Liberia’s Finance Minister Urges Renewed Efforts for Economic Revival

Finance Minister Boima S. Kamara

Liberia’s Finance and Development Planning Minister, Boima S. Kamara, delivered a compelling message on Wednesday urging employees at the MFDP to redouble their efforts in building a revitalized institution.

In his address, Minister Kamara emphasized the need to reinvigorate government operations, rallying the ministry’s staff with the directive, “Let's put the Government back to work.” 

The Liberian Finance Minister made the remarks on Wednesday, February 7, when he officially took the helm at the Ministry of Finance and Development Planning.

He stressed the core values of honesty, transparency, and integrity, urging employees to cultivate a workplace culture centered on these principles. 

Minister Kamara underscored the importance of diligence, stating, “Hard work should return and come back better” at the Ministry.

Furthermore, Minister Kamara highlighted the critical role of concerted efforts in expanding the economy, linking economic growth to the restoration of government employees’ salaries. 

He cautioned against any form of precondition for signing checks, emphasizing the duty to serve the country with diligence and without compromise.

Acknowledging the support of international partners during challenging times, Minister Kamara expressed gratitude for their assistance to Liberia’s development journey.

The minister’s call to action signals a renewed commitment to fostering economic resilience and institutional integrity within Liberia’s finance sector.

Additionally, Minister Kamara previously held positions as Minister of Finance and Development Planning and Deputy Governor at the Central Bank of Liberia during former President Ellen Johnson Sirleaf’s administration.

But during his recent confirmation hearing, he emphasized the need for the private sector to become the driving force behind economic growth and the biggest employer in the country.

“The time has come to move away from the government being the larger employer to the private sector as the anchor for sustainable growth and development,” he said, arguing that the absence of a capital market in Liberia is another problem for raising needed capital for development.

He believes that tangible investments, particularly in the agriculture and food chain, will provide a solid foundation for this goal.

Minister Kamara stressed the importance of supporting smallholder farmers, ensuring that they receive the necessary resources and guidance to succeed. By smartly supporting this crucial sector, he hopes to kickstart socio-economic development and improve livelihoods in Liberia.

In line with the President’s vision, Minister Kamara proposed a new economic model for Liberia, one that resonates with all Liberians, especially policymakers. He advocates for a slogan called “Made in Liberia,” which aims to prioritize industrialization.

This slogan reflects the vision of creating a self-reliant economy, where locally produced goods and services are the foundation for sustainable growth. Investing in the private sector and promoting industrialization will not only boost economic growth but also address the issue of high unemployment rates in the country.

Minister Kamara’s concept also aligns with the President’s pronouncement of the reintroduction of the Liberianization policy, which would help to empower Liberian businesses and promote growth and job creation.