What Was Liberia’s Inflation Rate When George Weah Became President in 2018?

Monrovia — For some time now several claims have been made about the rate of inflation in Liberia at the time (2018) Mr. George Weah became president.

Fact Check By: Varney Kelvin Sirleaf | LVL Fact Checker

Recently, both the President and his Minister of Information mentioned separate figures to show how the rate of inflation in the country was when the current administration took over.

Addressing a crowd of jubilant supports upon his return from the US Africa Leaders’ Summit at his party headquarters in Monrovia on Tuesday, President Weah claimed that his administration met inflation at 27% and brought it down to 9%.

Said President Weah: “La [it’s] because of you today we met inflation at 27% now its 9%”.

A day after the president addressed the gathering at his party headquarters, Minister of Information Ledgerhood Rennie in a radio interview with OK FM, claimed that when George Weah became president inflation was at 30%.

Minister Rennie said: “The economic challenges that we inherited as a government was demanding, inflation 30% when we took over”.

Where was Inflation In 2018?

When George Weah became president in 2018 the rate of inflation in Liberia,  according to the World Bank, was at 23.6%.

While the IMF chart shows that the rate of inflation in Liberia in 2018 was at 23.5%. And after a year of the George Weah Presidency, in 2019 the rate of inflation went rising to 27%.  Since that upturn in the rate of inflation, the IMF data has shown continuous decline in the rate of inflation in the country.

The above images are charts showing Liberia’s inflation rates in 2018 and in 2022 | Source: IMF

Currently, the IMF data show the rate of inflation is at 6.9% and not 9% as claimed by the President.

Conclusion

Based on data provided by both the World Bank and the IMF, it is clear that the Weah administration did not meet the rate of inflation at 27% or at 30% as claimed by President Weah and Minister Rennie respectively. Inflation in 2018 was at 23% and the current rate of inflation is 6.9% and not 9%. Therefore, the claims made by both President Weah and Minister Rennie are incorrect.