Finance and Development-Planning Minister-designate Augustine Kpehe Ngafuan has promised to accelerate national economic growth through a multi-sectorial approach if confirmed by the Liberian Senate.
Appearing before the Senate Ways, Means, Finance and Budget Committee’s confirmation hearing Thursday, September 5, 2024, Mr. Ngafuan disclosed that he will work along with public and private partners to unlock the developmental potential of the country for effective growth.
Minister-designate Ngafuan said that unlocking the potential of relevant sectors including energy and connecting the country with paved roads, will provide the needed results to Liberia’s development. Ngafuan named effective resource allocations, increased revenue generation and the development of realistic revenue forecasting as some of his priorities if confirmed as Finance Minister.
According to him, he will support a prudent and disciplined debt management policy to put Liberia in a better position. He said the mining sector holds significant potential for revenue generation in Liberia; if the government is to generate the needed resources, there should be serious regulatory reforms and Environmental Sustainability in all sectors.
He stressed the need for a review of existing mining regulations to create a more transparent and investor-friendly environment coupled with balancing economic development with environmental protection through stricter regulations to mitigate the impact of mining activities on local communities.
Ngafuan at the same time called for straightened Public Financial Management Reforms through implementing reforms to improve budgeting processes and ensure that funds are allocated efficiently to priority sectors, while emphasizing the need to empower institutions such as the General Auditing Commission, Liberia Revenue Authority (LRA) and the Liberia Anti-Corruption Commission to effectively monitor government spending and combat corruption.
Commenting on an inquiry of huge debt owed by the National Government through the Liberia Electricity Corporation to neighboring Ivory Coast for power supply, the Finance Minister-designate said that upon his confirmation, the matter will be reviewed.
Ngafuan said the situation will be addressed consultatively in the interest of the both countries, stressing that the ministry will prioritize its main concerns in line with the government’s new development plan to restore the country’s image.
