Monrovia — President Joseph Boakai has appointed Augustine Kpehe Ngafuan as the new Minister of Finance and Development Planning, concluding the search for a replacement following the resignation of Boima Kamara.
Ngafuan's appointment, pending confirmation, marks a return to the Ministry of Finance, where he previously served during the Sirleaf-Boakai administration. He was a key figure in the Ellen Johnson Sirleaf government, holding various positions over a decade, including Director of the Bureau of the Budget, Minister of Finance, and Minister of Foreign Affairs. Ngafuan resigned as Foreign Minister in 2015 to actively participate in the 2017 presidential and general elections, in compliance with Liberia's Code of Conduct, which requires appointed officials to step down two years before elections if they intend to run for office.
Many had anticipated Ngafuan's return to a high-profile government role.
Ngafuan's Profile
Early Life and Education
Born on April 7, 1970, at the Old Maternity Center on Capitol Bye Pass, Monrovia, Augustine Kpehe Ngafuan began his education at A.B. Tolbert Elementary School in Logan Town, Monrovia. He continued his studies at Boatswain Junior High School and graduated as Valedictorian from Booker Washington Institute (BWI) in 1989, earning a diploma in Accounting. The same year, he received a Merit Award for Academic Excellence from the West African Examinations Council (WAEC) for his outstanding performance in Liberia's WAEC exams.
Ngafuan went on to graduate summa cum laude from the University of Liberia (UL) in February 2000, earning a Bachelor of Business Administration (BBA) degree in Accounting and Economics. During his time at UL, he was elected President of the University of Liberia Student Union (ULSU), representing nearly 12,000 students until his graduation.
In June 2004, Ngafuan earned a Master of Business Administration (MBA) degree in Finance and Accounting from the William E. Simon School of Business at the University of Rochester, New York, USA. He has also completed various professional training programs, including certifications in Central Banking from the Federal Reserve Bank of New York, Public Financial Management from Harvard University, and Executive Leadership from the Wharton School of the University of Pennsylvania.
Professional Life
Ngafuan's professional career began with a six-month on-the-job training in the Accounts Section of the Liberia Petroleum Refining Company (LPRC) in 1988. In April 2000, he was recruited by the newly established Central Bank of Liberia (CBL), where he served as a Bank Examiner and later as a Banking Analyst.
After completing his graduate studies, Ngafuan returned to Liberia and was appointed as head of international banking at the CBL. In January 2006, he joined President Sirleaf's Cabinet as Director General of the Bureau of the Budget, becoming the youngest member at 35 years old. In August 2008, he was appointed Minister of Finance, succeeding Antoinette M. Sayeh, who had taken a position with the International Monetary Fund (IMF). During Sirleaf's second term, Ngafuan was named Minister of Foreign Affairs and Dean of the Cabinet, a role he held until his resignation in October 2015.
In December 2020, Ngafuan was hired by the African Development Bank (AfDB) as the Country Manager for Uganda, where he managed a portfolio of nearly US$2.2 billion.
Notable Achievements at the Ministry of Finance
During his tenure as Minister of Finance (August 2008 - February 2012), Ngafuan achieved several milestones:
Debt Relief: He led Liberia to the HIPC Completion Point in 2010, resulting in the cancellation of nearly US$5 billion in external debt, including a 100% debt cancellation by the Paris Club. This achievement restored Liberia's borrowing rights and allowed the country to redirect funds toward essential development projects.
Infrastructure Funding: Ngafuan played a key role in securing nearly US$250 million from the World Bank and other donors for infrastructure projects, including the Redlight-Gbarnga-Guinea border road and the Monrovia-Buchanan Highway.
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Public Financial Management: He led the drafting and passage of the Public Financial Management (PFM) Law of Liberia in 2009 and oversaw the establishment of the Internal Audit Agency (IAA). Ngafuan also introduced the Direct Deposit Payment system for government employees and initiated the Integrated Financial Management Information System (IFMIS) in 2011 to automate government budgeting and expenditures.
Civil Service Improvements: His tenure saw year-on-year salary increases for civil servants.
Other Activities
Ngafuan served as the National Campaign Manager for Joseph Nyuma Boakai's 2017 presidential campaign. He is also an award-winning poet, with his poem "The African Teacher" winning 2nd Prize in the BBC Network Africa 2001 Poetry Competition.
A passionate soccer enthusiast, Ngafuan captained the Ministry of Finance's soccer team, "The Dollars," to two successive championships in the Inter-Ministerial Soccer Tournament. He is married and has four children.
