Friday, May 9, 2025
THE LIBERIAN INVESTIGATOR
No Result
View All Result
  • Home
  • Investigations
  • News
    • National News
    • County News
    • Health
    • Environment
    • Human Interest
    • Press Release
    • Media
  • Politics
  • Business
  • Editorial
  • Commentary
  • Op-Ed
    • Opinions
    • Letters from the Editor
    • Letters to the Editor
  • Fact Checks
  • Lifestyle
    • Entertainment
  • Sports
THE LIBERIAN INVESTIGATOR
  • Home
  • Investigations
  • News
    • National News
    • County News
    • Health
    • Environment
    • Human Interest
    • Press Release
    • Media
  • Politics
  • Business
  • Editorial
  • Commentary
  • Op-Ed
    • Opinions
    • Letters from the Editor
    • Letters to the Editor
  • Fact Checks
  • Lifestyle
    • Entertainment
  • Sports
THE LIBERIAN INVESTIGATOR
No Result
View All Result
Home Business News Economy

Acting Minister Announces Audit of Ministry of Finance; Reports Economic Growth Stable at 5.1 Percent

by The Liberian Investigator
July 18, 2024
in Economy, Featured
Reading Time: 2 mins read
0
Acting Minister Announces Audit of Ministry of Finance; Reports Economic Growth Stable at 5.1 Percent

Monrovia – The Acting Minister of Finance and Development Planning, Anthony G. Myers, says the Ministry has concluded plans for the commencement of an audit of the Ministry of Finance and Development Planning. The audit, which will be conducted by the General Auditing Commission, will cover the period from January 1, 2022, to January 31, 2024.

During a special news briefing at the Ministry of Information, Culture Affairs, and Tourism on Wednesday, July 17, 2024, Acting Minister Myers also provided a mid-year update on Liberia’s economy. He projected a growth rate of 5.1 percent for 2024, driven by robust performances in key sectors such as mining, agriculture, fisheries, and services. Myers emphasized that economic growth is expected to accelerate to 5.8 percent in 2025, with a medium-term average growth rate of 5.6 percent, supported by mining activities, service sector expansion, significant infrastructure investments, and improved electricity supply.

He highlighted the government’s commitment to implementing structural reforms in crucial sectors such as energy, trade, transportation, and financial services. These reforms aim to create a more conducive environment for economic activities and investment.

According  to him, there has been a significant slowdown in inflation, with the inflation rate projected to be 7.0 percent by the end of 2024. He expects it to decline further to 5.0 percent by 2027, indicating price stabilization in the Liberian market.

Regarding fiscal performance, Minister Myers reported that revenue collection is on track, with the Liberia Revenue Authority collecting a total of US$342.6 million by the end of June FY2024. The cash-in-bank stands at US$315.4 million, while revenue-in-transit is US$27.2 million. Major revenue sources include taxes on incomes and profits (US$137.2 million) and international trade (US$108.8 million).

The Acting Finance Minister expressed optimism about Liberia’s economic future, highlighting ongoing reforms and strategic investments aimed at ensuring sustainable growth and development. He also detailed the government’s expenditure, revealing that US$255.4 million out of the US$315.4 million collected by the LRA has been spent as of June this year.

The minister further disclosed that the Ministry of Finance and Development Planning, along with the Ministry of Internal Affairs and partners, recently validated the regulations of the Revenue Sharing Law, allowing County Service Centers to retain 40 percent of locally generated revenues. Additionally, administrative decentralization efforts are underway, with the President instructing the implementation of fiscal decentralization.

To support the Local Government Act’s full implementation, a Local Government Fiscal Board will be appointed to set annual expenditure ceilings for county administrations. County Treasuries are being strengthened, with ten ministries and agencies agreeing to disaggregate their budgets, allowing checks to be received and vouchers processed locally.

Minister Myers disclosed ongoing efforts in crafting the National Development Plan, the Public Sector Investment Plan, and the County Development Agendas. Two Liberian think-tanks have been contracted to lead these initiatives, with logistics already procured for the forthcoming consultations.

Tags: Anthony G. MyerseconomyLiberiaMinistry of Finance & Development Planning
ShareTweetSend
The Liberian Investigator

The Liberian Investigator

Next Post
Aggrieved Workers of WBHO Stage “Go-Slow” Protest, Disengage from Company Operations

Aggrieved Workers of WBHO Stage "Go-Slow" Protest, Disengage from Company Operations

ActionAid Liberia’s Five-year Country Strategy Paper III Launch Embraces Govt’s Efforts to Tackle Post-war Human Rights Challenges

ActionAid Liberia's Five-year Country Strategy Paper III Launch Embraces Govt's Efforts to Tackle Post-war Human Rights Challenges

Discussion about this post

Recommended

NPP severs ties with CDC, vows never to be treated as a ‘stepchild’ again

NPP severs ties with CDC, vows never to be treated as a ‘stepchild’ again

1 month ago
Dr. Alan White: Crusader for Justice or Exploiter of Liberian War Victims?

Dr. Alan White: Crusader for Justice or Exploiter of Liberian War Victims?

10 months ago

    Connect with us

    Home

    About Us

    Investigations

    News

    Politics

    Business 

    Editorial

    Contact Us

    Privacy Policy

    Advertise with us

    Stay updated with the latest news by subscribing to our WhatsApp Channel

    Click Here to Subscribe

    © 2024 THE LIBERIAN INVESTIGATOR, All Rights Reserved And subject to Terms of Use Agreement. 

    No Result
    View All Result
    • Home
    • Investigations
    • News
      • National News
      • County News
      • Health
      • Environment
      • Human Interest
      • Press Release
      • Media
    • Politics
    • Business
    • Editorial
    • Commentary
    • Op-Ed
      • Opinions
      • Letters from the Editor
      • Letters to the Editor
    • Fact Checks
    • Lifestyle
      • Entertainment
    • Sports

    © 2023