In a significant step towards strengthening collaboration between the government and the private sector, Finance Minister Augustine Kpehe Ngafuan has met with key members of the private sector at an inaugural interactive session. During the meeting held Tuesday, October 15, 2024 at a local hotel in Monrovia, Minister Ngafuan emphasized the critical role of the private sector as the engine of growth for Liberia’s economy. He reiterated the government’s commitment to creating an enabling environment that allows businesses to thrive and prosper. “To ensure that the private sector can effectively drive economic development, we must establish regular channels of communication,” he said. Accordingly, the meeting marks the beginning of an ongoing dialogue where they will not only listen to the needs and concerns of the private sector, but also work together to implement actionable measures. Key topics discussed at the gathering included; improving regulatory frameworks, enhancing access to finance, and addressing infrastructure challenges that hinder business operations. Minister Ngafuan assured participants at the event that the government, in collaboration with leaders of the private sector is committed to addressing their pressing issues. Speaking earlier, the Country Representative of the International Finance Corporation, Nuzhat Anwar, termed the gathering as a move intended to build valuable relationships in an effort to develop the Liberian economy. The session also provided a platform for business leaders to voice their perspectives on current challenges and opportunities within the market. Feedbacks from the discussion included the ratification of existing mining laws, payment of local debts by the government, improvement roads, energy, port infrastructure, among others.
The feedback from the discussions will be instrumental in shaping future policies that support sustainable economic growth. As Liberia continues to navigate its economic landscape, Min. Ngafuan’s proactive approach underscores the importance of partnership between the government and the private sector. Prominent amongst leaders of the private sector in attendance at the inaugural discussion were the President of the Liberian Business Association (LIBA), the President of the Liberia Chamber of Commerce, O. Natty B. Davies, II, the Liberia Chamber of Mines, President Amara Kamara, Executives of the Banking Sector, manufacturers, local Agro-processors among others. The Finance and Development Planning Minister was accompanied by Deputy Finance Minister for Economic Management, Dehpue Zuo, Assistant Minister for Economic Policy, Henry D.Z. Yanquoi, and the Chief of Staff to the Minister, Edward R. Smith.