he said, is implementing targeted mitigation measures, including support for the national petroleum refinery and broader social protection initiatives to cushion the impact on households. He also called for strengthened crisis response mechanisms from development partners, including the African Development Bank, to help countries better navigate short-term economic shocks.
Despite ongoing challenges, Minister Ngafuan reaffirmed Liberia’s commitment to sustained reform and resilience.
“We have become accustomed to managing shocks, learning from them, and emerging stronger,” he said, while expressing appreciation to the African Development Bank and other partners for their continued support.
Besides serving as Liberia's Governor on the Board of the African Development Bank, Minister Ngafuan is the current Chairman of AfDB Constituency 15 comprising Ghana, Gambia, Sudan, Sierra Leone, and Liberia.