National Elections Commission — Institutional Report

Institution Overview

• Institution: National Elections Commission
• Year: 2,024
• Quarter: Annual
• Expenditure (USD): 4,800,000
• Active Employees: 295
• Workforce Size: 330
• Notes: Independent elections management body. Administers voter registration, national and by-elections, and electoral dispute resolution. Expenditure peaks in election years (2020 senatorial, 2023 presidential).

Expenditure & Workforce Trends

• 2024 (Annual): Expenditure: 4,800,000 USD · Active: 295 · Workforce: 330
• 2023 (Annual): Expenditure: 18,500,000 USD · Active: 305 · Workforce: 340
• 2022 (Annual): Expenditure: 5,100,000 USD · Active: 285 · Workforce: 315
• 2021 (Annual): Expenditure: 4,200,000 USD · Active: 280 · Workforce: 310
• 2020 (Annual): Expenditure: 9,500,000 USD · Active: 295 · Workforce: 320

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 | 5.5 % | 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 % | 2025 | down | | Real Non-Oil GDP Growth | 4.57 % | 2025 | up | | Total Population | 5,731,206 people | 2025 | up | | Nominal GDP | 5.25 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

Social Programs (National Context)

• Year: 2,024
• Total Programs: 10
• Total Funding (USD): 20,500,000
• Government-Funded (USD): 10,000,000
• Total Beneficiaries: 460,000
• National School Feeding Program: 4,500,000 USD · Montserrado · government
• Urban Cash Transfer Program: 3,200,000 USD · Montserrado · ngo_donor
• Community Health Worker Initiative: 2,100,000 USD · Nimba · ngo_donor
• County Development Fund Projects: 1,800,000 USD · Nimba · government
• Agricultural Inputs Subsidy: 1,500,000 USD · Bong · government
• Rural Education Support: 950,000 USD · Bong · ngo_donor

National Trade Trends (Multi-Year)

• 2023: Exports: 920 · Imports: 1,340 · Balance: -420 · FDI: 312
• 2024: Exports: 1,304 · Imports: 1,728 · Balance: -424 · FDI: 0
• 2025: Exports: 3,180 · Imports: 3,420 · Balance: -240 · FDI: 520
• 2026: Exports: 199.97 · Imports: 261.94 · Balance: -61.97 · FDI: 0
• 2026: Exports: 3,650 · Imports: 4,000 · Balance: -350 · FDI: 560

Economic Analysis & Outlook

The National Elections Commission (NEC) in 2024 operated with an expenditure of 4.8 million USD, a significant decrease from the 18.5 million USD allocated in 2023, reflecting the cyclical nature of election-related financing in Liberia. With 295 active employees out of a 330-person workforce, the institution maintains a lean operational structure during off-cycle periods. This budgetary contraction aligns with broader fiscal consolidation efforts, as the government navigates a macro environment characterized by a projected 5.5% real GDP growth in 2026 and a public debt-to-GDP ratio stabilizing at 54.6%. The NEC's fiscal footprint, while relatively small compared to the national government expenditure of 916.6 million USD, remains a critical driver of political stability, which is essential for fostering the projected 520 million USD in annual FDI inflows. Sectoral performance for the NEC is inherently linked to democratic governance, an intangible asset that indirectly supports the mining sector's robust 17% growth and the overall economic expansion of the country. Risks to the institution include potential fiscal volatility, as evidenced by the sharp expenditure fluctuations between 2020 and 2024, which may impact long-term administrative planning and the maintenance of essential electoral infrastructure. Furthermore, while the current account deficit sits at 14.8% of GDP, sustaining investor confidence requires the NEC to operate with high transparency to maintain institutional credibility. Looking forward, the NEC is positioned to benefit from the strengthening macroeconomic climate, provided that future budgets account for the cyclical demands of the electoral cycle. By leveraging the forecasted economic growth and improved tax revenue-to-GDP ratios, the commission can prioritize digital transformation and capacity building, ensuring that political stability continues to underpin Liberia's path toward poverty reduction and long-term economic development.