Column: Herculean Economic Challenges To Devour Min. Ngafuan?

Dr. Mallay Provides Answers

Hon. Augustine K. Ngafuan is the first Minister of Finance, Planning, and Economic Affairs to be appointed twice as Minister of Finance by the same Ruling Party (Unity Party) since Liberia’s independence in 1847. In the same token, H.E. President Boakai is also the first president of Liberia since 1847 to replace two Finance Ministers in nine months since his inauguration, January 2024.

This begs the question, is Hon. Ngafuan the only finest and brightest minds to occupy Liberia’s top financial portfolio twice if, though, there are no other qualified Liberian financial gurus in Liberia? Do you know why Hon. Ngafuan was transferred abruptly from the Finance Ministry to the Foreign Affairs? Do you know why he resigned abruptly as Foreign Minister on October 2, 2015? Do you also know why he resigned from the Unity Party in April 2016?

Do you know why Hon Ngafuan later joined a political party named: “Victory for Change Party” (VCP) on October 22, 2016? Do you also know why Hon. Ngafuan back down as standard bearer of the VCP, in November 2016? Do you know why Hon. Ngafuan, Marcus Jones, and Emmanuel Tulay, were locked heads in the VCP in January 2017?

These questions are being provoked to influence our understanding of the role Hon Ngafuan played in Liberia’s post-war governance under former President Sirleaf as Finance Minister from 2012-2015 is to educate Liberians about Hon. Ngafuan’s positives and missteps during his 4 years rule where Hon Ngafuan was at his zenith in politics amid alleged news of rampant massive corruption that engulfed former President Sirleaf’s government which may have either tinted and or paralyzed Hon Ngafuan’s political ability to impact and change the Liberian financial landscape under former President Sirleaf?.

It has been nine years since Hon. Ngafuan departed Liberia’s corrupt system in which he served both as Finance Minister and Foreign Minister respectfully for a total of 9 years out of the 12 years of former President Sirleaf’s government that romanticize systemic corruption, says former auditor John Morlu.
The era Hon Ngafuan served as Finance Minister under former President Sirleaf is not the same era, he finds himself today as Finance Minister under President Baokai.

Former President Sirleaf received 2.1b from the International Community in part from selling his country man former President Taylor to the White people and in part to reconstruct Liberia, so far only the latter was enforced that is selling former Taylor to the White people. Hon. Ngafuan is a testimonial to the 2.1b former President Sirlaf received from the international community since he served as Finance Minister during such strong economic booms-Is he able to tell Liberians why the country wasn’t reconstructed during their era?

Nonetheless, Hon. Ngafuan has once again taken vehement center stage in the Unity Party (UP) Part 2 government playing a major role in Unity Party Part 1. But this time, the economic situation is not the same as compared to former Sirleaf’s era—the financial status of Liberia is struggling and sickling due to what took place under former President Sirleaf 12 years ago and under former President Weah 6 years ago totaling 18 years of no tangible deliverables by both former Presidents Sirleaf and Weah as anticipated.

What Hon. Ngafuan did not do then, that he would fulfill now? Especially where Liberia is currently experiencing high donor fatigue owing to Liberia’s fragile stability and the huge debt of 2.58b left behind by former President Weah, coupled with rampant corrupt practices on the part of government officials currently in President Boakai’s government.

Moreover, ongoing corrupt practices in President Baokai’s government are not strange phenomena to Pres. Boakai. President Baokai saw it all during his 12 years as Vice President under former President Sirleaf with Ngafuan by their side for 9 of the 12 years and Finance Minister.
But political pundits believed that the Herculean nature of Liberia’s struggling economics has the potential to undermine Hon Ngafuan’s extraordinary financial professionalism thus destroying his good intentions which could easily lead to his replacement quicker than expected-Can Hon Ngafaun solve such a herculean economic problem?

The two times served Finance Minister is confronted with a huge unemployment rate of 2.09%, inflation at 10.09%, Liberia’s debt at 2.58b, domestic debt at 1.07m (41.9%), external debt at 1.50b (58.1%), the GDP at 56.65 and Liberia’s weak export at nearly 60%.

Though Hon Ngafuan did not manufacture these problems, he resigned from his lucrative portfolio as director general of the African Development Bank in Uganda which means he has some magical charms to solving Liberia’s staggering economic problems.

The first demonstration encountered by Hon. Ngafaun involved the “Temporary Employment for Country Youth” (TECY). This revealed that they have not been paid for more than 13 months since they were employed as temporary workers on Feb 23, 2024, to give Monrovia a regular facelift. But the question raised is how many times Hon. Ngafuan will descend from his fourth-floor office to cool down the hot temperatures of demonstrators claiming a huge pay-off?

For example, the Liberia National Police, LNP has over 200 trainees who have not received pay for 7 months, the Civil Servant Agency has continued to downsize employees elsewhere with any pay; over two hundred reductants Maritime Works have not received their back pay. The immigration department has downsized about 150 employees, and they have not also received their back pay.

The EPS also carried out a downsizing exercise, sacking over two hundred officers. They too have not been paid. Aside from these funds-related development, the government may have additional priorities on hand, ranging from drug addiction of young Liberians to educational problems, food security, and countless struggling ongoing road constructions. All these matters required serious funding, did Hon Ngafuan come with a magical charm?

Currently, there are no investments in Liberia. Liberia relied on domestic revenues and borrowing from the IMF, African Development Bank, World Bank, and grants from friendly countries like the US. Would Hon. Ngafuan enforces any huge austerity measure, that is to cut down the budgets allocations of lawmakers’ the Judiciary and the executive, is the million-dollar question?