Theme: “Rescue to Development: Implementing the ARREST Agenda”
Mr. Vice President, Mr. Speaker, and Members of the House of Representatives,
Madam Pro Tempore, and Members of the Senate
Associate Justices, and Members of the Judiciary,
Madam Kartumu Y. Boakai, First Lady of the Republic of Liberia
Madam Dean and members of the Cabinet,
Mr. Doyen and Members of the Diplomatic Corps,
Heads and Officials of Political Parties,
Prelates and Members of Religious Organizations,
Our International and Local Partners,
Traditional Leaders, Chiefs, Elders,
My Fellow Liberians, Distinguished Ladies, and Gentlemen.
We thank God Almighty, the Preserver of our Nation, and are grateful for His blessings upon us over the past 12 months and nearly two centuries of nationhood.
As our world continues to confront vexing challenges, some existential, we must strive for a better, more peaceful, sustainable, and inclusive global community.
Permit me to take this moment to express profound thanks and heartfelt gratitude to you, the people of Liberia, for your unwavering commitment to the peace and stability of our beloved country. Your dedication to keeping the peace reflects our conviction that progress must be grounded in unity and national solidarity.
Similarly, I once more extend my deepest gratitude for the trust you have placed in me by electing me to serve as your President. As I carry the weight of your confidence, and I do not take this responsibility lightly. With your continued support, we will work together to create the conditions necessary to sustain peace and enhance the well-being of all Liberians.
Mr. Speaker and Honorable Members of the Legislature, we are here today in keeping with Article 58 of the Liberian Constitution, which mandates the President to deliver an annual message outlining the legislative agenda, report on the state of the economy, and the general affairs of the Republic.
A year ago, we addressed the citizens of this republic through you, following an epoch-defining transition that captivated the democratic world.
At that time, we stood within the revered walls of the Capitol Building, an enduring symbol of our democracy bestowed upon us by our forebears.
Now, a year after that historic transition, we face a MOMENT OF TRUTH that our democracy can be threatened by those who oppose our steady progress. However, the fact that we are reporting on our stewardship, here today, on the grounds of the People’s House —recently damaged by fire—highlights the resilience of the Liberian people.
I assure you that the security of the state and the sanctity of our Republic, though may be assailed, may be threatened; however, it can never be broken. It will be preserved.
Likewise, the sacrifices made by generations who have worked tirelessly to preserve our democracy for nearly two centuries will not go in vain.
No one’s ambition can ever outweigh the importance of our peace and security! This rescue train is moving, and I urge those harboring mental reservations to hop on board and let us proceed with the business of the Liberian people together.
Compatriots, when we assumed leadership, we did so with a clear agenda, fully aware that the journey ahead would not be easy. We started with a 100-day plan to implement immediate measures aimed at addressing the people’s needs and aspirations, providing relief from years of hardship and uncertainty.
Even with limited resources, we made real progress in many areas after the first quarter of last year. We improved public sector accountability and worked on road infrastructure while addressing issues in agriculture, health, education, technology, and drug abuse, alongside key legislation.
We recognize the immense challenges that lie before us, and though many problems persist, our country stands in a better place today than when we first began. I have dedicated countless hours to the welfare of the Liberian people, and with your unwavering support, we remain optimistic about the future promise of our nation. It is our faith in that promise that drives our vision for progress
The Legislative Agenda
Mr. Vice President, Mr. Speaker, Madam President Pro-Tempore, and esteemed members of the Fifty-Fifth Legislature,
As we fulfill our constitutional duty, I commend you for your hard work, particularly in passing eleven legislations and one joint resolution.
The passage of the Act authorizing the government to spend $41.3 million in February 2024, pending the approval of the budget, demonstrates your commitment to addressing urgent needs and funding development across all sectors.
However, we must act swiftly on the outstanding proposals before us—the Presidential Transition Bill, the National Tourism Bill, and the Local Government Bill, among others.
