Liberia recorded a merchandise trade deficit of $92.96mn in July 2026, reversing a $36.77mn surplus in June, the Central Bank of Liberia (CBL) said in its July economic review. Import payments rose 71% to $313.25mn, while export earnings edged up 0.3% to $220.29mn. Gross international reserves slipped to $963.95mn, while import cover dropped to 3.0 months from 5.2 months, the bank said.
Analysis: Fuel and rice accounted for roughly two-thirds of the $130mn increase in imports, by our calculation. The import bill had been unusually low in June, suggesting July may partly reflect restocking rather than a lasting change in demand. Foreign reserves declined just 2.1%, while the larger import bill reduced the number of months of imports they could cover. That measure is now near ECOWAS's three-month benchmark, leaving less protection against future import shocks. The central bank's August economic review, expected in November, may show whether purchases eased after July.
Source: Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026, July 2026; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026 (Vol. 12 No. 7), June 2026 and July 2025 and July 2026; Central Bank of Liberia (CBL), CBL Monetary Policy Committee Communique No. 28 (meeting of October 6, 2026), Q3 2026
Liberia's annual consumer price inflation eased to 4.1% in July 2026 from 5.0% in June and 7.4% a year earlier, the Central Bank of Liberia (CBL) said in its July economic review, published October 22. However, domestic food inflation rose to 12.1% from 10.4% in June. Imported food prices rose only 0.2%, while core inflation, which excludes food and transport, slowed to 2.9%, the bank said.
Analysis: Domestic food inflation accelerated from a 1.6% annual decline a year earlier to a 12.1% increase, the fastest among categories reported by the central bank. Imported food prices were almost unchanged. The Liberian dollar strengthened to 181 per U.S. dollar by end-July from 201 a year earlier, which could be helping contain imported costs, but it does not fully explain the difference. The bank attributed local food pressure to vegetables, fruit, meat and oils. Retailers sourcing goods domestically remain exposed. The August central bank review, expected in November, may indicate whether the increase continued.
Source: Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026, July 2026; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026 (Vol. 12 No. 7), June 2026 and July 2025 and July 2026; Central Bank of Liberia (CBL), CBL Monetary Policy Committee Communique No. 28 (meeting of October 6, 2026), Q4 2026
Total gross loans of Liberia's banks fell 4.2% to 96.18bn LRD (€507mn) at end-July 2026 from 100.36bn LRD (€529mn) at end-June, mainly because lending to the oil and gas and other sectors declined, the Central Bank of Liberia (CBL) said in its July economic review. The non-performing loan ratio fell to 12.27% from 14.16%, still above the 10% regulatory threshold.
Analysis: Loans measured in Liberian dollars were 16% lower than a year earlier, by our calculation, but exchange-rate movements affect this comparison because most lending is denominated in U.S. dollars. Private-sector dollar loans fell 7.7% in dollar terms. Non-performing loans declined 17% during July to 11.79bn LRD (€62.2mn), reducing the bad-loan ratio. Bank capital adequacy stood at 39.64%, suggesting that limited capital is not the only possible constraint on lending. The central bank's October statement put bad loans higher, at 13.38%, so its August review may help clarify the trend.
Source: Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026 (Vol. 12 No. 7), July 2026 and June 2026 and July 2025; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026, July 2026; Central Bank of Liberia (CBL), CBL Monetary Policy Committee Communique No. 28 (meeting of October 6, 2026), Q3 2026 (latest reported by the MPC); Central Bank of Liberia, CBL daily market buying and selling rates, 27 October 2026
Liberia imported 57,673 metric tons of rice worth $28.91mn in July, more than four times the 12,470 tons of July 2025, the Central Bank of Liberia said in its July economic review. Agriculture Minister Alexander Nuetah presented $243mn of rice investment opportunities at a UN Food and Agriculture Organization forum in Rome on October 14, with domestic output meeting only 35% to 40% of demand, as reported by FrontPage Africa.
Analysis: Imports totaled 98,695 tons between May and July, by our calculation, offering a more stable measure than individual monthly cargo arrivals. Rice import spending exceeded $75mn in the first half of the year, according to FrontPage Africa. Importers reportedly supply around 60% to 65% of consumption, so local milling and irrigation projects could eventually reduce import demand if production expands. But no investment commitments from the relevant forum have been announced. The central bank's August trade review, expected in November, may show whether arrivals slowed after July.
Source: Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026 (Vol. 12 No. 7), July 2026 and June 2026 and July 2025 and May 2026; FrontPage Africa (Monrovia), FrontPage Africa, Agriculture Minister at the FAO Hand-in-Hand Investment Forum (October 15, 2026), H1 2026; FrontPage Africa (Monrovia), FrontPage Africa (October 15, 2026), October 2026 and 2026
Liberia's government issued a $73mn zero-coupon Treasury bond in July 2026 to support frontloaded infrastructure development, raising the stock of US dollar Treasury bonds to $247.39mn from $174.39mn in June, the Central Bank of Liberia said in its July economic review. Liberian-dollar Treasury bonds outstanding stayed at 7.6bn LRD (€40.1mn), and no US dollar Treasury bills were issued.
Analysis: Outstanding U.S. dollar Treasury bonds increased 42% from June and 66% from a year earlier, by our calculation, while Liberian-dollar bonds remained at 7.6bn LRD (€40.1mn). A zero-coupon bond is generally issued below face value and repaid at maturity, postponing rather than removing borrowing costs. The central bank did not disclose this bond's maturity or terms. Road and construction firms could receive work or payments sooner if the proceeds are used as planned. The draft 2027 budget, due to reach lawmakers by October 31, may provide the repayment schedule and project details.
Source: Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026, July 2026; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026 (Vol. 12 No. 7), July 2026 and June 2026 and July 2025; Central Bank of Liberia, CBL daily market buying and selling rates, 27 October 2026
Chart of the week
Liberia's iron ore export earnings, July 2025 to July 2026 ($mn a month)
October 2025 is shown at $43.94mn, as in the central bank's November and December 2025 reviews; its October 2025 review printed $34.17mn.. Source: Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, September 2025 (Vol. 11 No. 9), July 2025 and August 2025 and September 2025; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, December 2025 (Vol. 11 No. 12), October 2025 and November 2025 and December 2025; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, February 2026 (Vol. 12 No. 2), January 2026 and February 2026; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, March 2026 (Vol. 12 No. 3), March 2026; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, April 2026 (Vol. 12 No. 4), April 2026; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, May 2026 (Vol. 12 No. 5), May 2026; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, June 2026, June 2026; Central Bank of Liberia, Research, Policy & Planning Dept, CBL Monthly Economic Review, July 2026, July 2026.
Tender of the week
Design and supervision of the Fisheries Competent Laboratory in Monrovia (expressions of interest)
Buyer
National Fisheries and Aquaculture Authority (NaFAA), Liberia Integrated Fisheries Sector Strengthening Project (LIFSSP)
Scope
Request for expressions of interest from consulting firms for detailed engineering design, tender documents, procurement support and construction supervision of the Fisheries Competent Laboratory in Montserrado County; 36 months; quality and cost-based selection (QCBS); firms need at least 10 years of multidisciplinary engineering experience.
Value
Not published
Funding
OPEC Fund for International Development, loan No. 15809P
Closes
Thursday, November 5, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Liberia's iron ore expansion and the impact on exports
12 signals with workings, from trade, prices, banking, mining, energy, agriculture, ports and infrastructure
Five key figures tracked monthly (inflation, policy rate, exchange rate, gold and iron ore export earnings) and the list of public tenders with deadlines
