Researched by Nusrat Essah
The President of Liberia, Joseph Nyuma Boakai, during his Annual Message 2025 before lawmakers on January 27, 2025, made claims about some economic indicators he inherited from the previous George Weah administration (2023).
President Boakai made claims regarding inflation, economic growth, international reserves, public debt, and the current account deficit (watch from 40 mins: 27 secs to 41 mins :13 secs)
In this report, FactSpace Liberia fact-checks five claims made by the President.
Claim 1
“Inflation surged to double digits at 10.1 percent, driven largely by rising food and fuel prices.”
Fact-Check
FactSpace Liberia reviewed data from the Liberia Institute of Statistics & Geo-Information Services (LISGIS). According to the Liberia Consumer Price Index (LCPI) newsletter, the inflation rate at the end of December 2023 was 10.1%. (see page 1).
“The Year-on-Year Inflation Rate as measured by the CPI was 10.01 Percent. This rate of Inflation for December 2023 is the percentage change in the Consumer Price Index (CPI) over the last twelve months, from December 2022 to December 2023,” the newsletter read.
Fig 1: Screenshot of the inflation rate from LCPI newsletter
Verdict
This figure 10.1% aligns with the claim by the president. Therefore the claim is true
Claim 2
“Before our administration, growth had slowed to just 4.6 percent,” President Boakai said.
Fact-Check
FactSpace Liberia reviewed the Central Bank of Liberia’s (CBL) Annual Report for 2023. According to the CBL report; “The Liberian economy moderated slightly to 4.6 percent in 2023”
Fig 2: Screenshot of economic growth from 2023 Annual report (page 30)
This figure aligns with the figure mentioned by the President. The economic growth in 2023 per the report was 4.6% as claimed by the President.
Verdict
Therefore, the claim is rated true
Claim 3
“International reserves were dangerously low at just 2.1 months of import cover,” President Boakai said.
Fact-Check
According to the Central Bank of Liberia’s 2023 Annual report, the Gross International Reserves (GIR) fell to 2.3 months of import cover by the end of 2023.
“Gross International Reserves (GIR) fell by 24.6 percent and months of import cover fell to 2.3 at end- 2023, mainly reflecting a reduction in foreign liquid assets.”
Fig 3: Screenshot of GIR 2023 Annual report (page 30)
From the above findings, the months of import cover of the GIR fell at 2.3 and not 2.1 as stated by the President.
Verdict
Therefore, the claim is understated.
Claim 4
President Boakai claimed that by 2023, “our debt burden had ballooned to $2.5 billion, or 54.6 percent of GDP.”
Fact-Check
According to the Central Bank of Liberia’s Annual Report 2023, Liberia’s total debt at the end of 2023 was US$2,209.8 million which was 51.0% of GDP. This figure when converted to billion is $2.2 bn.
Fig 4: Screenshot of public debt from the 2023 Annual report (page 58)
This is inconsistent with the figure stated by the president. Liberia’s public debt was $2.2 bn or 51.0%, not $2.5 bn or 54.6% as claimed.
Verdict
Therefore, the claim is rated false.
Claim 5
The President claimed that at the end of 2023, Liberia’s current account deficit was 26.4% of GDP. “The current account deficit (at the time), had worsened to 26.4 percent of GDP,” he told MPs.
Fact-Check
“The current account deficit widened by 38.9% to 10.5% of GDP compared to the deficit recorded in the preceding year,” the Central Bank of Liberia 2023 Annual Report said.
Fig 5: Screenshot of account deficit on page 11/page 46
The figure stated by the President does not align with the actual figures found in the report.
Liberia’s current account deficit at the end of 2023 was 10.5% of GDP, not 38.9% as he claimed.
Verdict
Therefore, the claim is rated false.
