Ganta, Nimba County, October 15, 2024: The Central Bank of Liberia (CBL) has concluded a productive one-day stakeholders' meeting in Ganta, Nimba County, soliciting stakeholders' perspectives and recommendations in the Bank`s new five-year strategic plan (2025-2029).
Stakeholders drawn from all 15 counties of Liberia met on October 9, 2024, and held lively engagements on the future of the Bank focused on enhancing its mission, vision, and mandate for the next five years, consistent with the Restated and Amended Act of the CBL (2020).
“CBL values public contributions to the development of a comprehensive strategic framework,” said Mussah A. Kamara, Chairman of the CBL Strategic Planning Committee.
Mr. Kamara, also, Senior Technical Advisor to the Executive Governor underscored the need for inclusivity and transparency in decision-making, stressing that the engagement is significant because the Bank's policy directly impacts the lives of all Liberians.
Mr. Kamara said the CBL remains committed to fostering economic stability and growth through effective collaboration with its stakeholders, adding that the “Bank will continue to prioritize their perspectives and expectations in shaping the Bank`s future initiatives within the confine of its statutory mandate.”
During the engagement, Mr. Jay Gbleh-bo Brown, Head of the Secretariat for the Strategic Planning Committee, made a presentation on the overview of the operations of the Bank's objectives, mandates, vision, mission, key achievements, and challenges, and sought feedback from stakeholders on various aspects of CBL’s operations. The presentation highlighted key milestone economic achievements including low inflation, stable exchange rate, increasing usage of digital financial services, including the Pan-African Payments Settlement System (PAPSS) which seeks to facilitate cross-border payments using domestic currencies to promote inter-continental trade.
Mr. Brown assured that fruitful discussions and recommendations generated from the discussions will contribute to the development of the new five-year strategic plan.
During the meeting, stakeholders raised several critical points and put forward key recommendations to build an inclusive financial system responsive to the needs of the Liberian population. A major suggestion was the exclusive use of the Liberian dollar in domestic transactions to reduce reliance on foreign currencies and promote economic stability.
They urged the CBL to address cross-border exchange rate fluctuations, which they argued negatively impacted trade.
Participants also called for the expansion of access to financial services, particularly in rural areas by providing support to Rural Community Finance Institutions (RCFIs) in the clearing house system to boost their ability to serve rural communities.
They want an improved collaboration between the CBL and Liberia Credit Union to strengthen regulations that guarantee access to loans.
Stakeholders pointed out that the complex loan conditions for small, medium, and micro enterprises (SMEs) hinder access to credit, urging the CBL to simplify these conditions to help more businesses benefit from financial programs.
The Ganta engagement which was considered very successful by stakeholders covered representatives from the LMA, NAFEBOL, Cross-Border Women, RCFIs, Credit Unions, VSLAs, etc.
It can be recalled during his first meeting with the general staff of the Bank, the Acting Executive Governor, Hon. Henry F. Saamoi, committed to building a new Central Bank with transparency, accountability, inclusivity, and teamwork as its hallmarks. These principles underscore the key pillars of the new strategic plan.