Liberia Anticipates New Minerals Discovery Will Draw $3 Billion
Liberia expects to attract $3 billion in investment after the discovery of new minerals, President Joseph Boakai said.
Studies conducted over five decades and funded by the Chinese show the iron ore and rubber exporter also has uranium, lithium, cobalt, manganese and neodymium deposits, among others, Boakai said in a state of the nation address late Monday.
Talks are currently underway with major multinational companies and local investors to mine the new minerals and invest in other related sectors such as energy, infrastructure and technology, he said.
The government projects economic growth to accelerate to 5.8% this year, supported by the new investments, from an estimated 5.1% in 2024, he said.
Inflation, which the central bank expects to quicken to as high as 12.3% by the end of March, will moderate to 6% by the end of 2025, Boakai said.
Boakai beat former football star George Weah to become president more than a year ago after campaigning to address high food and transportation costs and unemployment in the economy of 5.5 million people.
The faster growth could reduce the poverty rate in one of the world’s poorest countries to 27.8% this year from 31% in 2023, World Bank data shows.