We also urge your prompt attention to the Bank-Financial Institutions and Bank-Financial Holding Companies Act of 2024 and the new Zoning Law, that will impact the national budget, six financing agreements to support economic growth, and two bills aimed at improving education and the tax system.
To empower our young people and equip them with the skills necessary to meet national needs, we propose the Liberia Youth Service Program (LYSEP) and the Technical and Vocational Education and Training (TVET) Commission Act of 2024.
Looking ahead, I will be submitting new legislative proposals, including the Amended Payment Systems Act, the Liberia Insurance Regulatory Commission Act, and the Revised Code of Conduct for Public Officials. Additionally, we will propose reforms for state-owned enterprises through the establishment of the State-Owned Enterprises Authority of Liberia (SEAL).
These proposals are designed to improve governance, foster growth, promote transparency, and empower our citizens, paving the way for a better future for all. Delays in acting on them could jeopardize the success of the ARREST Agenda for Inclusive Development (AAID).
In the year under review, we also issued 14 Executive Orders addressing the urgent needs of the government, including those establishing the Office of War and Economic Crimes Courts (WECC) and the National Railway Authority.
Mr. Vice President, Mr. Speaker, Madam President Pro-Tempore, and members of the Fifty-Fifth Legislature, Article 3 of our constitution describes our government as a Republican with three separate and coordinated branches. We must strengthen cooperation and dialogue across all branches of government with transparency and mutual respect. We must work together as partners in governance, united by our common goal of improving the lives of the Liberian people.
We must, therefore, remain focused on our shared goal of progress and prosperity for the Republic.
The State of the Economy
Mr. Vice President, Mr. Speaker, Madam President Pro-Tempore, and esteemed members of the Legislature;
Allow me to give you some perspectives to further understand where we are today. We inherited an economy in steep decline, with Liberians facing unprecedented hardships including rising unemployment, inflation, and growing inequality.
Before our administration, growth had slowed to just 4.6 percent, while inflation surged to double digits at 10.1 percent, driven largely by rising food and fuel prices.
The current account deficit (at the time), had worsened to 26.4 percent of GDP, international reserves were dangerously low at just 2.1 months of import cover, and our debt burden had ballooned to $2.5 billion, or 54.6 percent of GDP. Civil servants were facing extreme hardship due to pay “harmonization” and delayed salary payments, leaving them vulnerable to payday lenders and informal financial schemes like Susu clubs.
We simply did not just recognize these challenges and their impact on our citizens; we took decisive action to increase the salary of health workers, the police, and teachers. We have taken steps necessary to restore economic stability; and have made good progress.
In 2024, our economy demonstrated resilience and steady growth, with a revised real GDP growth rate of 5.1%. Key sectors driving this growth include mining, agriculture, fisheries, and services. Strategic investments in infrastructure and energy development, supported by international partners such as the World Bank, the African Development Bank, the European Union, and USAID, further bolster this expansion.
We have managed inflation prudently, reducing it to 7.7% by the end of 2024, down from 10.1% in 2023, thanks to sound fiscal and monetary policies. We expect inflation to decrease further to 6.0% in 2025.
The country’s international reserves have improved to US$458.9 million, and the Liberian dollar has appreciated by 4.7% against the US dollar. The Central Bank has reduced the monetary policy rate from 20% to 17%, boosting confidence in the financial system. As a result, private sector credit has increased by 9.1%.
Efforts to strengthen financial governance are underway, focusing on reducing operational costs and addressing audit recommendations. Our participation in the IMF’s Extended Credit Facility (ECF) program will help rebuild reserves, strengthen fiscal policy, and enhance domestic revenue through improved tax collection and streamlined exemptions.
We have also made progress in modernizing financial systems, improving access to finance for micro, small, and medium enterprises (SMEs), and increasing financial inclusion, which now covers 52% of the adult population.
Implementing the National Electronic Payment Switch (NEPS) and the transition to a cashless economy further demonstrate our commitment to a stable, inclusive, and resilient economy.
