The Board of Governors, Central Bank of Liberia
The Deputy Minister of Finance for Economic Policy and Debt,
Ministry of Finance and Development Planning
The World Representative
Distinguished Ladies and Gentlemen
I take this opportunity to welcome you and to register our profound gratitude for your response to the call of the Central Bank of Liberia. As you are aware, the Central Bank of Liberia has been wheeling the design and implementation of monetary policy to achieve its core mandate. The process requires consistent innovation and strategy aimed at engendering a conducive environment for price and financial sector stability.
In Liberia, the heightened inflationary pressure in recent time has threatened financial sector stability and induced speculative attack on the domestic currency. The Bank has been conducting comprehensive research on the dynamics of foreign currency deposits and asset quality and found them to be significantly linked to structural constraints, including moderate economic competitiveness, macroeconomic instability, and financial sector underdevelopment. From the perspective of monetary authorities, evidence shows that financial inclusion is crucial for promoting not only financial stability, in terms of efficient funding mechanism, but also relevant for supporting private sector development.
In order to improve the viability and confidence of the financial sector, the Management of the Central Bank of Liberia, in collaboration with other partners, is spearheading the launch of another futuristic vision, which will translate enormous benefits to the financial sector. On this occasion, I am delighted to inform you that the Central Bank of Liberia, with support from the World Bank, has concluded the development of the National Financial Inclusion Strategy (NFIS). The Strategy seeks to accentuate the financial inclusion agenda of Pillars I and II of the Pro-poor Agenda for Prosperity and Development (PAPD) as part of the Government’s development objective.
Indeed, this meeting today is intended to seek your inclusiveness relating to the launch of this Strategy based on what I can describe as “Financial Inclusion in Liberia: How far we have come and where are we headed?” It is imperative to note that the Strategy also aims to promote access to financial services in a coordinated and focused manner through digital channels in Liberia.
Distinguished audience, it is my hope that this Strategy will enhance the implementation of a national financial inclusion effort in Liberia to create opportunity for the disadvantaged population to access financial services across the country. Thanks for your kind attention as I take this opportunity to welcome you to this launching with great delight.