Liberia Revenue Authority — Institutional Report

Institution Overview

• Institution: Liberia Revenue Authority
• Year: 2,024
• Quarter: Annual
• Expenditure (USD): 17,674,677
• Active Employees: 1,040
• Workforce Size: 1,123

Expenditure & Workforce Trends

• 2024 (Annual): Expenditure: 17,674,677 USD · Active: 1,040 · Workforce: 1,123
• 2023 (Annual): Expenditure: 16,674,224 USD · Active: 1,025 · Workforce: 1,107
• 2022 (Annual): Expenditure: 15,730,400 USD · Active: 1,010 · Workforce: 1,091
• 2021 (Annual): Expenditure: 14,840,000 USD · Active: 995 · Workforce: 1,075
• 2020 (Annual): Expenditure: 14,000,000 USD · Active: 980 · Workforce: 1,058

National Macroeconomic Indicators

| Indicator | Value | Year | Trend | |---|---|---|---| | GDP (Current Prices) | 5.64 USD Billions | 2026 | up | | International Reserves | 2.9 Months of Import Cover | 2026 | up | | Public Debt | 54.6 % of GDP | 2026 | down | | Inflation Rate (CPI) | 8.2 % | 2026 | up | | GDP Growth Rate | 5 % | 2026 | stable | | Fiscal Deficit | 2.7 % of GDP | 2026 | up | | Current Account Deficit | 14.8 % of GDP | 2026 | up | | LRD/USD Exchange Rate | 183.9 LRD per USD | 2026 | up | | Real GDP Growth Rate | 5.4 % | 2026 | up | | Government Expenditure | 916.6 USD Millions | 2025 | up | | Tax Revenue to GDP Ratio | 15.9 % | 2025 | up | | Poverty Rate | 33.6 % | 2025 | up | | Unemployment Rate | 2.9 % | 2025 | stable | | Non-Performing Loans Ratio | 16.2 % | 2025 | stable | | Government Revenue | 880.7 USD Millions | 2025 | up | | FDI Inflows | 520 USD Millions | 2025 | up | | Capital Adequacy Ratio | 35 % | 2025 | stable | | Mining Sector Growth | 17 % | 2025 | up | | Central Bank Policy Rate | 16.25 % | 2025 | down | | Headline Inflation | 8.5 % | 2025 | down | | Gross Domestic Product (Nominal) | 5.25 USD billion | 2025 | up | | Population Growth Rate | 2.1 % | 2025 | stable | | Tax Revenue to GDP | 15.9 % | 2025 | up | | GDP (current US$) | 5.25 USD billion | 2025 | up | | Primary Fiscal Surplus | 1.4 % of GDP | 2025 | up | | Monetary Policy Rate | 16.25 % | 2025 | down | | GDP per Capita | 915.3 USD | 2025 | up | | Inflation Rate | 6.1 % | 2025 | down | | Real Non-Oil GDP Growth | 4.57 % | 2025 | up | | Total Population | 5,731,206 people | 2025 | up | | Nominal GDP | 5.64 USD billion | 2025 | up | | GDP per capita | 915.3 USD | 2025 | up | | Inflation Rate (Annual Average) | 8.5 % | 2025 | up | | Current Account Deficit to GDP | 14.4 % | 2025 | down | | Gross Domestic Product (GDP) | 5.25 USD billion | 2025 | up | | Public Debt to GDP | 54.6 % | 2025 | down | | Overall Fiscal Deficit to GDP | 1.1 % | 2025 | down | | Inflation Rate (Consumer Prices) | 6 % | 2025 | down |

National Trade Context

• Year: 2,026
• Total Exports (USD): 199.97
• Total Imports (USD): 261.94
• Trade Balance (USD): -61.97
• FDI Inflows (USD): 0
• Remittances (USD): 84.78
• Top Export Commodity: Rubber
• Top Import Commodity: Fuel

Private Sector Context (National)

• Year: 2,024
• Total GDP Contribution (USD M): 545.5
• ArcelorMittal Liberia: 480,000,000 USD revenue · 3,200 employees
• Firestone Natural Rubber: 185,000,000 USD revenue · 6,800 employees
• BRAC Liberia: 12,000,000 USD revenue · 450 employees
• Save the Children Liberia: 8,500,000 USD revenue · 320 employees
• SME Sector Aggregate: 95,000,000 USD revenue · 18,500 employees

Economic Analysis & Outlook

The Liberia Revenue Authority (LRA) has demonstrated consistent operational growth, with annual expenditures rising steadily from 14 million USD in 2020 to 17.67 million USD by 2024, reflecting an expanding institutional capacity to manage a workforce of 1,040 active employees. This trajectory aligns with the broader macroeconomic environment where Liberia projects a robust real GDP growth rate of 5.4% in 2026, supported significantly by a strong mining sector expansion of 17% in 2025. As the tax revenue-to-GDP ratio stabilizes at 15.9%, the LRA remains a critical pillar in ensuring fiscal sustainability amidst a projected public debt-to-GDP ratio of 54.6% and an overall fiscal deficit of 1.1% in 2025. The institution's ability to mobilize domestic resources is increasingly vital given the current account deficit pressures and the need to manage inflationary trends, which are expected to hover around 8.2% by 2026. Investment opportunities are increasingly concentrated in digitizing tax collection processes and enhancing compliance mechanisms to broaden the tax base within an economy that is benefiting from 520 million USD in annual foreign direct investment. While the economy shows resilience with a low unemployment rate of 2.9% and a healthy capital adequacy ratio of 35% in the banking sector, the LRA must remain vigilant regarding external shocks and the high non-performing loans ratio of 16.2%. The forward-looking outlook for the LRA is cautiously optimistic; by focusing on administrative efficiency and revenue enforcement, the authority will be instrumental in narrowing the fiscal gap and facilitating national development goals as the population grows by 2.1% annually. Sustained institutional investment will allow the LRA to play a central role in transforming the nominal GDP from 5.25 billion USD toward higher developmental tiers while maintaining the fiscal discipline necessary to keep debt levels manageable.