Monrovia, Liberia – Augustine Kpehe Ngafuan, Liberia’s Minister of Finance and Development Planning, has emphasized the nation’s increasing economic resilience in the face of ongoing domestic and international difficulties. Speaking at the African Development Bank’s 2026 Macroeconomic Performance and Outlook Report unveiling in Abidjan, Ngafuan pointed out that Liberia has maintained growth and stability despite external uncertainty and fiscal shocks.
Africa continues to be one of the world’s fastest-growing areas, with 12 of the 20 fastest-growing economies in the world expected to be on the continent by 2026, according to an MFDP announcement citing the AfDB research. It also showed that 32 out of 54 African states had better economic results in 2025, with 22 countries including Liberia reporting growth rates higher than five percent.
As a panellist among prominent policymakers like Retselisitsoe Adelaide Matlanyane, Adama Coulibaly, Mthuli Ncube, and Aminata Touré, Ngafuan highlighted Liberia’s recovery from a post-war financial crisis that had caused its debt-to-GDP ratio to surpass 700 percent.
He pointed out that approximately 90% of the debt was relieved thanks to persistent reforms and international collaborations, laying the groundwork for macroeconomic stability. The minister also discussed serious health issues, such as the Ebola outbreak that killed over 5,000 people.
He claimed that by strengthening Liberia’s institutions, the experience made it possible to respond to the COVID-19 outbreak more successfully. Addressing recent fiscal challenges, Ngafuan pointed to the withdrawal of more than $300 million in external financing following the exit of a major donor.
Despite this, he said Liberia maintained stability through improved domestic revenue mobilization, driven by reforms in tax administration, digitization, and transparency. “The sky did not collapse on our heads.” He also noted that the country achieved its highest-ever domestic revenue collection and recorded a modest budget surplus.
Ngafuan emphasized that continuous reforms, especially in the mining industry, are meant to improve transparency and guarantee that citizens profit from the riches of natural resources. He admitted that although mining made a substantial contribution to GDP development, revenues had consistently fallen short of multinational corporations’ earnings.
Liberia’s economy is expected to increase by 5.6 percent in 2026, up from 5.1 percent last year. Additionally, inflation has decreased dramatically, averaging 8.2 percent in 2025 and falling to about 3 percent in early 2026. The minister did, however, issue a warning about fresh inflationary pressures brought on by rising gasoline and transport prices worldwide, which are already having an effect on those that are already at risk.
He said the government is implementing targeted measures, including social protection programs and support for the energy sector, to cushion the effects. Ngafuan called on development partners, such as the AfDB, to bolster crisis response mechanisms in order to assist nations experiencing short-term economic shocks, while reiterating Liberia’s commitment to long-term reforms and resilience.
Reported by: Prince Saah
