Monrovia, Liberia – The World Bank has launched its Liberia Country Economic Memorandum (CEM), a comprehensive report advocating for a shift from resource dependency to a diversified and sustainable economy. The unveiling, held at the Cape Hotel in Mamba Point on Tuesday, March 11, 2025, convened policymakers, economists, and stakeholders to discuss Liberia’s economic future.
World Bank Country Manager Georgia Wallen presented the CEM, a detailed analysis produced every five years, as a vital tool for shaping policy decisions and driving economic transformation. “This report serves as a crucial tool for policymakers, academia, students, and think tanks,” Wallen stated, emphasizing its role in guiding Liberia’s economic trajectory.
The CEM aligns with Liberia’s new national development plan for 2025-2029, which targets a 25% increase in national income over five years. However, Wallen stressed that the primary objective is to move beyond raw resource exports towards value addition, processing, and innovation.
The report identifies five critical economic transitions necessary for sustainable growth, job creation, and improved living standards. Comparing Liberia’s economic path with neighboring countries like Ghana, Sierra Leone, Guinea, and Senegal, the CEM warns that maintaining the current approach will result in modest growth, insufficient to achieve middle-income status by 2030 or significantly reduce poverty.
Conversely, the report suggests that ambitious reforms can lead to transformative outcomes. Key recommendations include:
* Investing in human capital development.
* Improving the business environment.
* Removing barriers to private and public investment.
* Enhancing domestic revenue mobilization.
* Strengthening public expenditure.
* Diversifying the economy beyond mining, expanding into agriculture, manufacturing, and services.
“With bold reforms, Liberia could achieve lower middle-income status before 2040, fostering better jobs and improved living standards,” Wallen emphasized. The CEM provides a strategic roadmap with short-term, medium-term, and long-term policy actions for economic restructuring.
“The next five years will be crucial in shaping Liberia’s long-term economic trajectory,” Wallen stressed, reiterating the World Bank Group’s commitment to supporting Liberia’s economic reset and aligning assistance with the country’s strategic vision. She also announced the final stages of the World Bank’s new Country Partnership Framework, signaling continued international support. “We believe in Liberia’s future because we believe in its people,” she stated.
A panel discussion featuring experts highlighted the importance of education and human capital development. Dr. Edna Jimmy, a professor at the University of Liberia, emphasized the need for quality education to prepare the workforce for the evolving job market. “For Liberia to advance economically, we must ensure that students acquire skills relevant to the job market,” Dr. Jimmy said.
Deputy Minister of Education, Samuel G. Toe, reinforced the connection between education and economic growth, stating, “For Liberia’s economy to thrive, we must prioritize education as our best investment.”
Dr. Musa Dukuly of the Central Bank of Liberia highlighted financial challenges, including slow economic growth and limited human capital, and called for a review of mineral resource policies to ensure they contribute to national development. “We need policies that enhance human capital for sustainable growth,” he stated.
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