The World Bank has officially recognized 2024, the first year of President Joseph Nyuma Boakai Sr.’s administration, as a turning point in Liberia’s economic performance. The institution describes it as a year of improved governance, fiscal discipline, and financial inclusion, setting the stage for significant international development assistance.
This commendation is contained in the newly released 2025 Africa Country Policy and Institutional Assessment (CPIA) report, launched Thursday in Monrovia. According to the report, Liberia achieved an average CPIA score of 3.1, successfully meeting the eligibility threshold for support from the International Development Association (IDA)—a key financing arm of the World Bank focused on helping the world’s poorest countries.
“Liberia’s economic governance improved in critical areas in 2024,” the report stated, “making the country suitable for targeted international development assistance.”
The World Bank highlighted several fiscal policy improvements under the Boakai administration, notably:
- Tight control of government spending
- Reduction in high wage bills
- Curtailment of unnecessary tax expenditures
- Gradual phasing out of fuel subsidies
These measures, the report noted, helped stabilize public finances, restore investor confidence, and reduce fiscal vulnerabilities
The report further praised Liberia’s tight monetary policy, which helped bring inflation down to single digits—a notable achievement given the global economic uncertainty. The Central Bank’s high policy rate ensured positive real interest rates, encouraging savings and promoting price stability.
“Liberia’s central bank maintained a strong stance in 2024, which significantly helped curb inflation and enhance monetary credibility,” the World Bank stated.
Liberia’s progress in financial inclusion was also a highlight. The report pointed to the rapid growth of mobile money adoption and the establishment of a modern credit registry, both of which have widened access to finance and boosted economic participation, especially among underserved populations.
“Expanding digital financial services has given more Liberians the tools to participate in the formal economy,” the report emphasized.
The World Bank commended the Liberia Revenue Authority (LRA) for marked improvement in tax administration. Efforts to broaden the tax base, streamline collection processes, and combat leakages have resulted in higher efficiency and increased domestic revenue mobilization
International partners are seeing President Boakai’s first year in office as a foundation for long-term transformation, with institutions like the World Bank now positioning Liberia as a reform-minded country on a path to inclusive growth. This recognition comes at a critical time as Liberia seeks to attract infrastructure investment, development finance, and technical partnerships across sectors.