The insurance sector is also being strengthened, with reforms underway to establish an independent Insurance Commission.
The establishment of Special Economic Zones will further diversify the economy, promote job creation, and foster inclusive development.
Honorable Legislators, over the past year, my administration has focused on transforming Liberia’s investment climate. We are implementing policy changes to attract investment, including simplifying regulations, reducing red tape, and strengthening legal frameworks while ensuring social protection and local empowerment.
We have engaged both domestic and international investors, showcasing Liberia as a land of untapped opportunities. While some key agreements are still pending, I am pleased to report that we are actively negotiating with major multinational companies in energy, mining, agriculture, infrastructure, and technology. Once finalized, these negotiations are expected to bring over $3 billion in investments to our economy.
Looking ahead, we anticipate a promising medium-term outlook, with expected growth rates of 5.8% in 2025.
We successfully passed the 2025 national budget for US$880.7 million before the start of the fiscal year—the first time this has happened in the post-war period. Passage of the budget before the start of the fiscal year will also make the execution of the national budget more predictable and efficient.
For many years, the government neglected to remit County Development and Social Development Funds to the counties, depriving citizens of essential resources for local governance and development. However, we have begun reversing this trend by ensuring that these funds allocations for 2024 were duly disbursed to the counties.
Moving forward, we will continue to ensure that counties receive these vital resources to improve the well-being of their citizens.
Also, for the first time in years, the government remitted to the Road Fund all road fund-related revenues deposited in the Consolidated Fund, thus enabling the implementation of several road rehabilitation and maintenance works during the year.
The Government’s ARREST Agenda for Inclusive Development (AAID), together with the County Development Agendas, will help propel these efforts forward.
Fellow citizens, while we have yet to reach optimal levels, our ongoing efforts will improve the livelihoods of all Liberians.
Despite global trends affecting commodity supply and prices, we have seen consistent declines in the costs of essential commodities, including rice and petroleum products. The price of 25kg IR64 parboiled rice was reduced within the first two months of our leadership.
In addition, we successfully implemented measures to reduce pump prices, lowering the price of Premium Motor Spirit (PMS) by 12.53%, from $4.47 in January to $3.91 in December 2024.
In FY 2024, in the face of global challenges, Liberia made remarkable progress in domestic revenue mobilization.
We collected just over $734 million in total revenue, out of which, domestic revenue collection stood at an impressive $695.3 million, a 12% growth over the previous year. This achievement marks the highest domestic revenue collection in our nation’s history.
On the expenditure side, we spent a total of US$661.4 million to execute the government’s functions and projects
To strengthen progress, we have implemented needed tax reforms, introducing the Value-Added Tax (VAT) in April 2024 to replace the outdated Goods and Services Tax (GST).
We are also investing in digital tax administration and building a state-of-the-art customs inspection facility at the Freeport of Monrovia to increase efficiency and expand our tax base.
These interventions and reforms align with regional standards, improve tax compliance, and are expected to create a more stable revenue stream for the future.
Liberia is on a path toward greater self-reliance, ensuring the sustainability of our core programs for years to come.
The Roberts International Airport, a vital gateway to Liberia and a potential driver of economic development has faced operational challenges. However, under this administration, we have charted a new course, making significant strides to unlock its promise as a regional hub.
To enhance safety and operations at the airport, we have invested in additional fire trucks, backup generators, and navigational aids. Ongoing engagements with developers are focused on expanding the airport and improving its infrastructure and management. These initiatives instill confidence among global airline operators and travelers, reflecting our commitment to positioning Liberia as an attractive destination for global business and travel.
Recently, we welcomed Ethiopian Airlines, which connects Liberia to over 150 global destinations and reduces air travel costs to key markets, including the USA, Europe, and Dubai. We are also in advanced discussions with carriers like Qatar Airways to establish an air service agreement.
