Finance Minister Augustine Kpehe Ngafuan has challenged the Ministry of Commerce and Industry to demonstrate how its budgetary allocations are translating into measurable economic results, questioning its revenue performance, business-registration figures and progress in financing youth-led enterprises during the government's executive budget hearing ahead of Liberia's 2027 national budget.

The hearing, held at the Ministry of Finance and Development Planning, is part of the government's review of ministries' performance, spending priorities and proposed funding requirements to determine how limited public resources should be allocated. For the Commerce Ministry, the exercise placed particular emphasis on whether its programs are generating revenue, expanding business opportunities, supporting entrepreneurs and contributing to employment creation.

Acting Commerce Minister Stephen Marka Yekeson reported that the Ministry had collected approximately US$4.12 million by September 30, against an annual revenue target of US$5.9 million. The collections represented 69.8 percent of the target, leaving approximately US$1.78 million to be raised.

The Liberia Business Registry generated slightly more than US$4 million, while inspectorate fees and fines contributed approximately US$48,700.

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Although the figures showed progress toward the Ministry's annual revenue target, Yekeson acknowledged that collections from inspection fees and fines could improve.

"I do believe that we can do much more going forward in the inspection fees and fines," he said.

However, Ngafuan made clear that revenue collection alone would not be sufficient to justify the Ministry's budgetary demands. He challenged officials to demonstrate the results achieved through public spending and explain how those investments had benefited the wider economy.

"What has the Ministry of Commerce and its partners achieved over the past year? What key successes, outcomes, that prove that the resources given have been justified in their use?" Ngafuan asked.

The Finance Minister's questions went beyond financial performance to the effectiveness of the Ministry's programs, their implementation challenges and their prospects for continued support. He pressed officials to identify successful initiatives, explain difficulties encountered and distinguish between existing programs that deserved continued funding and new proposals requiring consideration.

He also indicated that development partners could help finance initiatives that the government might struggle to support fully from domestic revenue.

The Liberia Business Registry's figures became another focus of the hearing, particularly the concentration of registered businesses in Montserrado County and the need for more precise data on new business formation.

The Registry reported approximately 24,676 registered entities, of which 20,393, or about 82.6 percent, were in Montserrado County. The remaining 17.4 percent were distributed across Liberia's other 14 counties.

Ngafuan questioned whether the aggregate figure adequately demonstrated growth in the private sector, asking the Ministry to distinguish newly registered businesses from renewals.

"Can you give us a few more? Include renewal. Right. Can you give us the statistics on new businesses registered?" he asked.

"Because that is a proxy indicator of job creation," he said, explaining the importance of tracking new businesses rather than relying exclusively on the total number of registered entities.

The distinction matters because a registry's overall figures may include existing businesses renewing their registrations. Without separate data, the government cannot readily determine how many new enterprises are entering the formal economy or use registration figures alone to assess business expansion and potential employment creation.

Yekeson said digitizing the Registry would improve access to information in real time and facilitate data-sharing with the Ministry of Labor.

Ngafuan also questioned the geographic distribution of registered businesses, prompting Yekeson to identify Sinoe, Grand Kru, Gbarpolu and River Gee among the counties requiring greater attention.

The Ministry reported that seven counties now have business-registry service centers, with nationwide expansion planned for 2027.

Its digitization and decentralization project targets the registration of 4,500 new micro, small and medium-sized enterprises, including 1,200 youth-owned businesses and 1,500 women-led businesses.

The figures place greater importance on the Ministry's ability to demonstrate whether expanding registration services will translate into increased formalization, broader access to government services and improved opportunities for entrepreneurs outside Montserrado County.

Ngafuan also demanded an update on the Youth Entrepreneurship Investment Bank (YEIB), a program launched in 2025 by President Joseph Nyuma Boakai and former African Development Bank President Akinwumi Adesina to expand financing opportunities for young entrepreneurs.

The initiative aims, at full capacity, to support 30,000 youth-led businesses, making its implementation a significant issue in the government's assessment of the Ministry's economic-development priorities.

"The aim is at least full capacity to support 30,000 youth-led businesses," Ngafuan said, emphasizing the need for a clear account of progress toward that target.

Yekeson reported that the initiative had approximately US$15 million in seed capital and that implementation had begun. He proposed positioning the YEIB as a development finance institution to attract additional resources and establish a sustainable financing model.

However, the presentation did not disclose how many businesses had received financing, the amount disbursed to beneficiaries or the number of jobs created through the initiative.

Those figures would help the government assess whether the program is moving beyond its initial financing arrangements toward delivering tangible benefits to young entrepreneurs.

Yekeson identified limited access to financing as a major obstacle facing small businesses. He said the Ministry had provided credit facilities in fiscal year 2026 and had begun establishing a business incubator to support startups.

The hearing therefore highlighted the need to assess youth entrepreneurship programs through verifiable implementation data, including loan disbursements, the number and profile of beneficiaries, business survival and expansion, and employment outcomes.

Beyond the Ministry's individual programs, Ngafuan explained that its funding proposals must be considered within the government's broader fiscal constraints.

He noted that the Commerce Ministry's requests would compete with the funding requirements of other major sectors, including Public Works, Agriculture, Health and Education, while debt obligations further restrict the resources available for new initiatives.

"The general issue we face is scarcity," he said, warning that the government could not finance every proposed activity.

Ngafuan cited approximately US$235 million allocated for debt obligations in the current budget, arguing that meeting government commitments helps restore confidence in public contracts and assures businesses that the state will honor its financial obligations.

"But debt should not be demonized," he said. "Payment of debt, of our obligations, should not be demonized."

"The culture of owing and not paying must stop," he declared.

He also cited approximately US$45 million budgeted for the World Bank, using the allocation to underscore the importance of meeting financial commitments associated with development financing.

Ngafuan said the Finance Ministry would seek bilateral and multilateral partners to support initiatives that could not be fully financed through domestic revenue.

"To the extent that we can link you with partners, support your initiatives with partners, multilateral, bilateral, we will," he said.

He stressed that supporting the Commerce Ministry would have implications beyond the institution itself because of commerce's role in business development, trade and the wider economy.

"Because to help you is not helping the Ministry of Commerce. It's helping all of us," he said.

Yekeson, for his part, emphasized the Ministry's responsibilities in trade regulation, standards, consumer protection and local industrial development.

"Commerce, Trade and Industry is at the core of the modern economy," he said, identifying fair trade and import substitution as priorities.

As Liberia prepares its 2027 national budget, the hearing has placed the Ministry's performance and funding requests under closer examination. The central issue is whether it can support its proposals with verifiable evidence of results, from new business registrations and expanded county-level access to credit disbursements, youth enterprise development and job creation.

For Ngafuan, the challenge is to ensure that competing demands on limited public resources are assessed against measurable outcomes and credible implementation plans. For the Commerce Ministry, the task is to demonstrate that its programs are not merely budgeted activities but investments capable of producing tangible economic benefits for Liberians.