MONROVIA – December 14, 2021:President George Manneh Weah, Sr., has lauded the Board of Governors and Management of the Central Bank of Liberia (CBL) for the progress since their appointments to steer the affairs of the Bank.
President Weah recalled that in 2019, his administration embarked upon the challenging process of initiating reforms at the CBL, which involved several critical changes in both personnel and policies that are today bearing fruits including the cash hub. His Excellency described as remarkable the performance of the new CBL team, in bringing stability and improvement to the macroeconomic and monetary environment of the country. Under the leadership of the new team, the President said that the value of the Liberian dollar has strengthened, and the rate of inflation has fallen.
Other critical interventions in the economy, the President noted, have led to a more promising and steady progress towards the fulfillment of the main objective and purpose of the Central Bank, which he noted is to achieve and maintain price stability in the economy.
Speaking Friday December 10, at the dedication of the first CBL Regional Cash Hub in Gbarnga, Bong County, the Liberian leader admonished all to continue to work harder and ensure that the gains are sustained. “What we are noticing today is one of the ways that these new policy measures can be felt by ordinary people – bringing services to the rural population,” the President emphasized, noting that this will go a long way in facilitating the much needed development, while improving the people’s lives.
The President applauded the CBL for leading the effort on behalf of the government in reforming the financial sector in support of the national development agenda – the Pro-Poor Agenda for Prosperity and Development (PADP). “The Executive Governor; the Board of Governors and the Management and staff of the CBL are to be commended for their leadership,” the President noted, adding that he looked forward to the opening of other regional cash hubs in the not-too-distant future.
On behalf of the Board and Management of the CBL, the Executive Governor, Mr. J. Aloysius Tarlue, Jr., expressed satisfaction over the completion of the cash hub, which he said, will create access to cash and alleviate the difficulties faced by citizens to carry out bank transactions in the rural areas. Governor Tarlue disclosed that since 1975 this is the first modern branch of the CBL to be established outside of Monrovia.
The cash hub, the CBL Executive Governor noted, will not only ease the constraint of accessing cash in the region, where those from neighboring counties will not have to travel to Monrovia to transact with the CBL, but also reduce the cost of cash movement from commercial bank branches to their headquarters, which has been one of the major cost drivers on the operations of the commercial banks. “The cash hub will help the government in collecting revenue,” he said, noting that it will address the difficulties teachers and health workers in the region have faced over the years in obtaining cash from the various commercial banks, further stressing that Monrovia is not Liberia.
The Governor disclosed that other sub-branches of the CBL will be constructed in different parts of the country, adding that the one in Gbarnga is the second biggest next to the one in Monrovia.
Other speakers at the program included Finance and Development Planning Minister, Hon. Samuel D. Tweah, Jr.; member of the Board of Governors of the CBL, Prof. A. Richard Dorley; the Minister of Internal Affairs, Hon. Varney A. Sirleaf; the President of the Liberia Bankers Association, Mr. John B. S. Davies; Bong County Legislative Caucus, among others. The speakers commended the CBL for the initiative and re-emphasized that the cash hub will go a long way in addressing constraints of accessing cash from the banks by rural dwellers.
The ceremony was witnessed by a cross section of residents as well as senior government officials, including the Minister of State for Presidential Affairs, Nathaniel McGill; members of the Bong Legislative Caucus; the Chairman of the House’s Banking Committee; development partners and the leader of the Traditional Council of Liberia, Chief Zanzan Karwor, among others.
The Gbarnga hub is the first of four cash hubs earmarked for construction by the CBL across the country.