LIBERIA expects to attract up to $3bn in foreign investment following the discovery of new mineral deposits, President Joseph Boakai announced in his state of the nation address earlier this week. According to Boakai, the country has identified significant reserves of uranium, lithium, cobalt, manganese, and neodymium, alongside its existing iron ore and rubber resources. These discoveries were the result of over five decades of research funded by Chinese investors.
Boakai outlined that ongoing discussions with multinational companies and local investors are focused on the mining of these newly identified minerals. The government is also working to develop sectors related to energy, infrastructure, and technology, which are expected to benefit from the influx of new investments.
The government forecasts economic growth will accelerate to 5.8 percent in 2025, up from an estimated 5.1 percent in 2024, driven by these new mineral resources. Boakai highlighted that this growth is set to help address key economic challenges such as unemployment and rising living costs, which he campaigned to tackle during his presidential bid.
Despite concerns over inflation, which the central bank predicts could rise to 12.3 percent by the end of March 2025, Boakai assured that it would stabilise to around 6 percent by the close of the year. The government’s economic projections suggest the poverty rate in Liberia, one of the world’s poorest countries, will decrease from 31 percent in 2023 to 27.8 percent by the end of this year, according to World Bank data.
Boakai, who defeated former football star George Weah in the 2023 presidential election, has focused his leadership on addressing issues such as food and transportation costs and improving economic stability in Liberia, a country with a population of 5.5 million.
