Liberian government officials, representatives of the Export-Import Bank of Korea and the African Development Bank pose for a group photo after signing the memorandum of aid in Monrovia.
The Government of Liberia, in collaboration with the Export-Import Bank of Korea and the African Development Bank, on Thursday launched the 2025/26 KSP-AfDB joint consulting project aimed at strengthening domestic resource mobilization through evidence-based policy reforms.
The high-level seminar held in Monrovia on March 5, 2026 brought together the Ministry of Finance and Development Planning (MFDP), the Liberia Revenue Authority, development partners, and members of the media.
The initiative, titled “Strengthening Liberia’s Domestic Resource Mobilization through Evidence-Based Policy Reform,” aims to conduct a comprehensive review of Liberia’s tax system, particularly the extractive and mining sectors, and provide appropriate policy recommendations to improve tax administration and revenue collection.
In his opening remarks, Kim Yong-jin, Chief Representative of the Accra Representative Office of Korea Export-Import Bank, said that this project is an important step in deepening technical cooperation between Liberia and Korea.
Mr. Kim said, “I am very honored and honored to be able to meet you all today.” “First, I would like to express my sincere gratitude to Anthony Myers, Deputy Minister for Fiscal Policy at the Department of Finance, Development and Planning, and distinguished representatives from our partner ministries.”
Mr Kim also welcomed AfDB Country Director Reece Mwasambili and thanked the organizing team for coordinating the event.
He explained, “The 2025-26 KSP-AfDB joint consulting project, led by Korea Export-Import Bank and AfDB, aims to share Korea’s best practices and provide customized policy recommendations to strengthen the Liberian government’s domestic revenue mobilization capacity.”
Kim said the project will focus on strengthening tax-based management of Liberia’s mining industry and conducting a detailed analysis of the country’s tax framework. As part of the Knowledge Sharing Program (KSP), Liberia will benefit from an invitational training program to South Korea aimed at building the technical capacity of Liberian officials.
“This program provides an opportunity to experience first-hand Korea’s advanced digital tax administration, including the online tax portal HomeTax,” said Kim. “We believe this experience will provide a valuable benchmark for Liberia’s own fiscal modernization.”
He sought strong cooperation throughout the process. “We look forward to your active cooperation and open communication to enhance the success of this project from start to finish. Today’s seminar is the very first step as we share insights and derive well-tailored consulting results.”
Anthony Myers, Deputy Minister for Fiscal Policy at the Department of Finance, Development and Planning, emphasized the importance of basing reforms on reliable data and research.
“Planning for this event goes back many months, to the beginning of 2025, when we began exchanging information between Treasury, the African Development Bank and KSP,” Myers said.
He referred to the recently launched Liberia Domestic Resource Mobilization Project, which he described as a collaborative effort between the Government of Liberia and the AfDB to maximize revenues from mining and other strategic natural resource sectors.
“This project is primarily focused on maximizing revenue from the mining sector and other natural resource sectors,” he said. “It’s also about ensuring the governance of this sector, eliminating data breaches and addressing the governance challenges plaguing this sector. And we’re here today to begin an investigative and analytical exercise to support that project.”
Myers stressed that while the government regularly issues regulations and proposes legislation, reforms must be backed by solid evidence to ensure they are effective.
“In order to implement policies, or to lay the foundations for issuing regulations or introducing legislation, we need to be confident that those measures will have the necessary effect,” he said. “And to ensure that policies, laws and reforms have an impact, we need evidence.”
He explained that the research team was carefully selected to include international experts familiar with tax reform across the continent, as well as African experts with relevant experience.
“Our team leaders at KSP have experience in about 10 other African countries,” Myers said. “There he brought his academic and work experience in the tax field, including research experience in Africa.”
He emphasized that Liberia stands to benefit not only from South Korea’s expertise but also from lessons learned in other African countries.
Myers pointed out that “South Korea is an OECD member country and is at the forefront of public financial management reform.” “Most of the practices we have just introduced have been in place in South Korea for 20 to 30 years, and some, such as VAT, have been in place for nearly 50 years. We will benefit from their successes and failures.”
He added that the historical ties between Liberia and South Korea further strengthen the partnership. “The relationship between Liberia and South Korea goes back decades, both bilaterally and at the United Nations level. That historical connection is very important.”
Reese Mwasambili, AfDB Resident Representative in Liberia, also spoke at the event, reaffirming the Bank’s commitment to supporting Liberia’s fiscal reforms.
“You can’t fix what you don’t measure,” Mwasambili said. “You have to first figure out what the problem is and then design a solution.”
While he praised Liberia’s recent economic performance, he acknowledged that fiscal challenges persist.
“Despite these improvements, budget deficits remain high due to a low tax base, and public revenues are volatile and inconsistent,” he said. “Liberia remains one of the countries with the lowest tax collection in the region.”
Mr Mwasambili stressed that improved domestic resource mobilization, supported by sound tax policies and administrative reforms, is important for long-term growth and poverty reduction.
He said: “40% of tax potential remains untapped in developing countries, hindering their financial self-sufficiency and increasing their dependence on donors.” “Evidence-based policymaking enables governments to mobilize revenue in ways that support long-term development and inclusive economic growth.”
He disclosed that in December 2024, the AfDB approved a US$18.3 million concessional loan to Liberia under institutional support for strengthening domestic revenue mobilization and reform implementation projects. The initiative aims to strengthen revenue generation, improve public financial management systems, and promote transparency and accountability, particularly in the extractive sector.
“Currently, the bank has an active portfolio of nearly US$400 million in Liberia,” Mwasambili revealed, noting that the majority of the funds support infrastructure, energy, agriculture and governance reforms.
He concluded by affirming the Bank’s strong support for Liberia’s tax reform agenda. “Ultimately, evidence-based tax reform is fair. When policies are fair and evidence-based, compliance increases.”
The seminar concluded with the signing of a memorandum of assistance by the three institutions, formally announcing their cooperation under the 2025/26 KSP-AfDB joint consulting project.
This partnership marks a renewed commitment by the Liberian government to expand its revenue base, modernize its tax administration, and reduce its dependence on external financing as it pursues long-term economic resilience and sustainable development.
