This report describes the results of an evaluation study of ARCs Income Generation Program (IGP), carried out among Liberian refugees living in refugee camps in the Forest Region in Guinea, in April 2004. The consultant was asked to do a general evaluation of the IG program, emphasizing the monitoring and evaluation system currently in place, but to focus on the programs' impact. Findings and conclusions are based on an impact survey held among beneficiaries of the IG program and a control group of non-beneficiaries, and on interviews by the consultant of beneficiaries, program staff, key-informants among the refugee camp communities, and staff of other NGOs and international organizations.