MONROVIA, September 12, 2024 - The World Bank released the fifth edition of its annual Liberia Economic Update today, titled "Powering Growth with Reliable, Affordable, and Sustainable Energy Access." The report provides a detailed analysis of recent economic developments in Liberia, emphasizing the critical role of reliable energy in promoting sustainable growth.
The update highlights key advancements in Liberia's energy sector, including progress in power generation and the expansion of energy access. However, despite these improvements, the country still faces significant power shortages that require substantial investments to achieve reliable, affordable, and sustainable energy access for all Liberians.
"The National Electrification Strategy of Liberia, developed by the Government with support from development partners, sets out bold plans to achieve universal energy access by 2030 through a combination of grid expansion, densification, utility revenue protection programs, and off-grid solutions," said Georgia Wallen, World Bank Liberia Country Manager. "The World Bank is actively backing these initiatives with a strong focus on increasing generation capacity to reach Liberians nationwide and promote Liberia’s transition toward sustainable growth and development."
The report also stresses the importance of strengthening fiscal discipline to ensure macroeconomic stability—a critical factor in attracting foreign and domestic investments. This stability is essential for improving the business climate and requires a comprehensive approach that combines legal, regulatory, and practical reforms to foster private sector growth.
“Ambitious reforms are essential to foster private sector participation in both the economy and the energy sector," said Gweh Gaye Tarwo, Liberia Country Economist and lead author of the report. "Without transformative reforms to enhance the business environment and competitiveness, increased private sector involvement cannot be achieved," he added.
For more details on this topic please read "Liberia - Economic Update: Fifth Edition - Powering Growth with Reliable, Affordable and Sustainable Energy Access."