Boima calls for economic expansion

Government seeks to expand economy by growing revenue to US$1 billion.

By Naneka A. Hoffman

Monrovia, Liberia, April 10, 2024 – Liberia’s Minister of Finance and Development Planning, Boima Kamara, underscores a need to focus on expanding the economy. 

Speaking before the Liberian Senate on Monday, April 8, 2024, Minister Kamara noted that as the government embarks on a revenue hearing, it is important to emphasize that the economy needs expansion.

He informed the Joint Legislative Committee on Ways, Means, and Finance that fiscal policies that will ensure strong economic investments are also needed. 

Kamara, who is in government for the second time, having previously served in the post during the administration of former President Ellen Johnson Sirleaf, highlighted the importance for the Ministry of Finance and Development Planning and the Liberia Revenue Authority to work with the Legislature to ensure appropriate interventions are made especially in the passage of the Value Added Tax (VAT) Bill.

According to him, the passage of the VAT Bill will help boost domestic tax revenue, enhance transparency and accountability, and spur development.

He maintains that, depending on how growth is structured over the next six (6) years, the government can achieve the one billion United States dollars revenue mark by working with the Liberia Revenue Authority. 

He said it’s time to foster stronger partnership in developing the needed fiscal policies to accelerate the pace of national growth and development. 

He disclosed that government is seeking a growth path of five percent to eight percent (5% to 8%) and possibly up to ten percent (10%) growth over the next six years, which, according to him, is possible, giving his rich experience in managing both the fiscal and monetary sectors of the country’s economy. Editing by Jonathan Browne