On 26 March 2024, the President of the Republic of Liberia, Joseph Nyuma Boakai, issued an Executive Order that suspends the 0.20 dollar surcharge on petroleum pricing structure inorder to improve the cost of living in the country. The fuel levy was introduced in 2016 on every gallon of petroleum product imported in Liberia. Between 2019 and 2023 it was increased to 0.50 dollars consonance with the National Budget Law for fiscal year 2019/2020.
In the Republic of Liberia, 0.20 dollar has been deducted from the 0.50 dollar on petroleum pricing structures. The head of State Joseph Nyuma Boakai made this declaration in an Executive Order on 26 March 2024 to reduce the cost of living in the country. According to President Boakai, lowering the cost of petroleum products will reduce the cost of goods and services, spur productivity, business profitability and increase revenue for the government.
We want to quickly review and find reasons for some of the hardship, especially in areas that are essential to their livelihood.
Joseph Nyuma Boakai, President of the Republic
Liberia has been grappling with widespread poverty, with the World Bank reporting that over 3 million people in the country are living in poverty. Recognizing the urgency of the situation, The government and leaders of the West African country have made development and Economic growth a key priority of the nation’s agenda.
Liberia is committed to the 2030 agenda and the sustainable development goals, the SDGs which are inline with our flagship development national plan, our agenda for prosperity and development, which represent our resolve to achieve Peace and prosperity while addressing the structural impediment to economic growth and development.
George Manneh Weah, Former president
Among the challenges faced by the country, the Liberian dollar is the eighth-worst performing African currency tracked by Bloomberg against the dollar in 2024 having depreciated more than 18%. The country of 5.4 million people is struggling to recover from two civil wars and its worst ever outbreak of Ebola that peaked in 2014. Per-capita income stood at 754.5 dollars in 2023, more than two times lower than the sub-Saharan Africa average, according to the World Bank. All these coupled together have propelled actions from President Boakai to improve the living conditions of Liberians.
