Liberia's Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, has reaffirmed the country's openness to investment on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland.
Delivering the keynote address at a high-level roundtable titled "The Future of Liberia: Global Partnership and Economic Diplomacy," attended by global investors, development finance leaders, and international partners, Minister Ngafuan said Liberia's presence at the WEF marks a new phase of engagement with the global investment community.
He noted that this renewed outreach is anchored in macroeconomic stabilization, institutional reforms, and a growing pipeline of bankable projects.
"Liberia comes to Davos with a clear, evidence-based message: we are implementing reforms, stabilizing our economy, and opening credible pathways for investment and financing," the minister emphasized.
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Improving macroeconomic fundamentals
Minister Ngafuan highlighted strengthening macroeconomic and fiscal indicators as key drivers of renewed investor confidence. Liberia's economy grew by 4.0 percent in 2024 and is projected to expand by 5.6 percent in 2025 and 5.8 percent in 2026. Inflation, he noted, has declined sharply, standing at 4 percent at the end of December 2025.
Fiscal performance has also improved significantly. The government recorded a primary surplus of 1.3 percent of GDP in 2024--a major turnaround from a deficit of 4.2 percent of GDP in 2023. Domestic revenue reached a historic high of US$836 million in 2025, driven by compliance reforms and the rollout of digital tax systems. Confidence in the banking sector is also rising, with net deposits increasing substantially.
External validation and governance reforms
The minister pointed to strong external anchors underpinning these gains, including Liberia's IMF Extended Credit Facility, which reinforces fiscal discipline and unlocks access to the Resilience and Sustainability Facility. He also noted that Liberia has been reaffirmed for a second Millennium Challenge Corporation (MCC) Compact after passing more than the required indicators, including key anti-corruption benchmarks.
"These validations reduce policy uncertainty and demonstrate international confidence in the development pathway Liberia is pursuing," Minister Ngafuan said.
He cited concrete governance reforms, including the completion of an IMF Governance Diagnostic in 2025; expanded investigative powers for the Liberia Anti-Corruption Commission; strengthened internal audit systems; verification of asset declarations; and more transparent public procurement through competitive bidding and e-procurement. He added that the Central Bank of Liberia is modernizing the payments system and enhancing prudential oversight.
Infrastructure, services, and digital transformation
Minister Ngafuan told participants that reforms are translating into tangible improvements across the country. Major road corridors are being upgraded, new schools are under construction, hospitals are receiving more reliable supplies of essential medicines, and business processes are increasingly digitized. The finance minister stressed that progress is being made toward the launch of a National Payment Switch, which will enable interoperability across banks, fintech firms, and mobile money platforms by the end of 2026.
"These investments strengthen human capital and reduce social and operational risks for long-term projects," he said.
Investor-ready opportunities
Liberia, the minister noted, has strengthened its project preparation capacity, standardized its public-private partnership (PPP) framework, and aligned national priorities under the ARREST Agenda for Inclusive Development. As a result, investor-ready project pipelines are emerging in energy, transport, agriculture, digital infrastructure, and mining.
He outlined four priority investment themes: energy; transport and logistics; agriculture and agro-processing; and the digital economy. Together, these sectors aim to expand electricity access, improve trade and transport efficiency, add value to key agricultural commodities, and unlock scalable digital opportunities supported by Liberia's young and increasingly connected population.
Open investment regime and global role
Minister Ngafuan emphasized Liberia's liberal investment regime, citing its dual-currency system, full repatriation of profits and capital, open capital account, and progress toward establishing Special Economic Zones. He also noted that Liberia's assumption of a seat on the United Nations Security Council strengthens its standing as a credible and reliable global partner.
"We do not claim to be out of the woods," he said, "but Liberia is materially better today than before President Joseph Nyumah Boakai assumed office. Today is better than yesterday and tomorrow will be better than today."
Call for partnership
The finance minister concluded with a call for multilateral institutions to scale up blended finance, guarantees, and technical assistance, while encouraging private investors to engage directly with Liberian ministries to co-develop projects that deliver both commercial returns and development impact.
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"The fundamentals are strengthening. The reforms are real. The opportunities are investable," Minister Ngafuan underscored. "We invite the world to join us on this journey of transformation and win-win partnerships."
Also speaking at the roundtable was Foreign Minister Sara Beyslow Nyanti, who highlighted that Liberia's diplomatic thrust is centered on economic diplomacy and reaffirmed that the country is open for business.
The Chairman of the National Investment Commission, Jeff Blibo, highlighted additional potential investment areas, including mining, tourism, and technology. Chairman Blibo noted that the commission is working with other government institutions to enhance Liberia's attractiveness as an investment destination.
The World Economic Forum was first held in Davos in 1971 as a gathering of business executives. Over the years, it has expanded significantly in scope, bringing together global leaders to address a wide range of issues, including economic inequality, climate change, technological innovation, and international cooperation.
