- Search Results
 
 
Minister Konneh Gives Updates On The State of The Economy
Date Uploaded: Mar 26, 2014

Economy- Konneh

 

Minister Konneh Gives Updates On The State of The Economy

By Prince Nagbe

MONROVIA, March 26 (LINA) - Finance Minister Amara Konneh has given updates on the state of the Liberian economy, outlining progress made so far as well as challenges facing the Government in improving the national economy.

Speaking at a press conference at the Ministry of Information on Tuesday in Monrovia, Minister Konneh said Liberia’s real Gross Domestic Product (GDP) recorded 8.1 percent estimated growth for fiscal year 2013, attributing it largely to increased activities in the mining sector.

Minister Konneh said this growth in Liberia’s GDP is expected to continue in the medium-term, especially with the export of iron ore by China Union and the increase of production by Arcelor Mittal.

According to Minister Konneh, the increase of export in the extractive sector is a result of Liberia’s stable macro economy, which attracts foreign direct investment that generates foreign exchange and creates jobs.

The Finance Ministry boss said the Government has projected a boost in tax revenue collection by about US$400 million per annum, through an increase in the mining sector which it has achieved, by removing infrastructural and bureaucratic bottlenecks that hindered concessionaires from rolling out their operations.

According to the Liberia News Agency, Minister Konneh said this will increase employment of Liberians by about 80,000 to 90,000 in the next five to ten years.

Minister Konneh, however, said the economy of Liberia partly experienced some difficulties in the second quarter of this fiscal year, as the Liberian dollar depreciated against the US dollar.

This, he said, was however quickly brought to a halt through the effort of the Central Bank of Liberia (CBL).

He said this decline in the value of the country’s currency is a testament of the need to increase the country's exports and diversify the economy, in a way that it will enable the country to attract more foreign exchange. 

He added: “If this is not done, we will remain dependent on large aid and security-related inflows which are likely to fall over time and be subject to global demand and prices.”

Minister Konneh has, meanwhile, disclosed that the service sector which is another driving force of economic growth is expected to be hit as UNMIL draws down its presence in Liberia, and as NGO activities are reaching lower levels.

According to him, this will cause a slowdown in domestic demand for services such as food, entertainment and domestic support, amongst others.

LINA PSN/TSS/PTK    

latest headlines
Judge Kaba Reserves Ruling In E.J. Roye Building Case
Judge Yussuf D. Kaba of the Civil Law Court has reserved ruling in a motion for Declaratory Judgment filed by some individuals calling themselves ...more
CENTAL Raises Eyebrow About Political Parties Spending
The Center for Transparency and Accountability in Liberia (CENTAL) has expressed concern over the expenditure of political parties on fleets of n ...more
LTA, Partners End Int’l Internet Workshop
The Liberia Telecommunications Authority (LTA) and partners have ended a two-day international workshop on ICANN (the Internet Cooperation for As ...more
Liberia To Host GIABA Plenary, Ministerial Meetings
Liberia will host the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) 27th Technical Commission/Plenary and 17th M ...more
GOL, Sweden Sign US$21.6m Accord On Feeder Roads In 7 Counties
The Governments of Liberia and Sweden have signed a US$21.6 million agreement to support the third phase of the Liberia-Swedish Feeder Roads Proj ...more
Defense Ministry Relaxes Camp Ramrod Eviction
The Ministry of Defense has with immediate effect put on hold its notice of eviction to inhabitants of the 72nd Camp Ramrod Barracks in Paynesvil ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency