Liberian President Points to Economic Gains Ahead of 2023 Vote

Katarina Hoije and Festus Poquie
·1 min read
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(Bloomberg) -- Liberian economic growth is accelerating and authorities are making progress in stabilizing debt, President George Weah said as he announced plans to seek reelection in October.

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“The past fiscal year recorded the highest level of domestic revenue performance since the end of the civil conflict,” Weah told lawmakers late Monday, referring to a war that ended in 2003. “We continue to show strong improvements in mobilizing domestic revenue.”

The West African nation’s economy is expected to expand by 4.2% this year after growth of about 3.7% in 2022, while inflation slowed to 6.9% in December, he said.

“In 2023, our government will remain focused on improving the living standard of our people by promoting a low inflation and stable exchange-rate environment,” said Weah, 56, a former AC Milan football star who won a landslide victory in the 2017 presidential vote. That election marked the first peaceful transfer of power between democratically elected heads of state in Liberia in decades.

Support for Weah, who had pledged to fight corruption, has waned following the alleged disappearance of about $100 million in cash that was printed abroad, eroding confidence in the central bank.

Last year, Weah suspended a close aide and two other officials after the US Treasury added them to a list of sanctioned people amid allegations of corruption.

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