Liberia is planning for a significant economic rise after discovering new mineral resources. President Joseph Boakai announced that the country expects to attract $3 billion in investments as multinational corporations. The president also said that local investors express interest in mining these newly discovered minerals.
According to studies conducted over five decades, with funding from China, Liberia possesses substantial deposits of Uranium, Lithium, Cobalt, Manganese, and Neodymium. These discoveries add to the country’s Iron ore and rubber exports. Furthermore, Boakai, during his State of the Nation address revealed that negotiations are underway with global companies to tap into these resources while investing in infrastructure, energy, and technology.
The government projects economic growth to rise to 5.8% in 2025, up from 5.1% in 2024, largely driven by these new investments. Despite inflation being forecasted to reach 12.3% by March, the central bank anticipates it will decline to 6% by the end of 2025.
Liberia’s Economic Growth and Poverty Reduction Prospects
The anticipated surge in investment could be a game-changer for Liberia’s economy, which has long struggled with high unemployment and rising living costs. President Boakai, who took office after defeating former football star George Weah, has prioritised economic reforms to tackle food and transport expenses. While creating employment opportunities for the nation’s 5.5 million citizens.
The World Bank predicts that if economic growth accelerates as expected, Liberia’s poverty rate could decline from 31% in 2023 to 27.8% in 2025. This could mark a turning point for Liberia, one of the world’s poorest nations, as it capitalises on its rich mineral wealth to drive sustainable development and improve living standards.
