Liberia's Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, has underscored the country's significant progress in Public Financial Management (PFM), emphasizing the role of transparency, accountability, and professional financial reporting in driving sustainable economic growth.
His remarks came during the opening of the 108th Council Meeting of the Association of Accountancy Bodies of West Africa (ABWA), hosted in Monrovia.
Minister Ngafuan described Liberia's hosting of the Council Meeting as a recognition of the country's growing credibility and regional leadership, stating that the event reflects both the vitality of ABWA and Liberia's expanding role as a trusted hub for regional and international institutions.
"Liberia is honored by the confidence placed in us to host this important meeting. Your presence here is not only a testament to the vitality of ABWA, but also a recognition of Liberia's expanding role as a reliable partner and convening center for regional and international institutions," Minister Ngafuan said.
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The ABWA Council Meeting has drawn participants from more than 13 countries across West and Central Africa, providing a platform for peer learning, professional solidarity, and discussions on best practices in financial management and accountancy.
Minister Ngafuan highlighted that PFM remains a strategic national priority for Liberia, extending beyond technical processes to encompass institutional credibility, restoration of public trust, value for money in public spending, sustainable debt management, and an enabling environment for private investment.
"These objectives cannot be achieved without reliable financial reporting, high-quality auditing, and strong professional ethics," he said. "This is why ABWA's work in promoting IPSAS, IFRS, International Standards on Auditing, ethical codes, and structured capacity-building programs is directly relevant to governments across West Africa."
He stressed the central role of accountants in governance and economic decision-making, noting that accurate, transparent, and faithful financial records are essential for informed policy choices and long-term economic stability.
Minister Ngafuan noted that hosting the ABWA meeting builds on Liberia's recent track record of successfully hosting major regional and international events, including the 44th GIABA Technical Commission and Plenary Meetings (2025), the African Road Maintenance Funds Association (ARMFA) General Assembly (2025), and the upcoming West African Monetary Zone (WAMZ) statutory meetings.
"Liberia has moved beyond the period when it was viewed as the problem child of the sub-region. Today, Liberia is a place the world is coming to," he emphasized.
The Minister paid special tribute to the Liberia Institute of Certified Public Accountants (LICPA), the statutory professional accountancy body established under the LICPA Act of 2010. He commended LICPA for regulating the profession, certifying accountants, improving audit quality, and supporting the training of public-sector finance officers and auditors.
"LICPA has been a valued partner of the Ministry of Finance and Development Planning, the General Auditing Commission, the Internal Audit Agency, and the Liberia Revenue Authority in strengthening Liberia's public finance architecture," Minister Ngafuan said.
Minister Ngafuan reaffirmed the government's commitment to deepening reforms in budget preparation and execution, fiscal reporting and transparency, internal control and audit systems, and the digitalization of PFM platforms.
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"We recognize that regional cooperation, peer learning, and professional solidarity, of which ABWA is a leading example, are indispensable to sustaining these reforms," he said. "I encourage this Council to continue strengthening collaboration among member institutes and with governments to build resilient financial institutions capable of supporting inclusive growth and stability across West Africa."
Concluding his remarks, Minister Ngafuan expressed pride in Liberia's hosting of the ABWA Council Meeting and reaffirmed the country's commitment to advancing governance, transparency, and professional standards in public financial management, noting that these are central to Liberia's economic development agenda.
"ABWA's work, and the professionalism it promotes across the region, directly contributes to building the institutional capacity and credibility that Liberia and West Africa need for sustainable development," he said.
