Finance Minister, Augustine Ngafuan says the government has embarked on a decisive fiscal reset aimed at restoring trust with commercial banks and strengthening Liberia’s financial system. Speaking Friday, December 12, 2025 at the 60th anniversary celebration of the Liberian Bank for Development and Investment (LBDI), Ngafuan said the administration is taking concrete steps to honor its financial commitments and reposition itself as a credible partner to the banking sector.
“Things are looking up for this country,” Minister Ngafuan said, stressing that the government no longer intends to be a liability to commercial banks. “We are taking deliberate actions to meet our obligations so that confidence can return and grow.” He acknowledged in past years, weak confidence in government financial commitments strained relations with banks, leading many institutions to distance themselves. According to the Finance Minister, that era is ending.
“Years ago, when you heard government, you ran away. That is no longer the case,” he said. “Now you are coming back, and we will cause more people to come back.” As evidence of renewed seriousness, Minister Ngafuan disclosed that debt servicing has been elevated as a top budgetary priority, with nearly US$90 million earmarked in the next fiscal year to settle obligations owed to commercial banks.
“One of the key appropriations in this year’s budget is debt servicing—very huge,” he emphasized. “We want to regain your confidence so you can do what you do best—power the private sector.” He underscored that a stable and trusted banking sector is vital to private sector expansion and national development, adding that the government is determined to avoid defaulting on its responsibilities.
Minister Ngafuan also pointed to strengthened collaboration with the Central Bank of Liberia, including reforms designed to revive the economy and remove long-standing barriers to growth. “We are taking big actions to deal with the constraints to growth,” he noted. “When we unlock those constraints, the private sector is unlocked, the banking sector is enabled, and together we become the engine of economic growth.” The LBDI anniversary celebration, marking six decades of the bank’s contribution to Liberia’s development, provided a backdrop for renewed commitments between the government and financial institutions to sustain economic recovery and accelerate growth.
