Liberia has made a significant step toward improving its pension system with the approval of a $400,000 grant from the African Development Bank (AfDB). This funding will enable the country to expand pension coverage and strengthen its financial infrastructure, demonstrating Liberia’s commitment to its citizens’ well-being and the development of its capital markets.
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The Liberia Pension Sector Intervention Project aims to close the gap between the public and private sectors, focusing on informal workers who currently lack access to pension services. Until now, the National Social Security and Welfare Corporation (NASSCORP) has primarily covered the formal sector. This new initiative seeks to broaden coverage to include more workers and economic sectors.
The funding comes from the Capital Markets Development Trust Fund (CMDTF), managed by the AfDB and supported by donors such as the Netherlands and Luxembourg. The project aims to develop a national pension strategy that will enable Liberia to mobilize additional savings and leverage national financial markets to promote economic development.
Henry F. Saamoi, Acting Executive Governor of the Central Bank of Liberia, expressed gratitude for the AfDB’s support and highlighted that the reform will not only strengthen the pension system but also contribute to the development of a more efficient capital market. “This reform will enhance the financial security of our citizens and lay the foundation for a solid capital market,” Saamoi stated.
Ahmed Attout, Director of Financial Sector Development at the AfDB, praised Liberia’s leadership in this reform. “This project will enable Liberia to mobilize internal savings through financial markets, fostering sustainable growth and strengthening its capital market,” Attout noted. With this intervention, Liberia is positioning itself as a model in pension system modernization in Africa, addressing future challenges with a renewed and resilient approach.
