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.
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