Greenbelt, Maryland: Liberia’s Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, has underscored the pivotal role of the private sector and the media in shaping Liberia’s economic future. Speaking at the 13th National Convention of the Association of Liberian Journalists in the Americas (ALJA) in Greenbelt, Maryland, Minister Ngafuan said sustainable development cannot be achieved by government alone.
“The private sector remains the engine of economic growth, and the media has the power to shape narratives that attract investment and create jobs,” he told delegates.
A New Development Agenda
Ngafuan highlighted the ARREST Agenda for Inclusive Development — a five-year national strategy that focuses on Agriculture, Roads, Rule of Law, Education, Sanitation, and Tourism. The plan aims to unlock private investment across these priority sectors, which together account for a large share of Liberia’s GDP and employ over 70 percent of the country’s labor force, mostly in agriculture and informal trade.
According to Ministry of Finance estimates, private sector investment currently contributes around 55% of Liberia’s GDP, but policymakers believe that with the right reforms, this figure could grow substantially. Infrastructure gaps, particularly in electricity and road networks; remain a key constraint, but Ngafuan noted progress in several areas.
Creating an Enabling Business Environment
The Minister pointed to recent improvements in road connectivity, ongoing energy sector reforms, and targeted investments in technical education and skills training. These efforts, he said, are meant to make Liberia more attractive to local and foreign investors.
Data from the World Bank’s 2024 economic update shows that Liberia’s economy grew by 4.3 percent, driven mainly by agriculture, mining, and services. However, private sector participation remains low compared to regional peers. The government hopes to reverse this trend through predictable policies, improved infrastructure, and partnerships.
“Our goal is not just growth but inclusive growth; one that creates jobs for ordinary Liberians,” Ngafuan stated.
The Media as a Strategic Partner
Ngafuan emphasized that economic transformation requires more than government reforms. He called on journalists to play a proactive role in investment promotion, entrepreneurial storytelling, and in-depth business reporting that builds investor confidence.
He outlined three critical areas where media can help drive growth:
- Investment Promotion: Highlighting opportunities in agriculture, tourism, mining, and digital innovation to attract both local and foreign investors.
- Entrepreneurial Storytelling: Elevating success stories of small businesses, startups, and Liberian innovators who are building solutions despite economic challenges.
- Business News Coverage: Offering balanced, evidence-based reporting on economic trends and policy developments.
“When investors hear only about instability or corruption, they stay away. But when they hear about reforms, success stories, and opportunities, they take a second look at Liberia,” Ngafuan said.
A Call for Balanced Reporting
While encouraging media support, the Minister also stressed the need for independent and balanced journalism. He acknowledged that credible reporting includes holding the government accountable but urged media institutions to also spotlight progress and opportunities.
Liberia currently ranks 118 out of 180 on the 2025 World Press Freedom Index, showing room for improvement but also highlighting its relatively vibrant media landscape compared to some West African peers. This, Ngafuan believes, positions the Liberian press to help drive an investment narrative that is honest, credible, and forward-looking.
Building a Shared Vision
As Liberia seeks to attract investment to meet its $3.5 billion infrastructure financing gap over the next decade, Ngafuan said partnerships between the government, private sector, and the media are not just desirable but essential.
“We must build this economy together. Government sets the policy, the private sector drives innovation, and the media connects both to the people and the world,” he concluded.
The ALJA convention brought together journalists, policymakers, and diaspora professionals for three days of discussions on media development, governance, and economic transformation.
✅ Editor’s Note: BanaBridge News believes that effective economic storytelling is key to changing investment narratives. Liberia’s ARREST Agenda offers both opportunities and challenges. Journalists must critically examine both — with facts, not just rhetoric.
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