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Home/Economy/Fiscal
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Economy · Fiscal

Fiscal

The national budget, debt, revenue, IMF Article IV reviews, and public spending.

38 stories matched from the TrueRate newsroom.

CBL Statistical Data · Government Finance

Total government debt (LBR_FIS_DEBT_1), revenue, and expenditure. Monthly series, million USD.

Total Govt Debt$2,824.4M2025-12
Total Revenue$304.4M2026-03
Total Expenditure$136.6M2026-03

Chart showing Liberia total government debt over the past 24 months. Most recent: $2,824.4M.

Source: Central Bank of Liberia DataWarehousePro · Updated nightly

forex

From L$200 to L$184: How an 8% Currency Swing Is Reshaping Margins

The exchange rate fell 7.92% over the past year to L$183.93 per US dollar in March 2026, according to CBL data. For importers, the stronger currency means cheaper goods in local terms. For exporters and dollar-earners, it means thinner margins — a split that runs through every business that touches both currencies.

TrueRate · Jul 4, 2026

commodities

Gold Hit US$175 Million in March — Now Two-Thirds of All Exports

Gold exports reached US$175.13 million in March 2026, up 111.87% year-on-year, and now account for 66.52% of total monthly exports, according to CBL data. Combined with iron ore, two commodities make up 92.59% of export earnings — a level of concentration that turns a single global price move into a national-accounts event.

TrueRate · Jul 4, 2026

business

Rubber Output Drops 47% as Smallholder Farmers Bear the Cost

Rubber production fell to 3,476 metric tons in March 2026, down from 6,527 in February and nearly 30% below year-ago levels, according to LISGIS. For smallholder farmers paid by volume, the decline translates directly to lost income in a sector that now accounts for less than 3% of national exports.

TrueRate · Jul 4, 2026

business

A US$314 Million Import Bill: What a Two-Year High Means for Small Retailers

Goods imports rose 47.26% to US$314.08 million in March 2026, the highest monthly total in at least two years, while the trade balance swung from a US$13.98 million surplus to a US$50.80 million deficit in a single month, according to CBL data. For small retailers, more supply entering the market does not always translate to wider margins.

TrueRate · Jul 4, 2026

policy

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 · Jun 23, 2026

technology

Monrovia Hustle: A Liberian Studio's Bet That West Africa Can Build a Global Video Game

HUIX-2099, a one-person studio in Monrovia, has released a playable vertical slice of Monrovia Hustle 3D — a story-driven open-world game set in downtown Monrovia. Built solo on a machine with 4 GB of RAM, the project is less a finished product than a calculated proof of concept aimed at investors and partners who want to back African-authored digital content.

TrueRate · Jun 20, 2026

technology

What a Liberian Open-World Game Says About the Future of African Digital Content

The global games industry generates US$184 billion a year. Virtually none of it comes from West Africa. HUIX-2099's Monrovia Hustle is a single data point, but it arrives at a moment when the economics of African-authored digital content are shifting.

TrueRate · Jun 20, 2026

business

Government Revenue Hits US$304 Million in March — What It Means for Businesses That Sell to the State

Total government revenue surged to US$304.37 million in March 2026, with tax receipts at US$59.46 million and total expenditure at US$136.57 million. For Liberian businesses that contract with government, the surge signals opportunity — but also the lumpiness that makes government a difficult customer.

TrueRate · Jun 14, 2026

business

Personal Loans Cost 16.16% — The Hidden Tax on Informal Entrepreneurs

The average Liberian-dollar personal loan rate stood at 16.16% in February 2026, three full percentage points above the commercial lending rate of 13.11%. For the thousands of micro-entrepreneurs who borrow on personal terms because their businesses lack the formalization to qualify for commercial credit, the gap is a structural penalty that caps growth before it starts.

TrueRate · Jun 12, 2026

business

China Buys US$134 Million of Liberian Exports After Near-Zero in 2024

Exports to China surged to US$134.19 million in 2025 from just US$0.61 million the year before — a jump so large it reshaped Liberia's trade geography overnight. The recovery echoes the US$146.26 million China bought in 2014 at the peak of the last iron-ore cycle, and it signals that a major commodity channel has reopened.

