Hon. Ngafuan Pledges Comprehensive Reforms: Tackling Liberia’s Debt, Energy, Agriculture, and Climate Finance with Strategic Precision

By Julius T. Jaesen, II

juliusjaesen@gmail.com

Monrovia, Liberia – September 6, 2024 – At his confirmation hearing before the Ways, Means, Finance, and Budget Committee of the Liberian Senate, Augustine Kpehe Ngafuan II, the Minister Designate for the Ministry of Finance and Development Planning, delivered a powerful statement outlining his vision for Liberia’s economic management and development. Hon. Ngafuan, nominated by President Joseph Nyuma Boakai, emphasised his commitment to putting Liberia first and tackling the nation’s pressing economic challenges with humility and passion.

Hon. Ngafuan began his address by acknowledging the gravity of the task ahead, likening his nomination to a reservist being called back to the battlefront by a commanding officer. “I will use all the fibers of my being in the noble mission of defending our nation’s cause and putting Liberia first, above all else,” he pledged.

He admitted that while there are no quick fixes, he is determined to prioritise strategic actions to improve Liberia’s economic landscape. “We will take some quick actions to make things better, but we are also cognizant of the fact that some of the challenges we will confront are complex and multi-faceted,” Ngafuan stated, emphasising the need for a time-intensive and multi-stakeholder approach.

Ngafuan outlined several key priorities that he intends to pursue if confirmed, beginning with effective resource allocation. He stressed the importance of aligning the national budget with Liberia’s development agenda, the ARREST Agenda for Inclusive Development (AAID). “The top priorities of the AAID must be the top priorities of our budget,” he declared, aiming for the agenda’s formal launch by November this year.

The Minister Designate also focused on the generation of increased resources to address Liberia’s development challenges. He proposed a multi-faceted strategy to enhance economic growth, including improving the energy sector, expanding paved road networks, and supporting the agriculture sector through the National Agricultural Development Plan (NADP) 2024-2030. “We must unlock the potential of the energy sector and connect our country with paved roads,” he stated, linking these actions to job creation and improved revenue generation.

Ngafuan further highlighted the need to enhance the credibility and efficiency of the budget process through realistic revenue forecasting and reducing red tape in budget execution. He emphasised the importance of prompt government payments to vendors and contractors, stating, “The ultimate goal will be to ensure that all, not just some, government workers are paid before the end of the month.”

Addressing the issue of compliance with financial management laws, Ngafuan stressed the need for robust implementation of financial regulations to prevent fraud, waste, and abuse. He also proposed a thorough review of the Harmonization Program to address concerns and ensure a sustainable public sector wage bill.

In light of Liberia’s rising debt, Ngafuan underscored the importance of prudent and disciplined debt management. “We are now labeled as a country with a medium risk of debt distress,” he warned, advocating for responsible borrowing and disciplined debt repayment.

Finally, Ngafuan committed to supporting Liberia’s climate action agenda and leveraging available climate finance opportunities to fund the country’s development goals. He emphasised the need to strike a balance between conservation and commercialisation of Liberia’s natural resources.

Concluding his statement, Ngafuan expressed his readiness to lead the Ministry with a collaborative approach, drawing on the wisdom of Liberians and international partners. “My role as Minister of Finance and Development Planning, if confirmed, will be to make the Ministry work well, and that’s precisely what I intend to do,” he affirmed.

The confirmation hearing marks a critical step in Ngafuan’s potential leadership of Liberia’s Ministry of Finance and Development Planning, as the Senate deliberates on his nomination.