LIBERIA: World Bank Official Proposes Reduction In Fiscal Deficit To Spur Economic Growth
(LINA) – The World Bank Country Economist in Liberia, Daniel Boakye, has said in order for Liberia to boost its economic growth the nation must endeavor to reduce fiscal deficits and improve micro economic stability.
Speaking to journalists in Monrovia recently at the World Bank office, Boakye observed that Liberia’s fiscal deficit is currently rising, instead of declining, something that he said is responsible for the decline of the economy.
Boakye said, in order to keep the country’s economy stable the government must initiate or encourage investment opportunities that facilitate growth within the nation.
“Before thinking beyond new investments, the government has to look at how the business environment for existing firms could be enhanced, so that they themselves can contribute to the growth,” Boakye noted.
He said that Liberia needs a healthy and vibrant labor force to be able to contribute to growth, noting that it is the reason why fighting hunger should be the priority of government so that it will ensure that sufficient food are available for all.
Boakye indicated that there are many available instruments that the government can utilize to ensure that food production is maximized and made available for its citizens.
According to him, the government is responsible to make sure that prices of commodities do not increase because it determines the nation’s purchasing power.
Boakye stated that while it is difficult for the government to target individual households in the provision of food, a strong micro economy environment where prices are stable will, however, enable citizens to predict the quantity of food that they can consume on a monthly basis, adding that government should also look at opportunity for job creation.