The World Bank has strongly committed to support the development of digital economies through its continent-level initiative and digital economy for Africa (DE4A) initiative, with Liberia being no exception.
The World Bank Country Manager to Liberia, Georgia Wallen, said the bank has adopted an ecosystem approach to support countries to achieve accelerated, inclusive, and sustained growth through economy-wide digital transformation.
She said this is not only about adopting technology but rather creating an entire digital environment that is inclusive and sustainable, benefitting all.
Wallen made these comments yesterday in Monrovia, during a daylong workshop that brought together local and international stakeholders or experts and policymakers on digital technology from both the private and public sectors in the country.
She emphasized the bank’s readiness to support Liberia in pursuing approaches that will prioritize key interventions to boost opportunities, stimulate growth, foster more and better jobs, and improve the accessibility of public and private services.
“The global economy is undergoing profound transformation, with digital technologies revolutionizing the way we live, work, and interact,” Wallen noted.
The World Bank Country Manager pointed out that the COVID-19 pandemic accelerated this transformation, stepping up technology adoption worldwide and cross sectors- including education, health, and finance. This presents both challenges and opportunities.
Wallen went further that in the last decade, the digital economy has grown at a rapid pace, now accounting for more than 15 percent of the global gross domestic product.
“What do these changes mean for Liberia? How can the digital economy be harnessed to accelerate Liberia’s development, avoiding the risk that the country could be left behind. In today’s interconnected world, digitalization is not a luxury but a necessity for economic growth, social development, and global competitiveness,” she said.
Wallen indicated that the workshop reflects stakeholders’ collective recognition of the profound impact that digitalization can have on Liberia’s development, thereby encouraging all stakeholders to participate actively as they consider ways to adapt, learn, and innovate.
She continued, “We want to work towards a future in which every Liberian has the chance to thrive in the digital economy. Our aim is not only to identify opportunities and challenges, but also to forge a comprehensive understanding of how stakeholders’ combined efforts can create Liberia’s digital future.”
Speaking during the workshop also was Postal Affairs Minister, Worlea-Saywah Dunah. He emphasized the country’s (Liberia’s) preparedness of embracing digital economy, which can bring infrastructure, social development, and economic growth.
Dunah believes that the country shall appreciate the efforts and support of the World Bank to help Liberia achieve the digital vision.
The workshop, co-hosted by the World Bank and Postal Affairs Ministry, was held under the theme: “Building a Digital Liberia- Bridging Vision and Transformation for Unleashing Future Development.”
The Digital Economy in Africa is projected to reach US$180 Billion by 2030, creating immense social, economic, and political opportunities.
In 2018, the government launched the reform agenda, Pro-Poor Agenda for Prosperity and Development (PAPD), with the objective of promoting policies to improve the life of Liberians.
Under Pillars One (Power to the People) and Four (Governance and Transparency), the PAPD calls for greater access to Information Communication Technology (ICT), through the life cycle of all Liberians and the need to use ICT to reduce corruption and improve business processes and productivity.
This country diagnostic report aims to examine the current state of the digital economy in Liberia and set priority areas of intervention to accelerate economic growth and achieve the World Bank’s twin goals of reducing extreme poverty and boosting shared prosperity.
The report comprehensively assesses Liberia in five key pillars: digital infrastructure, digital skills, digital platforms, digital financial services, and digital entrepreneurship, which are considered fundamental building blocks towards developing a robust digital economy.
Once these foundations are in place, a wide array of use-cases can arise, primarily driven by the private sector, bringing new products, services, and delivery channels.