TrueRate · Jun 11, 2026

analysis

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

Mining surged past US$1 billion and gold and iron-ore exports boomed in 2025, while agriculture grew barely 1% and most Liberians work in sectors expanding far more slowly. The split defines who benefits from the country's growth.

TrueRate · Jun 6, 2026

analysis

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

Tax revenue ran between US$58 million and US$80 million in most months but spiked to US$304 million in March 2026, while spending swings wildly, capital investment is squeezed and debt has climbed past US$2.8 billion. The combination leaves Liberia growing but with little fiscal room to spare.

TrueRate · Jun 4, 2026

business

CBL Holds Policy Rate at 16.25% — What Businesses Should Know

The Central Bank of Liberia has held its monetary policy rate at 16.25% since October 2025 — down from 20% in mid-2024 but still elevated by historical standards. With headline inflation at 4.50%, real interest rates are strongly positive, and commercial lending at 13.11% remains expensive for most businesses.

TrueRate · Jun 3, 2026

economy

The State's Own Economic Output Barely Grew Last Year

The value of government services rose about 2.7% to US$169 million in 2025, the slowest-growing major part of the economy. Tight budgets and a heavy wage bill leave little room for the state's own contribution to output to expand.

TrueRate · May 25, 2026

economy

Homegrown Steel Output More Than Doubles in a Year

Steel production rose to 4,267 metric tons in March 2026, up 162.3% from a year earlier, as a domestic industry geared to construction expands. The growth points to import substitution in building materials.

TrueRate · May 20, 2026

commodities

Vast Forests, Idle Trade: Why Forestry Is Stuck

Forestry output from logs and timber was about US$18 million in 2025, below its 2020 level, while recorded round-log production sat at zero through early 2026. A sector with vast resource potential remains one of the economy's quiet underperformers.

TrueRate · May 15, 2026

banking

The Financial Sector Keeps Growing — but Not by Lending to Business

The financial-institutions sector expanded about 6.8% to US$161 million in 2025, a steady climb even as banks lent more to the government than to business. The sector's growth outpaces the credit reaching the private economy.

TrueRate · May 10, 2026

economy

A Building Boom Pushes Construction Past US$270 Million

Construction output reached US$270 million in 2025, up about 8.9% on the year and nearly double its 2020 level, as cement production hit records. The building boom is one of the clearest signs of domestic investment beyond the mines.

TrueRate · May 5, 2026

economy

Keeping the Lights On Costs 6% More This Year

The cost of housing, water, electricity and fuels rose 6.1% in the year to March 2026, outpacing headline inflation. With shelter and utilities a fixed monthly burden, the increase squeezes household budgets that have little room to adjust.

TrueRate · Apr 20, 2026

economy

Taxpayers, Not Donors, Are Now Funding the Budget

Tax revenue totaled about US$187.3 million in the first quarter of 2026, holding near US$60 million a month, while grants recorded in the monthly data stayed at zero. The figures show a budget leaning almost entirely on what the country collects itself.

TrueRate · Apr 17, 2026

economy

The Public Payroll Eats a Large Slice of the Budget

Government salaries reached US$40.5 million in December 2025 and dominate recurrent spending, a wage bill that competes directly with investment and debt service. Containing it is among the hardest tasks in Liberian fiscal policy.

TrueRate · Apr 15, 2026

policy

Running Costs Crowd Out Investment in the National Budget

Capital spending collapsed to near zero in early 2026 before a US$50 million March outlay, while recurrent costs absorbed the bulk of the budget. The imbalance leaves little for the roads, power and water that growth depends on.

TrueRate · Apr 12, 2026

policy

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

Total government spending ranged from US$33 million in January 2026 to US$193 million in December 2025, a volatility that complicates budgeting and service delivery. Recurrent costs dominate, leaving little that is steady or predictable.

TrueRate · Apr 10, 2026

economy

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

Total government debt reached US$2.82 billion in December 2025, up 7.15% on the year, with external creditors holding nearly 58% of the stock. The rising burden narrows the fiscal room for a state already leaning on a handful of commodity exports.

TrueRate · Apr 5, 2026

banking

Banks Are Lending to the Government, Not to Business

Banks' claims on the private sector rose just 1.1% in the year to March 2026 — a decline in real terms — while lending to the central government jumped about 40%. The pattern points to private credit being crowded out, and squares with Liberia's stubbornly high borrowing costs.

