Calls for Urgent Reforms
Monrovia, Liberia – The fifth edition of the Liberia Economic Update (LEU) published by the World Bank highlights the country’s present economic problems, including poor development, continuous inflation, and rising fiscal deficits, therefore highlighting a vital need for economic changes in Liberia.
Under the subject “Powering Growth with Reliable, Affordable and Sustainable Energy Access,” the launch took place on Thursday September 12, 2024 in Monrovia stressing the importance of Liberia giving macroeconomic stability top priority in order to promote sustainable development.
Speaking, World Bank Country Manager Georgia Wallen said that although Liberia is establishing the groundwork for improved energy sector governance and greening, the industry still faces significant problems with time running of great importance.
She claimed that over the past two decades Liberia has achieved great strides in the energy industry, increasing domestic generating capacity about six-fold, giving roughly a third of the country’s population access to power, and implementing major reforms.
She said that the World Bank Group is actively supporting projects in Liberia’s energy sector with great emphasis on raising generation capacity and expanding access; adding, these are very necessary for Liberia’s path toward sustainable development and progress.
Last year, Wallen said, the WBG along with the African Development Bank declared “Mission 300,” a shared goal to link three hundred million Africans to energy by 2030.
In June the World Bank Country Manager also mentioned that the second phase of the Liberia Electricity Sector Strengthening and Access Project (LESSAP 2) approved an additional $45 million investment in the energy sector.
She said upon completion, the project will provide 494,000 more Liberians with new access to electricity and 14% of the current energy access gap; in total, it will reach a total of 790,000 people with either new or improved access to electricity.
With aggressive efforts to provide universal energy access as shown in the National Electrification Strategy and the Rural Energy Strategy and Master Plan, Liberia aim to reach middle-income status by 2030.
Deputy Minister of Finance for Budget and Development Planning Tanneh G. Brunson commended the World Bank for their collaboration. Stating that, as they travel toward economic recovery and sustainable development, the government of Liberia values the help and cooperation.
She noted that Liberia’s development and advancement are mostly dependent on energy availability. “We understand that energy is not only a sector but a driver of growth, productivity, and development across all sectors of our economy from agriculture and manufacturing to education, healthcare, private enterprises, and public services,” said
“Despite these obvious advantages, the government remain sharply conscious of the difficulties experienced by the energy sector.”Especially in rural areas, our energy infrastructure suffers from problems of dependability, cost, and coverage. Our first focus still is increasing access to dependable energy.
Minister Brunson, “We hope that this economic update will provide valuable insights into the current state of the energy sector and the broader economic landscape.
Reported by: Prince Saah
Contact: +231778239813
Email: saahprince119@gmail.com
