MONROVIA – March 21, 2017: A week-long national workshop on Economic and Financial Analysis for media practitioners and Legislative Budget Officers opened in Monrovia Monday, March 20, 2017, with the Executive Governor of the Central Bank of Liberia, Mr. Milton A. Weeks reiterating the need for a more concerted effort especially in the agriculture and manufacturing sector to revive the nation’s economy.
Governor Weeks said there is a need for appropriate macroeconomic management tools to promote diversification for more inclusive growth and development. The Governor disclosed that the Central Bank of Liberia, through enhanced policy coordination and harmonization, with the Ministry of Finance & Development Planning, has been working along with other stakeholders to institute key economic policies to recuperate the economy from the various shocks.
Governor Weeks was speaking Monday, March 20, 2017 when he addressed the opening session of a 5-day national workshop on Economic and Financial Analysis for media practitioners and Legislative Budget Officers.
The Governor said the CBL has continued its efforts to support the economic growth and development of the economy, including working to develop the payment system, intervening in the real sector through credit easing, especially for the rubber and housing sector, and rolling over some microfinance facilities, while introducing various financial services vehicles such as agency banking and mobile money to expedite financial transaction, amongst others.
Mr. Weeks, who is also current chairman of the Board of Governors of the West African Institute for Financial and Economic Management (WAIFEM), said the Central Bank of Liberia will continue to pursue its ultimate goal of price stability with a view to ensuring macroeconomic stability characterized by low inflation and a stable exchange rate.
“There is also a commitment to ensure increased access to financial services in all parts of the country and also to support the expansion of credit towards the productive sector of the economy, especially in the agriculture and manufacturing sector,” the Governor noted. He disclosed that additional steps will be taken, with relevant parties to strengthen the legal environment to address some of the existing constraints that threaten the safety, soundness and integrity of the financial system.
Oher speakers at Monday’s opening session included the President of the Press Union of Liberia, Mr. Charles Coffey and Professor Douglason Omotor, who spoke on behalf of WAIFEM’S Director General, Prof. Akpan H. Ekpo. They welcomed the initiative to build the capacity of media practitioners and hope participants would take advantage of the opportunity. The workshop is being attended by local journalists from electronic and print media institutions as well as personnel of the Legislative Budget Office (LBO).
The workshop is expected to provide participants with a practical overview and insight into economic and financial markets. It will also update the knowledge and upgrade the skills of financial analysts in economic and financial policies with a strong emphasis on economic and financial analysis and performance monitoring.
For further inquiries contact:
Cyrus Wleh Badio
Head of Communications
Central Bank of Liberia
Email: cwbadio@cbl.org.lr