Economic Relations with Bilateral and Multilateral Partners
My Government has worked tirelessly to rebuild trust with international financial institutions and the donor community. In 2024, we secured a US $210 million financing package from the IMF’s Extended Credit Facility (ECF) to address macroeconomic imbalances and improve debt sustainability from 2024 to 2027.
Our inclusion in the ECF has unlocked support from both multilateral and bilateral partners. The World Bank provided $60 million in support, US$40 million of which was budget support and the balance of US$20 million went to a Special Disaster Fund for Liberia to be administered by Liberia.
The World Bank has also pledged $40 million in budget support for this year and 2026. We secured a $60 million grant from the European Union for 2025-2027, while the African Development Bank provided $40 million for road projects.
During the period under review, Liberia also received $398.2 million in off-budget Official Development Assistance for critical sectors such as health, agriculture, and infrastructure.
I am pleased to inform you that our bilateral relations have secured a commitment from the Government of the United States for Millennium Challenge Corporation (MCC) Compact eligibility. This is a significant achievement as it potentially exposes Liberia to substantial financial support in its development when completed in a couple of years.
This milestone reflects confidence in the steps we are taking as a nation, particularly in promoting transparency, making sound economic decisions, and strengthening governance.
National Development Plan
Mr. Vice President, Mr. Speaker, and Members of the Legislature, Ladies and Gentlemen,
Liberia’s developmental challenges are historical, yet our current national circumstances dictate urgent action. Upon coming to office, my Government immediately began forming a new national development plan and County Development Agendas (CDAs) for the next five years.
I am pleased to report that the plan and fifteen County Agendas have been meticulously developed and validated by stakeholders across the country. They received strong endorsement from the Cabinet, the National Steering Committee, and our international partners, leading to a successful launch on January 15, 2025. This initiative, known as the ARREST Agenda for Inclusive Development (AAID), is built on the foundations of the Pro-Poor Agenda for Prosperity and Development and the Agenda for Transformation.
The AAID is set to cap Vision 2030, Liberia’s ambitious goal of becoming a more capable and developmental state, ultimately achieving lower-middle-income status.
The ARREST Agenda aims to drive economic transformation through diversification, focusing on agriculture, road development, and infrastructure. It emphasizes the rule of law, improved governance, and anti-corruption. The Agenda also seeks to invest in human capital by transforming the education system, fostering technology and innovation, prioritizing public health and sanitation, and promoting tourism and environmental sustainability.
The total estimated cost of this transformative development plan is $8.4 billion. Of this total, 60 percent of the funding will come from the government and international donors, with the remaining from private investment.
The success of the AAID and the County Development Agendas will also depend on the active participation of our youth. We are dedicated to making available what they need, including the opportunities necessary to unlock their full potential.
The State of the Republic
Sector Challenges and Interventions: Advancing Social and Economic Development for Improved Livelihoods
Mr. Vice President, Mr. Speaker, Madam President Pro-Tempore, esteemed members of the Legislature, Associate Justices, and fellow Liberians,
When we took office a year ago, we were given the mandate by the Liberian people to steer the nation toward progress and development. It is often said Liberia’s challenges stem from the state of its institutions, and that our country’s crisis is fundamentally a crisis of governance.
We cannot speak about the state of the Republic only in terms of the material conditions of the people–the so-called “bread and butter” issues. We must go beyond policy to address the deeper social and political dynamics that affect us; the undercurrent issues that run deep in our society, including addressing historical social cleavages that tend to divide us and create tensions.
We are one people with a common destiny as a nation, and therefore old cleavages based on political, economic, social, and cultural lines, and other stereotypes are adversarial to the values of an equitable society. This means divisions based on religion, social status, literacy and illiteracy, gender, and politics must not be allowed to divide us and determine how we live as a people.
Having come from a difficult past, we must seek to reconcile as a people and embark on nation–building, with a common national aspiration to serve as guardrails against social tensions and conflicts.
