The World Bank branch in Liberia has launched the Liberia Country Economic Memorandum (CEM), a strategic report aimed at transitioning Liberia from a resource-dependent economy to a diversified and sustainable growth model.
The official launch took place on Tuesday, March 11, 2025, at Cape Hotel in Mamba Point, bringing together policymakers, economists and key stakeholders to discuss Liberia’s economic prospects.
World Bank Country Manager Georgia Wallen described the CEM as one of the most comprehensive economic reports on Liberia, produced every five years to inform decision-making at the highest levels.
“This document serves as a critical tool for policymakers, researchers and development partners,” Wallen stated.
“It provides evidence-based strategies to help Liberia chart a new economic course.”
The CEM is closely aligned with Liberia’s new national development plan (2025-2029), which aims to increase national income by 25% over the next five years.
However, the report stresses that economic growth alone is not enough it must be accompanied by a shift from raw material exports to value addition, industrialization, and innovation.
The CEM identifies five critical economic transitions necessary for Liberia to achieve sustainable growth, create jobs, and improve living standards.
It compares Liberia’s economic trajectory with neighboring countries such as Ghana, Sierra Leone, Guinea, and Senegal.
Findings suggest that without urgent reforms, Liberia’s economic growth will remain modest, making it difficult to attain middle-income status by 2030 or significantly reduce poverty.
However, the report highlights that with bold economic reforms, Liberia can achieve transformative progress.
Key recommendations include, Investing in human capital development to build a skilled workforce, Improving the business climate to attract private investment.
Removing barriers to public and private sector growth, Enhancing domestic revenue mobilization and public expenditure management
Diversifying the economy beyond mining, with a focus on agriculture, manufacturing and services
“With ambitious reforms, Liberia could reach lower middle-income status before 2040, leading to better jobs and improved living conditions,” Wallen asserted.
While acknowledging the challenges of economic transformation, Wallen emphasized that achieving these goals requires strong policy actions and a whole-of-government approach.
She also disclosed that the World Bank’s new Country Partnership Framework is nearing completion, signaling continued global support for Liberia’s economic development efforts.
“We believe in Liberia’s potential because we believe in its people,” she said. “Today’s discussions should inspire action and informed dialogue to drive national transformation.”
During a panel discussion, leading experts underscored the role of education, financial stability and investment in infrastructure in driving economic progress.
Dr. Edna Jimmy, a professor at the University of Liberia, stressed the need for quality education to equip Liberia’s workforce with marketable skills.
“For Liberia to advance, we must ensure that students acquire relevant job skills,” she noted. “Education is not just about degrees; it’s about equipping young people with tools to drive national development.”
Echoing this sentiment, Deputy Minister of Education, Samuel G. Toe, emphasized that human capital investment is a prerequisite for sustained economic growth.
“For Liberia’s economy to thrive, education must be our top priority,” he said. “Progress has been made since the civil war, but much more remains to be done.”
Dr. Musa Dukuly of the Central Bank of Liberia highlighted key financial challenges, including slow economic growth and limited human capital development.
He called for a comprehensive review of Liberia’s mineral resources to ensure they contribute meaningfully to national development.
“We need policies that enhance human capital for sustainable growth,” he stated. “Additionally, our banking sector must shift from short-term lending to long-term investment to support business expansion.”
Discussions also touched on Liberia’s agricultural sector, with officials revealing ongoing negotiations with international investors interested in the industry.
Experts encouraged Liberians in the diaspora to invest in local banking systems to strengthen financial stability.
Mohumud Johnson, CEO of J-Palm Liberia, Inc., stressed the need for stronger private sector training in collaboration with development agencies to enhance private equity investments.
Meanwhile, Deputy Minister for Economic Management, Dehpue Y. Zuo, discussed the role of government initiatives such as ARREST and AAID in supporting Liberia’s economic goals.
He acknowledged challenges such as unreliable electricity supply and emphasized that accountability remains a top priority for President Joseph Boakai’s administration.
“We must invest in our justice system to build confidence in governance and attract investors,” Zuo stated.
The forum concluded with a strong call for strategic investments in education, infrastructure and financial reforms to accelerate Liberia’s economic transformation.
With the launch of the Liberia Country Economic Memorandum, policymakers and stakeholders now have a comprehensive roadmap to break free from the natural resource trap and build a resilient, diversified economy for future generations. By Amos Harris
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