President Joseph Nyuma Boakai, in his keynote address marking Liberia's 178th Independence Day, openly acknowledged the growing economic strain facing Liberians and announced bold steps to address the rising cost of living, including the establishment of a high-level committee to investigate persistent market price disparities.
Delivering his speech at the historic Centennial Memorial Pavilion in Monrovia, President Boakai candidly reflected on both the progress made and the challenges that remain in improving the economic welfare of Liberians. While noting visible developments in infrastructure and agriculture, the President admitted that many Liberian families continue to struggle with the high cost of essential goods and services.
"While our economy is making steady progress, our domestic revenue remains limited, and many families continue to feel the weight of high prices," President Boakai said. "Transportation costs are too high. The prices of flour, sugar, and other essential goods continue to be a burden. Building materials are still expensive, making it hard for ordinary Liberians to construct homes and businesses."
He described a troubling contradiction in the market, where import costs have reportedly decreased, yet prices for basic commodities remain disproportionately high. "This contradiction, where import costs have fallen yet market prices remain high, requires urgent attention," he emphasized.
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To tackle the issue head-on, President Boakai announced the formation of a High-Level Presidential Ad Hoc Committee that will probe the underlying causes of these price disparities and recommend actionable solutions. He appointed Vice President Jeremiah Kpan Koung as chair of the committee, citing his dedication and experience.
"The Committee will work swiftly and submit a comprehensive report within 45 days with clear recommendations to restore fairness and stability in our market system," the President stated. "I trust Vice President Koung to lead this effort with the urgency and transparency it requires."
The announcement was met with widespread attention, as many citizens have been raising concerns over the cost of living despite promises of economic reforms and stability.
President Boakai balanced his economic concerns with acknowledgment of improvements his administration has overseen. He cited significant progress in road development and agriculture as signs of national growth.
"Our roads are improving, and even in the peak of this rainy season, taxis and commercial vehicles can reach Maryland and Grand Gedeh without the struggles of years past," he said. "Our farmers are producing more food, and the price of rice, vegetables, and other local produce has reached the lowest point in many years."
Still, Boakai was clear-eyed about the work ahead. "Let me be clear: there is still much more to do," he told the nation. "Small, small, we are marching toward a happy land by God's command."
Boakai reiterated his promise to govern without fear or favoritism, stating that his administration's top priority remains the well-being of the Liberian people.
"I stand before you both as your President and partner in renewal, ready to make bold decisions free of fear or bias to advance our country," he affirmed. "We must place our politics and personal interests secondary to the public good."
The President also extended a call for unity and collaboration beyond political lines. "I will work with every Liberian, regardless of their political affiliation, because building our nation is bigger than any one group or any one interest."
While the economic concerns took center stage, Boakai's Independence Day message also emphasized national unity, healing, and a renewed global role for Liberia. He lauded the country's recent election to a non-permanent seat on the UN Security Council, calling it a milestone that reflects Liberia's transformation from a nation known for conflict to one recognized for peacebuilding.
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"This is a powerful reminder that we are no longer seen only through the lens of conflict, but as a nation of peacebuilders," Boakai said. "Liberia is being counted among the countries that matter... the world is watching, and more importantly, Liberia is ready to lead."
He also announced plans to commission a National Memorial honoring victims of the civil war and ECOWAS peacekeepers who lost their lives in Liberia. The monument, he said, would be a lasting reminder of the sacrifices made for peace and a call to national conscience.
In closing, President Boakai declared Wednesday, July 30, 2025, as a National Day of Prayer, urging all Liberians and residents of the country to gather in churches, mosques, and places of worship to pray for continued peace, unity, and healing.
"As we look to the future, let us embrace forgiveness of ourselves and one another," he said. "For it is only through reconciliation that we can fully heal and move forward as one people.
