The new Minister of Finance and Development Planning, Boima S. Kamara, says there is an urgent need to take practical actions to diversify the Liberian economy.
Minister Kamara stated that the economy should take advantage of the opportunities in agriculture, agro-processing and light manufacturing given the level of investments so far in infrastructure projects that have resulted to more than 700 kilometer of paved roads and more than 136 megawatt of electricity.
The new Finance minister made the statement Monday when he officially took over the ministry from the acting Minister Dr. James Kollie at a turning over ceremony held at ministry in Central Monrovia.
He stressed that a strong support for the domestic private sector will also be key to ensuring sustainable economic growth and job creation and at the same time creating an investor friendly environment.
Kamara noted that the Liberian economy is experiencing slower growth mainly on account of various shocks, including the Ebola Virus Disease, UNMIL’s drawdown and the fall in the global commodity prices, especially iron ore and rubber, the nation’s major primary commodity exports.
He emphasized that the Ebola outbreak also weakened activities in the economy resulting to fall in real GDP growth from 8.5 percent in 2003 to zero percent in 2015, leading to serious loss of household incomes, revenue for the government and concession agreements in the iron ore and rubber sectors.
Meanwhile, Minister Kollie pledged the support of staff at ministry to the new minister and assured him of their cooperation and collaboration to move the Liberian economy forward.
