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Economy — TrueRate

Home/Economy

All Monetary Policy Growth Inflation Trade Fiscal West Africa

Economy

VAT Set to Replace GST in Biggest Tax Overhaul in Years

The Liberia Revenue Authority is steering the country's biggest indirect-tax overhaul in decades: replacing the single-rate Goods and Services Tax with a multi-stage Value Added Tax. With tax revenue at US$59.46 million in March 2026 — a month when one-off non-tax receipts swelled total revenue to US$304.37 million — the shift is as much about broadening the tax base as changing the rate.

TrueRate Economics·Jun 23, 2026

Liberia at a Glance

GDP: $5.16B+8.0%
GDP Growth

Latest in Economy

All stories ›

Busy street market scene in central Monrovia

Incomes Per Person Are Still Climbing Back to 2018 Levels

Government administration building in downtown Monrovia

The State's Own Economic Output Barely Grew Last Year

Steel reinforcing bars at a Liberian manufacturing site

Homegrown Steel Output More Than Doubles in a Year

4.0%

-0.7pp

Inflation Rate

4.5%+1.4pp

Population

5.61M+2.2%

Unemployment

2.9%-0.0pp

External Debt

$2.23B+6.1%

FDI Inflows

$472M+51.0%

Government Debt

$2.82B+0.8%

Trade Balance

$-11M+68.3%

CBL Policy Rate

16.3%+0.0pp

Source: CBL · World Bank

A Two-Speed Economy: Minerals Race Ahead, Most People Don't

Lumpy Taxes, Volatile Spending, Rising Debt: The 2026 Budget

Bottlers Ramp Up 20% as Consumer Spending Holds

Men offloading rice in monrovia

Rice: The US$296 Million Staple With Outsized Political Weight

Electrical power lines and transmission tower in Monrovia

More Power Flows, yet Few Are Still Connected

Commercial vehicles and mobile phone towers along a Monrovia road

Moving People and Data Grows Into a US$257 Million Business

Men at construction site in monrovia

A Building Boom Pushes Construction Past US$270 Million

Freeport of Monrovia by the docking station

Imported Goods Hold Steady; It's Local Prices That Are Rising

Oportos bar & restaurant in sin kor monrovia

Eating Out Gets 15% Pricier — the Fastest-Rising Cost of All

Mobile phone tower rising above a Monrovia neighborhood

The One Bill That's Getting Cheaper: Phone and Data

Students in uniform outside a school in Monrovia

Why School Fees Make Education Costs Jump Once a Year

Entrance to a health clinic in Monrovia

Health-Care Costs Climb 6%, and Families Pay Out of Pocket

Residential neighborhood in Monrovia at dusk with visible generator lights

Keeping the Lights On Costs 6% More This Year

Liberia Revenue Authority tax office in Monrovia

Taxpayers, Not Donors, Are Now Funding the Budget

Government office workers outside a ministry building in Monrovia

The Public Payroll Eats a Large Slice of the Budget

Road construction site on a Monrovia highway

Running Costs Crowd Out Investment in the National Budget

Capitol Building of the Liberian Legislature in Monrovia

Government Spending Lurches Month to Month, Bunching at Year-End

Central Bank of Liberia headquarters in Monrovia

Public Debt Climbs to US$2.82 Billion as the Bill Mounts

Central Bank of Liberia building exterior

Money Supply Swells 11% While the Central Bank Holds Steady

the liberian dollars

Inflation Cools to 4.50%, but the Core Tells a Tougher Story

Open-air food market with produce stalls in Monrovia

Domestic Food Prices Eased in Liberia, but Imported Fuel Jumped in March

Open-pit mining operation in Liberia

Mining Output Tops US$1 Billion, Driving One-Fifth of Liberia's GDP

Monrovia city skyline with commercial buildings

The Economy Grew 4.6% in 2025 — or 5.1%, Depending on Who's Counting

Container port operations at the Freeport of Monrovia

A Rare Current-Account Surplus, at Least by the Central Bank's Count

Diaspora Conference (Building the Future)

Remittances Reach US$941m, the Backbone of Liberia's External Accounts

freeport of monrovia docking station

Imports More Than Doubled in March, Exposing a Deep Dependence

Busy commercial street with shops and services in Monrovia

Services Quietly Remain the Biggest Engine of the Economy

Farmer tending crops in a rural Liberian field

Agriculture Employs the Most People but Grew the Slowest

Cement bags stacked at a building materials warehouse in Monrovia

Cement and Beverages Push Manufacturing Up 9%

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Economic Calendar

highMonetary Policy
CBL Monetary Policy Committee Meeting
Quarterly MPC decision on the policy rate, reserve requirements, and inflation outlook. Previous meeting (Apr 27) held the MPR at 16.25%.
In 5 days
mediumFiscal
FY2026 Mid-Year Budget Review
MFDP publishes H1 revenue and expenditure actuals against the $1.25B approved budget. Tracks fiscal consolidation targets.
In 21 days
mediumData Release
CBL Monthly Economic Review — June 2026
Monthly bulletin with CPI, exchange rate, money supply, banking sector, and trade data for June 2026.
In 36 days
highIMF
IMF 4th ECF Review Mission (est.)
Staff visit for the fourth review of the Extended Credit Facility. 3rd review completed Apr 2026, disbursing SDR 19.3M. Expect updated GDP and inflation projections.
In 67 days

Dates marked (est.) are projected from prior cadence.

More from Economy

VAT Set to Replace GST in Biggest Tax Overhaul in Years
A Two-Speed Economy: Minerals Race Ahead, Most People Don't
Lumpy Taxes, Volatile Spending, Rising Debt: The 2026 Budget
Bottlers Ramp Up 20% as Consumer Spending Holds
Incomes Per Person Are Still Climbing Back to 2018 Levels
The State's Own Economic Output Barely Grew Last Year