By : Julius Konton
Liberia’s Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, says the country is firmly on course to transform its economy by addressing one of its biggest challenges, the high cost and limited access to power.
Speaking at the 2025 World Bank/International Monetary Fund (IMF) Annual Meetings in Washington, D.C., Minister Ngafuan underscored that energy remains the key driver of private-sector growth and economic transformation, especially across Africa.
“The private sector is the engine of growth, but power is the engine of the private sector,” Ngafuan told the gathering.
“One of the main impediments in the sector is the huge cost of power, but I think we are on track to transforming our country by powering our economy”, he re-emphasized.
Presenting Liberia’s progress, Minister Ngafuan revealed that the country recently signed an Energy Compact alongside Tanzania, joining the Vision 300 initiative as one of its first 12 members.
He said Liberia aims to increase electricity access from 33% in 2024 to 75% by 2030, through a mix of public investment, private partnerships, and renewable energy expansion.
“This week, we signed a 27.3-megawatt solar power agreement financed by the International Finance Corporation (IFC),” Ngafuan announced. “We are engaging in big investments and attracting the private sector to boost our energy supply”, he added.
The minister added that government reforms are underway at the Liberia Electricity Corporation (LEC) to reduce losses, improve efficiency, and create a more conducive regulatory environment for investors.
Ngafuan emphasized that energy, access to finance, and road infrastructure remain the three main constraints to growth in Liberia.
Acknowledging the burden of high electricity costs on local businesses, he said the government’s strategy focuses on creating affordable, reliable energy to spur private enterprise and job creation.
Minister Ngafuan also called on the World Bank and African Development Bank (AfDB) to help African nations combat illicit financial flows, which he said drain an estimated $90 billion annually from the continent, equivalent to a 4% reduction in Africa’s GDP growth.
“We need to retain our resources and reduce dependence on debt and charity,” he stressed. “We are not poor , Africa is resource-rich but we must ensure our wealth works for us”, he explained.
Citing Liberia’s mining industry, he questioned whether the country is benefiting equitably from its gold and iron ore exports. “It takes two to tango,” he noted. “The relationships in mining are asymmetrical. We need the World Bank and partners to help us create fair rules so that Africa can stand on its own”, Ngafuan reechoed.
Minister Ngafuan further urged African finance ministers and development partners to address the continent’s aviation challenges, which he described as “a critical link for trade and regional integration.”
“Aviation must move to the front burner of development discussions,” he said, calling for greater collaboration to make air transport affordable and efficient across Africa.
Minister Ngafuan argued that the current global economic system must evolve to treat Africa more fairly.
“How can Africa be considered poor when it is so richly endowed?” he asked. “We must question the global rules of trade and investment. Why are we labeled risky when our natural wealth is immense?”
Drawing an analogy, he added: “Before a rocket goes into space, it must be fired. We need to fire to have the hard conversations and now is the time.”
Ngafuan shared the stage with Dr. Situmbeko Musokotwane, Minister of Finance of Zambia, and Dr. Retselisitsoe Matlanyane, Minister of Finance and Development Planning of Lesotho.
The panel discussed strategies for powering job creation in Africa, strengthening energy infrastructure, and building resilience amid global uncertainty.
