Finance and Development Planning Minister Boima Kamara
Finance Minister Says Economy Embodies Potential For Recovery
By Wilfred Gortor
MONROVIA, December 21 (LINA) - Amidst the slow down and shocks being experienced by the Liberian economy, Finance and Development Planning Minister Boima Kamara has assured Liberians that the nation's economy has “great potential for recovery.”
Kamara believes that with the significant drop in the prices of the nation's major exports of iron ore and rubber, it will require a shift in the economic order in a form that will allow for value addition.
This, according to Kamara, will see the country vigorously engaging in economic diversification through agricultural program as well as refraining from the export of iron ore and rubber in their natural forms.
Since 2014, Liberia's economic growth has come to a standstill as a result of the global economic impact on its two major exports of iron ore and rubber.
The nation's economy, which experienced a growth rate of 7.5 to eight percent from 2006-13, was projected to have grown at 8.7 percent in 2014, but the protracted health crisis occasioned by the outbreak of the Ebola virus coupled with the drop in export earnings reversed the nation's economic progress.
As a result of the shocks and unfavorable micro-economic headwinds, the nation's economy dropped to 0.7 percent in 2014 and 0.3 percent in 2015; and with few more days to the end of 2016 the growth rate of the nation's economy is put at around zero percent.
"The point at which this takes off will be the strength of the economy to produce goods and services for the purpose of attracting the necessary revenue that will feed into developmental projects," Kamara said Wednesday at the Ministry of Information regular press conference.
Kamara said as one of government's priorities under the economic diversification scheme, the government is endeavoring to build more structures in the domestic economy to attract the much needed partnership required to propel the economy.
According to him, as the government focuses on transformative change it will achieve this goal through a new plan known as "The Liberia Agricultural Transformation Agenda."
"What this is saying to us is that we must now focus on agriculture because it happens to be the medium that will foster sustainable job creation; it has the ability to provide jobs in the tone of 500,000 to one million," Kamara noted.