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Gov’t calls for structural change in economy

Arthur Douglas/Maximilian Kasseh, Jr.
One of the multi-national Agricultural investment in Liberia
One of the multi-national Agricultural investment in Liberia

MONROVIA-The Minister of Finance, Development Planning, Boima Kamara, is recommending a structural change in the national economy, if it must improve.

Minister Kamara, said: “The structural measure is necessary because the current status of the economy requires huge attention to advocate and create a sustainable basis, to promote job opportunities that will stabilize the exchange rates and ensure a low inflationary environment.”

He spoke Tuesday, December 28, 2016, to ELBC saying, Liberia must transition from being an import reliant economy to an export based one.

Minister Kamara said government is quite aware of the situation and is taking the appropriate steps of economic diversification to remedy the situation.

According to him, the strategy requires more investment in agriculture with focus on empowering the private sector, ensuring value addition to productions in the country and attracting industrialization.

The Finance and Development Minister said government was also removing infrastructural challenges by constructing roads, and connecting major economic corridors.

He said the gradual increase in the supply of electricity, and the expected commissioning of the remaining three turbines would also help reduce production cost and boost the situation.

Liberia presently imports about 90 per cent of its total consumables, the situation is said to be negatively impacting the economy.
The state of the economy is at a slow recovery, and the growth at zero per cent. In 2014 the growth was at eight per cent.

 


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