Finance and Development Planning Minister Augustine Kpehe Ngafuan has reaffirmed the Liberian government’s commitment to fulfilling its financial responsibilities and rebuilding trust with commercial banks. His remarks came during the 60th anniversary celebration of the Liberian Bank for Development and Investment (LBDI), held at a hotel in Monrovia.
The event gathered officials from the government, representatives from banking institutions, private sector participants, and development partners to recognize LBDI’s contributions over six decades to Liberia’s economic development.
In his address, Minister Ngafuan emphasized that relations between the government and banks are improving due to more responsible fiscal management. He stated, “Things are looking up for this country. The government does not intend to be a burden on the banking sector. We are taking deliberate actions to meet our obligations so that confidence can return and grow.”
Ngafuan acknowledged that there had been a decline in confidence regarding the government’s financial commitments in past years, which led some banks to distance themselves. However, he noted changes underway: “Years ago, when you heard government, you ran away. That is no longer the case. Now you are coming back, and we will cause more people to come back.”
He disclosed that debt servicing is now a significant focus in the national budget. According to Ngafuan, nearly $90 million has been earmarked in the next fiscal year specifically for settling debts with commercial banks. “One of the key appropriations in this year’s budget is debt servicing—very huge,” he said. “We have almost 90 million dollars in next year’s budget to pay commercial banks. We want to regain your confidence so you can do what you do best—power the private sector.”
The minister underlined that avoiding default on government obligations remains a priority because a robust banking sector supports both private sector expansion and overall national progress.
Ngafuan also discussed ongoing cooperation with the Central Bank of Liberia aimed at implementing reforms intended to revive economic growth and remove barriers affecting business activities. He explained, “We are taking big actions to deal with the constraints to growth. When we unlock those constraints, the private sector is unlocked, the banking sector is enabled, and together we become the engine of economic growth.”
Addressing financial innovation, Ngafuan mentioned future initiatives focused on interoperability among mobile money platforms as essential steps toward greater financial inclusion and increased economic activity: “As the economy expands, we must ensure that those growing with us—our banks, our private sector—also improve and progress.”
The commemoration of LBDI’s 60th anniversary provided an opportunity for stakeholders to reflect on its role in Liberia’s development while reaffirming mutual commitments between public authorities and financial institutions for sustaining economic recovery.