TrueRate · Apr 3, 2026

commodities

Gold Overtakes Iron Ore as Liberia's Top Export Earner at US$175m

Gold exports reached US$175 million in March 2026, more than double a year earlier and well ahead of iron ore, as output climbed to nearly 38,000 ounces. The metal's rise has reshaped Liberia's export base and helped steady the currency.

TrueRate · Apr 2, 2026

economy

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

Domestic food prices fell about 1% over the year to March 2026, offering households rare relief, while imported fuel prices rose 12% in the month alone. The split shows how Liberia's cost of living turns on the divide between home-grown and imported goods.

TrueRate · Apr 2, 2026

commodities

Gold and Iron Ore Drive Mining Higher as Rubber Falls

Gold, diamond and cement output rose sharply in early 2026, with diamonds more than doubling year-on-year and cement up 52%, while rubber, cocoa and timber production fell. The split captures an economy where mining surges and traditional agriculture struggles.

TrueRate · Apr 2, 2026

commodities

Iron-Ore Output Rebounds to 2.3 Million Tonnes in March

Iron-ore production reached 2.33 million metric tons in March 2026, far above the depressed level of a year earlier, while export earnings rose 47% to US$69 million. Volumes remain volatile and tied closely to global steel demand.

TrueRate · Apr 1, 2026

commodities

Exports Surge 58% to US$2.1 Billion, Powered by Gold

Total exports rose 57.9% to US$2.07 billion in 2025 on surging gold and iron-ore shipments, while imports climbed 55.4% to US$2.35 billion, widening the merchandise trade deficit to about US$281 million. The boom has reshaped Liberia's export base around gold.

TrueRate · Apr 1, 2026

analysis

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

The value of mining and panning output rose 23% to over US$1 billion in 2025, about a fifth of GDP and the single biggest driver of last year's growth. The sector's rise brings export earnings and revenue — and a deepening concentration of the economy's fortunes.

TrueRate · Apr 1, 2026

economy

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

Liberia's economy expanded 4.6% in 2025, its strongest pace in three years, lifting GDP to US$5.16 billion as mining output jumped 23%. National statistics put growth half a point below the World Bank's 5.1% estimate — a reminder that headline numbers still depend on who is counting.

TrueRate · Apr 1, 2026

analysis

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

Liberia recorded a current-account surplus of about US$77 million for 2025 on the Central Bank's balance-of-payments data, sustained by US$941 million in remittances and transfers, even as the goods balance ran a US$281 million deficit. The World Bank, using a different method, reports a deficit — a divergence worth watching.

TrueRate · Mar 31, 2026

banking

Business Loans Get Pricier Even as Consumer Rates Fall

The average lending rate rose to 13.11% in February 2026 from 12.25% a year earlier, even as personal-loan and mortgage rates fell. Deposit returns stayed at 1.94%, keeping banks' margins wide and credit costly in an economy where formal borrowing is already scarce.

TrueRate · Mar 31, 2026

economy

Imports More Than Doubled in March, Exposing a Deep Dependence

Imports reached US$329 million in March 2026, more than double a year earlier, and totaled US$2.35 billion for 2025. The figures lay bare how dependent Liberia remains on foreign goods — from fuel and food to machinery — and the pressure that puts on the trade balance.

TrueRate · Mar 31, 2026

economy

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

Inward transfers, largely remittances, totaled US$941 million in 2025 and US$225 million in the fourth quarter alone — the single largest inflow in Liberia's external accounts and the reason the current account stayed in surplus despite a wide trade deficit.

TrueRate · Mar 31, 2026

economy

Services Quietly Remain the Biggest Engine of the Economy

Services output reached US$2.01 billion in 2025, up about 7%, remaining the biggest part of Liberia's economy ahead of agriculture and mining. The sector's breadth — trade, transport, hospitality and government — makes it the quiet backbone of domestic activity.

TrueRate · Mar 30, 2026

economy

Cement and Beverages Push Manufacturing Up 9%

Manufacturing output rose to US$331 million in 2025, up about 9%, with cement and beverage production posting strong gains. Small as a share of GDP, the sector's growth points to expanding domestic industry that could ease reliance on imports.

TrueRate · Mar 28, 2026