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The World Bank has officially recognized 2024–the first year of President Joseph Nyuma Boakai Sr.’s administration–as a turning point in Liberia’s economic performance, describing it as a year of improved governance, fiscal discipline, and financial inclusion that sets the stage for increased international development assistance.
The commendation is detailed in the newly released 2025 Africa Country Policy and Institutional Assessment (CPIA) report, which was launched Thursday in Monrovia.
This development places Liberia in a stronger position to receive targeted international assistance, signaling global confidence in the nation’s ability to manage reforms that support growth, stability, and poverty reduction.
According to the report, Liberia achieved an average CPIA score of 3.1, meeting the eligibility threshold for support from the International Development Association (IDA), the World Bank’s concessional financing arm for the world’s poorest countries.
“Liberia’s economic governance improved in critical areas in 2024,” the report stated, “making the country suitable for targeted international development assistance.”
The World Bank highlighted several fiscal policy improvements under the Boakai administration. These included tight control of government spending, reduction in high wage bills, curtailment of unnecessary tax expenditures, and a gradual phasing out of fuel subsidies. These measures helped stabilize public finances, restore investor confidence, and reduce fiscal vulnerabilities.
The report further praised Liberia’s tight monetary policy, which helped bring inflation down to single digits–a notable achievement amid global economic uncertainty. The Central Bank of Liberia’s high policy rate ensured positive real interest rates, which encouraged savings and promoted price stability.
“Liberia’s central bank maintained a strong stance in 2024, which significantly helped curb inflation and enhance monetary credibility,” the World Bank stated.
Liberia’s progress in financial inclusion was also a highlight. The report pointed to the rapid growth of mobile money adoption and the establishment of a modern credit registry. These advancements widened access to finance and boosted economic participation, especially among underserved populations.
“Expanding digital financial services has given more Liberians the tools to participate in the formal economy,” the report emphasized.
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The World Bank commended the Liberia Revenue Authority (LRA) for its marked improvement in tax administration. Efforts to broaden the tax base, streamline collection processes, and combat leakages have resulted in higher efficiency and increased domestic revenue mobilization.
President Boakai’s first year in office is being seen by international partners as a foundation for long-term transformation. Institutions like the World Bank are now positioning Liberia as a reform-minded country on a path to inclusive growth. This recognition comes at a critical time as Liberia seeks to attract infrastructure investment, development finance, and technical partnerships across key sectors.
The 2025 CPIA Report doesn’t just offer praise–it offers possibility. Liberia’s improved score reflects serious policy actions taken under President Boakai’s leadership and marks a departure from years of stagnation.
With global institutions now viewing Liberia as reform-ready, the next phase will require sustained political will, efficient implementation, and citizen engagement to ensure the benefits of reform are felt in every household across the country.
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