Highlighting progress Liberia has made in securing eligibility for a second Millennium Challenge Corporation (MCC) Compact, Senator Amara Konneh of Gbarpolu County, warns here that corruption remains a significant threat.
"Today, corruption could jeopardize the Compact if not adequately addressed. I do not believe the IMF's mention of 'widespread corruption' will stop the current MCC process, but persistent failure to reform could weaken its impact," he cautioned.
As the IMF report notes, Liberia must protect the MCC Compact, especially as Official Development Assistance declines sharply, and build credibility needed to attract quality, long-term investments.
He congratulated President Joseph Boakai and his Economic Management Team (EMT) on the recent approval by the International Monetary Fund (IMF) of SDR 19.3 million (approximately US$26.5 million) to support Liberia's Balance of Payments. This support follows completion of the 2025 Article IV Consultation and the third review under the Extended Credit Facility (ECF) Arrangement.
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While commending the milestone, Senator Konneh also raises red flags about the country's economic health, citing the IMF's recent report that lowers Liberia's 2025 growth projection from 5.6% to 4.6%, a return to 2023 levels.
"Structural weaknesses persist for two years into the Boakai-Koung Administration, and low consumption highlights citizens' limited buying power," he stated. "Both signal a weak economy, as shown by the IMF's downgrade."
Although the 2025 forecast reflects a modest improvement over 2024's 4.0% growth, Konneh emphasizes that it still points to slow and fragile progress.
He had shared this view on July 18, 2025, amid criticism from the Unity Party and praise from the CDC, he recalled.
Senator Konneh didn't mince words when addressing the IMF's explicit mention of "widespread corruption" in its press release, which he said remains a persistent roadblock to development.
"The reality is that the economy remains fragile and will stay that way as long as the institutions remain weak," he said. The Fund's mention of 'widespread corruption' indicates that it will continue to hinder the nation's growth, weaken investor confidence, and threaten the country's ability to achieve sustained, inclusive development.
Drawing from his own experience, Konneh reflected that as a former Finance Minister, he understands the challenge of dealing with external factors like geopolitical issues being beyond control, endemic corruption fueled by noise rather than action, and limited professional capacity combined with political will to push reform, both of which are within Liberia's control.
Still, he is optimistic, noting: "Liberia is far better off than where we were in 2006 when the UP first inherited a collapsed and isolated country after a prolonged civil war."
Konneh acknowledges the gains made by the Boakai administration, particularly in terms of macroeconomic stability.
"The lessons from the UP's first twelve years in power are rich and instructive. While President Boakai and his EMT have made good progress in stabilizing the exchange rate and inflation, they have done little to implement deeper reforms that could grow the economy and accelerate development," he stated in a Facebook post on Tuesday.
He stresses an urgent need for transformative reforms, stressing "We must leverage what we know, have, and build on them."
Turning to the government's flagship ARREST Agenda for Inclusive Development (AAID), he warns that while the plan presents a great opportunity, it mirrors past mistakes.
At a cost twice the nation's Gross Domestic Product (GDP), it is overly ambitious and requires strong institutions, ample resources, and effective leadership. Meanwhile, donor fatigue and inflationary pressures make domestic resource mobilization more challenging than it has been in the past twenty years. These are not temporary setbacks but indicate the need for structural solutions that can't rely on imaginary money.
Konneh outlines his vision for fiscal transformation, urging a complete overhaul of the National Budget.
"Over-reliance on consumer-based taxes worsens ordinary people's struggles," he cautioned. "The country needs comprehensive fiscal reforms that optimize growth via better natural resource concessions, smarter public spending, job creation, equitable redistribution, and protection of key social expenditures, even as we tighten the budget."
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He emphasizes the importance of initiating a national conversation on natural resource management and allocation of rents.
Konneh also cautions against the politicization of governance as the 2029 elections draw closer.
"It appears that 2029 has arrived earlier than expected, distorting everything and prompting them to make decisions based on their political interests, instead of focusing on improving lives," he observes.
He challenges national leaders to make bold, principled choices: "They must be willing to accept honest truths--whether from friends or political rivals--and make decisions that improve lives."
Looking ahead, Konneh expresses readiness to work collaboratively across branches of government and with international partners.
"As we return from recess in two weeks, I look forward to working with my colleagues in the Legislature, our partners in the Executive, and Liberia's development allies to see this moment not as a warning, but as an opportunity to embed mutual accountability and unlock private-sector growth like never before," he says. Editing by Jonathan Browne
