Ngafuan Calls for More Development Financing, Stronger Partnerships

By Lewis S. Teh

MONROVIA, Liberia, Aug. 3, 2026 – Finance and Development Planning Minister Augustine Kpehe Ngafuan has called for increased development financing, deeper economic reforms, and stronger public-private partnerships to sustain Liberia’s economic growth amid global uncertainties.

Ngafuan made the call during the launch of the African Development Bank’sAfrican Development Bank2026 Liberia Country Focus Reportand the2026–2031 Country Strategy Paper at the Sinkor Palace Hotel in Monrovia.

He said achieving Liberia’s development objectives will require a balanced financing strategy that combines stronger domestic resource mobilization, concessional financing, private investment, climate financing, and strategic international partnerships.

The launch brought together senior government officials, representatives of the African Development Bank, members of the diplomatic corps, development partners, civil society organizations, and private sector representatives.

Ngafuan thanked the African Development Bank for what he described as its continued partnership and confidence in Liberia’s development agenda.

He said the Country Focus Report provides an assessment of Liberia’s macroeconomic outlook, financing needs, and reform priorities, while the Country Strategy Paper outlines the Bank’s medium-term framework for financing, technical assistance, policy dialogue, and knowledge support through 2031.

Speaking on the theme of the 2026 Country Focus Report, “Mobilizing Liberia’s Development Financing at Scale in a Fragmented World,” the Minister said Liberia remains part of Africa’s growth story despite increasing global economic challenges.

Citing the African Development Bank’s continental assessment, he noted that 22 African countries, including Liberia, recorded economic growth of more than five percent last year.

Ngafuan also highlighted Liberia’s resilience in responding to successive economic and public health shocks.

He recalled that although the Ebola epidemic claimed more than 5,000 lives, it ultimately strengthened the country’s public health institutions and preparedness for future health emergencies, including the COVID-19 pandemic.

The Minister further pointed to the Government’s response following the loss of more than US$300 million in external project financing after the withdrawal of United States Agency for International Development support.

Despite the setback, he said, the Government maintained fiscal stability by increasing domestic revenue collection, strengthening tax administration, expanding digitization, improving transparency, and implementing measures to reduce revenue leakages.

“The sky did not collapse on our heads,” Ngafuan said, emphasizing the administration’s commitment to preserving macroeconomic stability despite external challenges.

He reaffirmed the Government’s commitment to prudent macroeconomic management and reforms aimed at promoting inclusive and resilient economic growth.

According to the Minister, the new Country Strategy Paper will guide African Development Bank support through 2031 while helping Liberia mobilize development financing, attract private investment, and accelerate the implementation of key national development priorities.