MONROVIA – The ‘Business as Usual’ cliché which is the ruling Unity Party administration’s development mantra, dating back to the 2023 presidential campaign, and embedded as a rallying message into its development agenda – the ARREST Agenda for Inclusive Development (AAID) – may just not be a sufficient catapult to achieving the government’s overarching goal of poverty reduction and middle-come status by 2030 as it desires. Courtesy of World Bank Country Manager who thinks the ‘business as usual’ scenario, which some Liberians already dismiss as not working, will “only yield modest growth” that is insufficient for achieving middle-income status by 2030.” As The Analyst reports, she made the statement at the launch of “Liberia Country Economic Memorandum: Escaping the Natural Resource Trap: Pathways to Sustainable Growth & Economic Diversification in Liberia” held March 11.
World Bank Country Manager in Liberia, Georgia Wallen, says report finds that a “business-as-usual” scenario in the country would yield only modest growth that is insufficient for achieving middle-income status by 2030 and substantially reducing poverty, a broad objective of Liberia’s development agenda, the ARREST Agenda for Inclusive Development (AAID).
According to the World Bank top official in the country, by contrast, a high-ambition reform program shows potential for game-changing outcomes, many of which are linked to investing in the Liberian people and unlocking constraints to private and public investments.
“With ambitious reform, Liberia could attain lower middle-income status before 2040, with improved jobs and a better quality of life for Liberians nationwide,” she said at program marking the launch of the the Liberia Country Economic Memorandum: Escaping the Natural Resource Trap: Pathways to Sustainable Growth & Economic Diversification in Liberia”.
Business as Usual, which the ruling UP Standard Bearer Joseph Nyuma Boakai propagandized during the 2023 presidential elections, was one of many promises the president made he would end upon takeover of the leadership but nearly year and half in office, most Liberians now think it was just a propaganda to court voters but not a tendency they able to end.
She said business as usual or doing away with it won’t be enough.
“Lessons learned and analysis of comparator countries like Ghana, Sierra Leone, Guinea, and Senegal, helps illuminate the pathways facing Liberia,” she said, thanking attendees for joining in the launch of the Liberia Country Economic Memorandum, produced twice a decade, being one the most comprehensive analytical reports produced by the WB in Liberia.
She noted that the report examines Liberia’s development story and focuses heavily on actions that can shape Liberia’s future.
Equally, it draws from analysis of Liberia’s peer countries to support accelerated results and help shorten the learning curve, she said.
“We hope this report will be a tool for policymakers, academia, students, think tanks, and interested Liberians – at home and abroad – to gain insights that can spur action,” highly a few points: that the report matters for the government development program, the AAID, ‘business as usual’ won’t be enough, and Liberia’s transformation may not come easily but which is possible.
She continued: “First, why does this report matter for the AAID? Liberia’s new national development plan for 2025 – 2029 aims to lift the incomes of Liberians by around 25% in five years – a bold aspiration. While that is ambitious, the AAID’s aims actually go far deeper”.
Ultimately, Madam Wallen said, the AAID is attempting to “reset” Liberia‘s development model – from “resource export” to emphasizing “sustainable value addition, processing, and innovations.”
“What will that take? What are viable – and necessary – pathways to a more prosperous future for all Liberians?” she quipped rhetorically. “This is where the analysis in the CEM comes in. As you’ll hear today, the report sets out five key transitions that the country will need to tackle to unlock constraints to tomorrow’s Liberia – including better quality of life, jobs, and diversification for long-term growth.”
The World Bank Manager however expressed optimism that while transformation may not come easily, it is possible.
Sustainable, inclusive high growth will require strong policy action – and a whole-of-Government approach backed by strong commitment and accountability for results, she asserted, adding: “In today’s session, you’ll hear about short-term; medium-term; and longer-term policy actions needed to stimulate true transformation.”
She also noted that this ranges from boosting domestic revenue mobilization and enhancing public expenditure management in the short run, to diversifying away from an excessive reliance on mining over the medium/long-term.
“One thing is clear,” he said emphatically. “These next five years will be decisive for shaping Liberia’s longer-term economic outlook.”
She assured government that as a longstanding development partner, the World Bank Group stands ready to support Liberia’s “reset” and the ambitious strategic re-orientation reflected in the AAID.
“This will underpin our support for the AAID and our forthcoming new World Bank Group Country Partnership Framework, which is in advanced stages of preparation,” he stressed. “We believe in the future of Liberia because we believe in the people of Liberia. We hope today’s session will inspire action and stimulate informed dialogue.”
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