AfDB Engages Boakai -Reaches Out to Stakeholders In Special Mission to Liberia

MONROVIA – The headache of political transitions particularly in third-world democracies is the wait-and-see tendencies of international financial institutions and developed nations in reaffirming relationship with, and trust in, new administrations after presidential elections. This has not escaped the Joseph Boakai government which is in its sixth month of incumbency, and has apparently been populating checklists of donors’ benchmarks and preconditions. But it seems the wait-and-see windows of some of Liberia’s traditional donors are closing, evidenced by the re-advent of the African Development Bank (AfDB) whose Executive Director is in country holding talks with President Boakai and other stakeholders in Liberia’s development affairs. The Analyst reports.

The Liberia-seconded Executive Director at the African Development Bank (AfDB) is currently on the motherland for a weeklong consultation mission that entails engaging with stakeholders towards fostering transformative, impactful, and sustainable development in the country.

Perhaps this is the first of AfDB’s official engagement with the Liberian government since the election of President Boakai purposed at taking stock of and understanding the new government’s priority areas requiring the Bank’s interventions.

The AfDB Executive Director, Mr. Rufus Noah Darkortey, who represents the Constituency that comprises The Gambia, Ghana, Liberia, Sierra Leone, and Sudan at the Bank, has since July 8 been actively meeting with top government officials to align the Bank’s efforts with the administration’s development goals.

On Wednesday, July 10, 2024, Mr. Darkortey paid a courtesy call on President Boakai to convey the sentiments and assurances of Dr. Akinwumi A. Adesina, President of the African Development Bank, and acquaint the president with the Bank’s commitment to supporting Liberia’s growth and development under the new administration.

In addition to meeting President Boakai, Mr. Darkortey met with H.E. Vice President Jeremiah Kpan Koung, Speaker of the House Honorable J. Fonati Koffa, President Pro Temp Honorable Nyonblee K. Lawrence and Deputy Speaker Honorable Thomas Fallah.

He has also been engaging with key government ministries, including the Ministry of Finance and Development Planning, the Ministry of Public Works, the Minister of State without Portfolio, Commerce, Gender, Youth and Sports, Mines and Energy, Education, etc.

During the respective meetings, Mr. Darkortey and officials of government held crucial discussions aimed at identifying priority projects, while ensuring that the Bank’s investments are effectively targeted to maximize developmental impact.

The AfDB’s current portfolio in Liberia is strategically allocated to critical sectors that drive economic development.

Approximately 56% of the Bank’s investments are directed towards the transport sector, including the significant Fish Town-Harper highway project, which aims to enhance regional connectivity and trade with Ivory Coast and the larger Mano River Union.

The energy sector has also received 28% of the Bank’s investments, including vital projects like the CLSG transmission lines, which is crucial for improving access to reliable electricity.

Agriculture, a key sector for Liberia’s food security and rural development, accounts for 8% of the Bank’s portfolio. The AfDB’s support in this sector is aimed at boosting food productivity, enhancing value chain addition, and supporting farmers, thereby contributing to poverty reduction and economic stability.

DB’s portfolio is the Youth Entrepreneurship Investment Bank (YEIB), which was approved last year.

The initiative is intended to economically empower Liberia’s youth by supporting small and medium-sized enterprises (SMEs).

By making youth-led businesses more bankable and to increase their access to financing, the YEIB seeks to foster a vibrant private sector to address the high levels of youth unemployment.

In addition to the YEIB, the AfDB has also approved the road corridor between John Davis Town and Zwedru in Grand Gedeh County as part of the Ganta-Harper Highway.

The Bank has also expressed interest in supporting the construction of the $3.5 billion Liberty Corridor and has also committed to building on its construction of the Fish Town – Harper Highway by continuing the construction of the Coastal Highway to link the road corridor between Buchanan, Grand Bassa County, and Harper, Maryland County.

These projects are expected to significantly improve Liberia’s infrastructure, facilitating trade and investment, while providing access to essential services.

During his mission, Mr. Darkortey also emphasized the importance of the Liberia prioritizing the enhancement of domestic resource mobilization as a critical measure to accelerate the pace and size of development in the country.

He urged Liberia Revenue Authority (LRA) and revenue-generating entities to innovate measures and strategies around strengthening the country’s fiscal capacity to support sustainable development initiatives.

The African Development Bank’s consultation mission to Liberia has further underscored its commitment to fostering transformative and inclusive development in the country.

Through strategic investments and targeted support, the Bank continues to play a crucial role in helping Liberia achieve its development goals and improve the livelihoods of its people.

As Liberia embarks on this new chapter under President Boakai’s leadership, Mr. Darkortey averred the Bank’s continued partnership with Liberia, with promises to be a key pillar for the country’s sustainable growth and economic prosperity.

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