MONROVIA – Liberia’s growth story has a hollow middle. The World Bank’s seventh Liberia Economic Update says the economy expanded 5.1 percent in 2025. Yet extreme poverty climbed to 36.1 percent. Manufacturing shrank, agriculture limped, and capital spending fell by about a quarter. A popular analysis, “The Ma Wata Version,” now distills the report into 15 findings. Read together, they describe growth riding on gold, iron ore and rubber. It bypasses the farmer, the market woman and the jobseeker. The findings also show a government cutting development spending while its interest bill nearly doubles. The verdict lands at midterm for the Boakai administration. It turns a technical report into a political test. THE ANALYST reports.
Liberia’s economy grew by 5.1 percent in 2025, but more Liberians slipped into extreme poverty, manufacturing contracted and public investment fell sharply, according to an analytical breakdown of the World Bank’s latest report on the country circulated under the title “The Ma Wata Version.” The analysis, which sets out 15 facts about Liberia’s economy under the Unity Party, conceded that the growth figure “sounds encouraging.”
It argued, however, that behind this growth are serious problems affecting ordinary Liberians, namely poverty, unemployment, food imports, declining industrial production, weak agriculture and poor management of public institutions.
The analysis presented what it called 15 important findings every Liberian should understand, citing the World Bank’s Seventh Liberia Economic Update, 2026, as its source.
Poverty Rises Despite Growth
First, the analysis noted that more Liberians became extremely poor despite economic growth, with extreme poverty increasing from 34.6 percent in 2024 to 36.1 percent in 2025.
“The economy grew, but more people were estimated to be living in extreme poverty,” it stated.
Second, almost eight out of every 10 workers have insecure jobs. About 78 percent of workers depend on informal businesses, self-employment or unpaid family work, which, the analysis explained, means most workers do not have stable jobs, regular salaries or reliable employment benefits.
Third, most Liberian businesses are extremely small. About 86 percent of businesses are micro-enterprises, while nearly 89 percent operate as one-person businesses.
As a result, the analysis observed, most businesses remain too small to employ many people or grow into major companies.
Manufacturing, Agriculture Lose Ground
Fourth, manufacturing actually declined, contracting by 2.8 percent in 2025 even though the overall economy grew. “Liberia is not producing enough goods locally. Industrial development remains weak,” the analysis declared.
Fifth, agriculture is not producing enough for the country. The sector grew by only 2.6 percent in 2025, and agricultural productivity has also been declining. Farmers, the analysis noted, are struggling to produce more, despite agriculture being a major source of livelihood.
Sixth, Liberia depends too heavily on mining. Mining grew by 17 percent, while manufacturing declined and agriculture grew slowly. Much of the economic growth, according to the analysis, is coming from minerals rather than industries that employ large numbers of Liberians.
Seventh, three products account for almost all export earnings. Gold, iron ore and rubber account for approximately 92.8 percent of export earnings. The analysis warned that if international prices for these products fall, Liberia could lose substantial foreign exchange and government revenue.
Eighth, Liberia spent almost half a billion dollars importing food. Food imports reached approximately US$478.9 million (L$81.60 billion) in 2025.
Liberia, the analysis stated, continues to spend huge amounts of foreign currency buying food that it should be working to produce locally.
Development Spending Falls, Interest Climbs
Ninth, government investment in development projects fell sharply. Capital spending fell from US$406 million (L$69.18 billion) in 2024 to US$297 million (L$50.61 billion) in 2025, a reduction of approximately US$109 million (L$18.57 billion), or 27 percent.
Less money, the analysis pointed out, was spent on infrastructure and other long-term development projects.
Tenth, government is spending much more money paying interest on debt. Interest payments increased from US$49 million (L$8.35 billion) to US$87 million (L$14.82 billion) in one year.
This means, the analysis explained, that more public money is going to creditors, leaving less room for other government priorities.
LEC, Public Corporations Under Scrutiny
Eleventh, the electricity company remains financially weak. The Liberia Electricity Corporation’s (LEC) liabilities reached approximately 95 percent of its assets in 2024, and the company also depends significantly on grant income and government support.
The electricity sector, the analysis cautioned, faces serious financial challenges that could affect reliable service and future investment.
Twelfth, government does not have a complete picture of how its public corporations are performing financially.
The World Bank found incomplete financial statements, limited external audits and weaknesses in reporting among state-owned enterprises.
Consequently, the analysis argued, government cannot adequately determine how much some public corporations are costing taxpayers or what financial problems they are accumulating.
Thirteenth, government institutions themselves owe the electricity company millions. Government and autonomous agencies owed LEC approximately US$34 million (L$5.79 billion) at the end of 2025.
According to the analysis, government institutions are accumulating unpaid electricity bills, weakening the finances of a company expected to provide electricity to the public.
Land, Jobs Remain Major Hurdles
Fourteenth, many farmers do not have formal ownership documents for their land. Approximately 85.6 percent of agricultural landholdings operate without formal registration. Uncertain land rights, the analysis observed, can discourage investment, limit access to credit and make agricultural development more difficult.
Fifteenth, the economy is not creating enough good jobs for young people entering the labor market.
Between 2014 and 2023, approximately 55,000 people entered the labor force annually, while average job creation was around 50,000 annually. The economy, the analysis maintained, is struggling to create enough employment opportunities for new workers, even before considering the quality and security of those jobs.
Five Messages for Ordinary Liberians
Turning to what ordinary Liberians should take away from the findings, the analysis offered five big messages. First, growth is not the same as prosperity, since the economy can grow while ordinary people remain poor. Second, jobs are the real test, because people need decent employment, not just economic growth figures.
Third, Liberia must produce more. “We cannot continue depending so heavily on imported food and a few mineral exports,” the analysis stated. Fourth, government must invest wisely, as roads, electricity, agriculture and education require sustained investment.
Fifth, public money must be protected, and government corporations must be audited, transparent and accountable.
Question Government Must Answer
The analysis closed with what it described as the most important question for the government. “If the economy grew by 5.1% in 2025, why did extreme poverty increase, manufacturing decline, agriculture remain weak and public investment fall?” it asked. “That is the economic question the Liberian people deserve an answer to.”