By Ramsey N Singbeh Jr
Email: director@news.throngtalk.com
Contact: +231772641146 / 880147358
President Joseph Nyumah Boakai has bragged that his government has taken steps necessary to restore economic stability in one year of his administration, emphasizing increment in salaries of health workers, teachers and the police amongst others.
The Liberian Leader said that his administration has managed inflation prudently, reducing it to 7.7% by the end of 2024, down from 10.1% in 2023, appreciating sound fiscal and monetary policies. He told the Legislature that he expects inflation to decrease further to 6.0% in 2025.
President Boakai had earlier during his second State Of The Nation Address or SONA, on January 27, 2025 informed the nation that he inherited an economy in steep decline, with Liberians facing unprecedented hardships including rising unemployment, inflation, and growing inequality. He noted that before his administration, growth had slowed to just 4.6 percent, while inflation surged to double digits at 10.1 percent, driven largely by rising food and fuel prices.
The country’s account deficit, at the time, he spoke had worsened to 26.4 percent of GDP, international reserves dangerously low at just 2.1 months of import cover, and the debt burden had ballooned to $2.5 billion, or 54.6 percent of GDP.
“Civil servants were facing extreme hardship due to pay “harmonization” and delayed salary payments, leaving them vulnerable to payday lenders and informal financial schemes like Susu clubs. We simply did not just recognize these challenges and their impact on our citizens; we took decisive action to increase salary of health workers, the police, and teachers,” Boakai added.
“Strategic investments in infrastructure and energy development, supported by international partners such as the World Bank, the African Development Bank, the European Union, and USAID, further bolster this expansion.”
President Boakai said the country’s international reserves have improved to US$458.9 million, and the Liberian dollar has appreciated by 4.7 percent against the US dollar with the Central Bank reducing the monetary policy rate from 20% to 17%, boosting confidence in the financial system, as a result, private sector credit has increased by 9.1 percent.
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