The medium-term agenda of the government’s development plan emphasizes roads and other infrastructure in ICT, Energy, Sea Ports, and Air Transport.
By Lewis S. Teh
Monrovia, November 6, 2024: Liberia’s Finance and Development Planning Minister Augustine Ngafuan has stressed the urgent need to diversify the economy to grow the country.
“Diversification of our economy remains paramount because it will target low-hanging fruits in the tourism sector, which has a huge potential of driving private investment,” Ngafuan said Tuesday, November 5, 2024.
Minister Ngafuan’s statements came at the start of a two-day draft of the ARREST Agenda for the government’s inclusive development exercise.
It was held at the Ellen Johnson Sirleaf Ministerial Complex in Oldest Congo. Minister Ngafuan believes that the tourism sector and agriculture sectors are highly private-sector-driven.
He noted that he expects the private sector to seize the opportunity. “Let me take this opportunity to welcome you all and thank you for attending this validation meeting,” said Minister Ngafuan.
According to him, it is one of the last milestones in the government’s roadmap to launching and implementing the new National Development Plan, which is dubbed the ARREST Agenda for Inclusive Development (AAID).
Minister Ngafuan stated that the process leading to the formulation of this draft Plan has been highly consultative and inclusive from the outset.
“The draft AAID we are validating today is the outcome of a series of consultative meetings we have held across the country.”
He disclosed that the Ministry of Finance and Development Planning is grateful for the response, support, and goodwill received in the formulation process.
Explained that the government’s medium-term development agenda is largely driven by ‘ARREST’-Agriculture with a focus on agribusiness value chains.
He says the medium-term agenda emphasizes roads and other infrastructure in ICT, Energy, Sea Ports, and Air Transport.
It further emphasizes good governance, especially upholding the rule of law and strengthening the fight against corruption.
In addition, Minister Ngafuan explained that it tackles the education value chain from early childhood education to basic, secondary, higher learning, and TVET.
He continued that it targets improved health outcomes through WASH. “Diversification of our economy is targeting low-hanging fruits in the tourism sector, which has a huge potential of driving private investment,” Minister Ngafuan detailed.
The indicative cost of the Plan is US$7.6m. 30% of that amount will be the contribution from the GoL. Development stakeholders, such as the private sector, are expected to contribute 35%. Official Development Assistance (ODA) is estimated at 25%, and remittances from the diaspora are 10%.
However, Minister Ngafuan said it is important that every stakeholder has a role to play in national development.
In a PowerPoint presentation to stakeholders, the Assistant Finance Minister for Development Planning said the proposed amount announced by Minister Ngafuan for the draft development plan is a preliminary figure.
In remarks, the Acting Chairperson of the Governance Commission, Professor Alaric Tokpah, thanked the MFDP for organizing the draft arrest agenda validation exercise and termed it a milestone in the country’s development agenda.
“There’s no country that witnesses immense growth without proper planning, and we are grateful to form part of this exercise, which is aimed at gathering ideas for the country’s national plan,” said Prof. Tokpah.
The MFDP draft arrest agenda validation exercise brought together key stakeholders from line ministries, agencies, and commissions. The gathering included development partners and civil society organizations, among others.
