MONROVIA, LIBERIA-Liberia’s Finance Minister has attributed the backwardness of the Liberian economy to a lack of economic diversification.

Minister Boima Kamara wants the Liberian Government to revert to the old economic model, which relies mainly on the exportation of raw materials, including iron ore, rubber, and other minerals.

Minister Kamara also urged Liberians to be intentional about innovation and think outside the box to build a vibrant and inclusive economy.

Speaking during his confirmation hearing on Wednesday, January 31, 2024, the Finance Minister said:” The policy of the Government should support domestic value-addition with Liberian entrepreneurs taking the lead.”

Finance Minister Boima Kamara also emphasized that it is time to move away from the Government being the largest employer to the private sector as the anchor for sustainable job creation.

At the same time, the Finance Minister has vowed to reposition the economy of Liberia on a sustainable path of growth with collaboration and support from Government Ministries and Agencies.

Minister Kamara believes such a feat is achievable based on the pending new national development plan that places more emphasis on agriculture, roads, and education.

He added that this will require tireless efforts to secure and sustain financing for critical investments and ensure the optimization of public resources for the common good of the Country.

The Liberian financial expert also wants most of the Country’s borrowings to go towards addressing the high cost of electricity and limited paved roads.

Minister Kamara said:” The move is intended to strengthen the financial system for more support to developing projects and guarantee structural transformation.”

By: Sampson David