President Joseph Nyuma Boakai has outlined plans to attract over $3 billion in new investments to Liberia in the coming years.
In a landmark announcement made during his second state of the nation address (SONA) to the 55th Legislature on January 27, the President emphasized the transformative potential of these investments, which will extend to key sectors including energy, mining, agriculture, infrastructure, and technology.
Regarding investment climate and economic diversification, the President disclosed that Liberia is currently in negotiations for over US$3 billion in new investments spanning the energy, mining, and agriculture sectors.
Furthermore, the development of Special Economic Zones is underway to bolster job creation and promote economic diversification. In terms of infrastructure enhancement, initiatives to modernize Roberts International Airport have been prioritized, with achievements such as securing Ethiopian Airlines as a key carrier and engaging in discussions with Qatar Airways. These efforts are positioning Liberia as a regional hub for commerce and travel.
These ambitious initiatives are part of the Boakai administration's "ARREST Agenda", aimed at accelerating economic growth and fostering inclusive development.
On Monday, the President started his SONA by reflecting on the economic challenges his administration inherited, describing a "steep decline" that had left many Liberians grappling with unemployment, inflation, and inequality.
"We took over an economy that was in free fall," he stated. "Growth had slowed to 4.6%, inflation was at a staggering 10.1%, and our debt burden had ballooned to US$2.5 billion, or 54.6% of GDP."
To address these challenges, the administration implemented a series of fiscal and monetary reforms that have already yielded significant results.
According to the President, Liberia's GDP growth rate climbed to 5.1% in 2024, driven by robust performance in mining, agriculture, fisheries, and services.
Inflation was reduced to 7.7% by the end of 2024, and the Central Bank reported an increase in international reserves to US$458.9 million. "We have stabilized the economy, but now is the time to take bold steps to ensure sustained growth," Boakai declared.
The centerpiece of President Boakai's address was the announcement of ongoing negotiations with major multinational companies that are expected to bring over US$3 billion in new investments to Liberia. "We are actively engaging with global investors to unlock Liberia's vast potential," he said. "These investments will target critical sectors such as energy, mining, agriculture, infrastructure, and technology. Once finalized, they will create thousands of jobs and significantly boost our economy."
However, the President did not provide specific information about the sources of those investments and their expected impact on ordinary Liberians and the nation's economy.
The President also highlighted the establishment of Special Economic Zones (SEZs) as a cornerstone of this strategy. These zones are designed to attract both domestic and foreign investment by offering streamlined regulations, tax incentives, and world-class infrastructure. "Special Economic Zones will not only diversify our economy but also create an enabling environment for businesses to thrive," Boakai explained.
Infrastructure and energy development are key priorities in the administration's investment plan. President Boakai noted ongoing efforts to modernize the Roberts International Airport, including investments in fire safety equipment, backup generators, and navigational aids.
"Our goal is to position Liberia as a regional hub for air travel and commerce," he said, adding that the government is in advanced discussions with carriers like Qatar Airways to establish air service agreements.
In the energy sector, Liberia is working with international partners to expand access to electricity and develop renewable energy projects. "Reliable and affordable energy is essential for economic growth," the President remarked. "We are committed to ensuring that all Liberians have access to electricity, whether they live in urban centers or remote rural areas."
President Boakai also outlined measures to improve Liberia's financial systems, including the introduction of the National Electronic Payment Switch (NEPS) and the transition to a cashless economy.
"These initiatives will enhance financial inclusion and make transactions more efficient," he said. The government is also investing in digital tax administration and constructing a state-of-the-art customs inspection facility at the Freeport of Monrovia to increase revenue collection and expand the tax base.
The President credited much of Liberia's progress to strong partnerships with international financial institutions and donor agencies. He revealed that Liberia secured a US$210 million financing package from the IMF's Extended Credit Facility (ECF), as well as additional support from the World Bank, the African Development Bank, and the European Union. "These partnerships have been instrumental in stabilizing our economy and laying the groundwork for sustainable growth," he said.
Boakai also highlighted Liberia's recent eligibility for the Millennium Challenge Corporation (MCC) Compact, a U.S. government program that provides substantial financial support for development projects. "This milestone reflects the confidence our partners have in our governance reforms and economic policies," he stated.
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The President emphasized the importance of ensuring that economic growth benefits all Liberians. He announced that County Development and Social Development Funds, which had been neglected for years, are now being fully remitted to local governments. "This will empower our counties to drive their own development agendas and improve the well-being of their citizens," Boakai said.
He also noted efforts to reduce the cost of essential commodities, such as rice and petroleum products, and praised the progress made in domestic revenue mobilization. In 2024, Liberia collected a record US$695.3 million in domestic revenue, representing a 12% increase over the previous year. "This achievement is a testament to our commitment to fiscal discipline and accountability," the President remarked.
Looking ahead, President Boakai expressed optimism about Liberia's economic prospects, forecasting a growth rate of 5.8% in 2025. "We are on a path toward greater self-reliance and sustainability," he said. "With the right policies and investments, Liberia can become a beacon of prosperity in the region."
The President concluded his address with a call for unity and collaboration, urging all Liberians to support the government's efforts to transform the nation. "Together, we can build a Liberia that offers opportunities for all its citizens," he said. "Let us work hand in hand to turn our vision into reality."
