World Bank Unveils Liberia Country Economic Memorandum, Calls For Bold Reforms

 In an effort to provide an in-depth analysis of Liberia's economic outlook, the World Bank has launched the Liberia Country Economic Memorandum (CEM), a comprehensive analytical report aimed at guiding the nation’s economic transformation. 

Speaking during the official launch ceremony held at a local hotel Monrovia on Tuesday, March 11, 2025, World Bank Liberia Country Manager, Madam Georgia Wallen, emphasized the urgency of shifting from a resource-export-based economy to one focused on sustainable growth and diversification.

In her remarks, Madam Wallen outlined three key takeaways from the report, stressing that the CEM is crucial for the African Agricultural and Industrial Development (AAID) Plan, a "business-as-usual" approach will not be sufficient to drive meaningful economic progress and while economic transformation may be challenging, it is achievable with the right policies and commitment.

According to her, Liberia’s new national development plan (2025-2029) sets an ambitious target of increasing incomes by 25% within five years. 

However, the broader goal of the AAID is to fundamentally restructure Liberia’s economic model—shifting from raw resource exports to value addition, processing, and innovation.

"The CEM outlines five key transitions necessary to unlock Liberia’s economic potential, enhance job creation, and improve the quality of life for all Liberians," she stated. 

The report, she said, draws lessons from peer countries such as Ghana, Sierra Leone, Guinea, and Senegal to offer practical recommendations tailored to Liberia’s context.

Madam Wallen warned that without significant reforms, Liberia’s economic growth would remain modest, falling short of the targets necessary to achieve middle-income status by 2030 or substantially reduce poverty. 

In contrast, she believes that a high-ambition reform strategy could deliver transformative results, including increased private and public investments, job creation, and long-term economic stability.

“Liberia has the potential to attain lower middle-income status before 2040, but this will require bold action, including policy shifts that foster investment and economic diversification,” she asserted.

For sustainable and inclusive economic growth, the World Bank Liberia Country Manager underscored the need for a "whole-of-government approach" supported by strong policy actions and accountability. 

"The next five years will be crucial in shaping Liberia’s long-term economic future," she emphasized, adding that the World Bank remains committed to supporting Liberia’s ambitious reform agenda through the upcoming Country Partnership Framework.

Concluding her remarks, Madam Wallen expressed confidence in Liberia’s future, stating, "We believe in the future of Liberia because we believe in the people of Liberia. We hope today's discussions will inspire action and stimulate informed dialogue."

The CEM titled, "Escaping the Natural Resource Trap: Pathways to Sustainable Growth and Economic Diversification in Liberia", outlines short, medium, and long-term strategies, including enhancing domestic revenue mobilization and improving public expenditure management, and reducing reliance on mining and fostering economic diversification.

The launch event gathered key government officials, policymakers, economists, and development partners, all engaging in discussions on how to translate the CEM’s insights into concrete actions for Liberia’s economic advancement.