Today I stand proud，as the first woman president of my country，Liberia.This has allowed me to lead the processes of change，change needed to address a long-standing environment characterized by awesome challenges：a collapsed economy，huge domestic and external debt arrears，dysfunctional institutions，destroyed infrastructure，poor regional and international relationships，and social capital destroyed by the scourge of war.
After election，I moved quickly in mobilizing our team，sought support from partners，and tackled the challenges.In five years，we formulated the laws and policies and strategies for growth and development.We removed the international sanctions on our primary exports；introduced and made public a cash-based budget；increased revenue by over 400percent；and mobilized foreign direct investment worth 16times the size of the economy when I assumed office.We built a small and professional army and coast guard，and moved the economy from negative growth to average around 6percent.We have virtually eliminated a$4.9billion external debt，settled a large portion of international institutional debt，as well as domestic arrears and suppliers‘credit.We restored electricity and pipe-borne water，lacking in the capital for two decades；reconstructed two modern universities and rural referral hospitals；constructed or reconstructed roads，bridges，schools，training institutions，local government facilities，and courts throughout the country；established and strengthened the institutional pillars of integrity；decentralized education by establishing community colleges；brought back the Peace Corps；and mobilized financial and technical resources from U.S.foundations，sororities，and individuals for support of programs aimed at the education of girls，the empowerment of adolescent youth，and improved working conditions for market women.
Nevertheless，the challenges for sustained growth and development remain awesome.Our stability is threatened by the thousands of returnees from U.S.prisons and regional refugee camps，the bulk of who are lacking in technical skills.Our peace is threatened by the challenging neighborhood where we live：two of our three neighbors have either experienced，or narrowly avoided，civil war in the past year，and we patiently host their refugees，since not even a decade ago it was they who hosted so many of us.Implementation of our economic development agenda is constrained by low implementation and absorptive capacity，which means that we are not constrained by funding alone.Plans to enhance performance in governance move slower than desired due to long-standing institutional decay and a corrupted value system of dishonesty and dependency.The development of infrastructure is constrained by the high capital cost of restoration，brought about by the lack of maintenance and exacerbated by wanton destruction over two decades of conflict.
Yet，today，we are proud that young Liberian children are back in school，preparing themselves to play a productive part in the new Liberian society.Our seven-year-olds do not hear guns and do not have to run.They can smile again.We can thus say with confidence that we have moved our war-torn nation from turmoil to peace，from disaster to development，from dismay to hope.And it was the Liberian women who fought the final battle for peace，who came，their number and conviction the only things greater than their diversity，to demonstrate for the end to our civil war.I am，therefore，proud to stand before you，humbled by the success in representing the aspirations and expectations of Liberian women，African women，and，I dare to say，women worldwide.
Today I stand equally proud，as the first woman president of our African continent，a continent that has embraced the process of change and transformation.I am proud that Liberia became a beacon of hope in Africa.With few notable exceptions，Africa is no longer a continent of countries with corrupt big men who rule with iron fists.It is no longer the Dark Continent in continual economic free fall，wallowing in debt，poverty and disease.
When he addressed the Ghanaian Parliament in 2009，President Barack Obama reminded the people of Africa that it would no longer be the great men of the past who would transform the continent.The future of all of our countries is in the hands of the young people，people like you，Obama said，“brimming with talent and energy and hope，who can claim the future that so many in previous generations never realized.”
While many challenges persist，times have changed and the world you enter today，graduates of the Class of 2011，is much more accountable than the one we faced.At the beginning of this year，17elections were scheduled across our continent.In 1989，there were three democracies in sub-Saharan Africa；by 2008，there were 23.That is progress.This is a significant improvement from the days when violent overthrows were the default means of transition.A clear example stands out in West Africa.Although they did not get as much focus as postelection violence in Cote d’Ivoire，Niger and Guinea proved exemplary where the military oversaw democratic elections，turned power over to the civilian government，and returned to the barracks.In the case of Cote d‘Ivoire，the Economic Community of West African States（ECOWAS）and the African Union recognized a non incumbent as the legitimate winner.That，again，is progress.