The Central Bank of Liberia has published its 2024 Annual Report, combining an account of the bank’s operations with its assessment of economic and financial conditions. The report says Liberia’s economy grew 4.8 percent in 2024, up from 4.6 percent in 2023, while average headline inflation fell to 8.3 percent from 10.1 percent. It also points to a stronger external position, with the current account moving to a surplus of 14.2 percent of gross domestic product from a 5.5 percent deficit a year earlier. The banking sector remained stable, with capital adequacy at 33.8 percent and liquidity at 49.3 percent, but nonperforming loans stayed elevated at 19.7 percent. The report attributes the growth outturn mainly to agriculture and fisheries, notes that broad money growth moderated to 11.3 percent, and says the economy remained highly dollarized, with the USD component of broad money at 74.6 percent. On fiscal developments, it records a government overall surplus of USD 12.5 million, while public debt rose 9.6 percent to USD 2.63 billion. It also highlights growth in banking sector assets, loans, deposits and capital, continued expansion in mobile money and digital payments, financial inclusion reaching 52 percent, and progress on payments infrastructure including the Pan-African Payment and Settlement System and the National Electronic Payment Switch. Internally, the bank reports that it adopted action plans to implement recommendations from the General Auditing Commission compliance audit and Kroll’s forensic audit of its suspense account, and approved measures including amended agent banking rules, a collateral eligibility framework and new foreign reserves management policies. For 2025, the report projects real gross domestic product growth of 5.6 percent and average inflation of 9.4 percent. It says monetary policy will continue to focus on liquidity management, while the bank also plans a new five-year strategic plan and further work on payment system modernization, financial inclusion and governance and control reforms.
Central Bank of Liberia2025-04-03
Central Bank of Liberia releases 2024 annual report reporting 4.8 percent growth and persistent 19.7 percent nonperforming loans
The Central Bank of Liberia’s 2024 Annual Report says Liberia’s economy grew 4.8 percent and average inflation fell to 8.3 percent, while the current account shifted to a 14.2 percent of GDP surplus. It says the banking sector remained stable, with strong capital and liquidity ratios, but nonperforming loans stayed high at 19.7 percent. The report also highlights continued growth in digital payments and internal governance reforms tied to audit recommendations.