8 October 2012

Liberia: Challenging LIBA


LAST SATURDAY, AT the Complementary Dinner organized by the Liberia Business Association (LIBA), Dr. J. Mills Jones, the Executive Governor of the Central Bank of Liberia (CBL) announced that a framework is being put in place to provide a stimulus package of US$5m to the Liberia Business Association (LIBA).

THE CBL CHIEF also said the bank is giving US$250,000 to LIBA to build its capacity and noted that the process is being carried out with the acquiescence of the Board of Governor, the Management and Staff of the CBL. Making the pronouncement, Dr. Jones said the Board of Governors and Management of the CBL have agreed to package this amount for LIBA because if the economic transformation of the country must be a reality, Liberians must be the key players.

DR. JONES SAID putting Liberian Entrepreneurship at the center of economic policy is not an option but a critical responsibility and the CBL being an integral part of this endeavor is determined to do her part to move Liberian Entrepreneurship forward. He further said the Government of Liberia (GOL's) policy of economic transformation cannot be achieved if indigenous grouping like LIBA is not empowered to expand its economic activities.

DR. JONES SAID the CBL has been working with LIBA because the bank believes that if Liberian Entrepreneurship must be developed and enhanced, it must start with an indigenous grouping like LIBA.

THE CENTRAL BANK Governor who since his ascendency has been in the vanguard of instituting reforms and providing stimulus to various business communities, challenged LIBA not to be satisfied with few activities but to expand its activities and keep its doors open to all Liberians interested in doing business.

DR. JONES SAID with LIBA keeping her doors open coupled with this stimulus package, other Liberians who are considered small business people can become big through hard work.

GOVERNOR JONES CHALLENGED LIBA to work in a way that will afford all Liberians the opportunity to engage in economic activities especially those ones that will encourage the Liberian Economy being in the hands of Liberian entrepreneurs. He said Liberians must take microfinance activities seriously throughout the country because strengthening of the private sector must be deeply rooted in Liberian businesses.

THIS IS NOT the first time the CBL under the leadership of Dr. Jones has come to the aid of a Business grouping as it can be recalled that the Central Bank had been in the process of providing stimulus packages to businesses, and microfinance loans to petty businesses and individuals throughout the country. The bank's effort has also led to the empowerment of some business people at the grass-root level, something which has enabled many to participate meaningfully and contribute to Liberia's economic recovery.

AGAIN, THIS IS also not the first time that the Jones led administration has come forward to enhance the effort of the LIBA. With support from its Board of Governors, the CBL has been a partner to LIBA in promoting the indigenous business group in making it relevant and strengthening of its capacity.

THIS IS WHY we are in this special manner commending the Executive Governor and Board of Governors of the Central Bank for promoting Liberian entrepreneurship which is cardinal to the economic survival of Liberia, a country struggling to build its damaged infrastructures that were destroyed during the heat of the civil crisis. While commending the CBL and its leadership; we are also throwing a challenge to LIBA to utilize this opportunity being provided by the Central Bank.

LET THE WORDS of the CBL Boss that putting effort in the building of a strong Liberian Entrepreneurship is not an option but a critical responsibility thus such a responsibility now rests on the shoulder of a group like LIBA. LIBA must begin to conduct business in a manner that will not only enhance its activities but project those ingredients that can produce strong entrepreneurs and redeem Liberia from foreigners being major players in the country's economy. It is about time to work and create a middle class in our country especially with all of these supports being provided to an indigenous group like LIBA. Indeed the ball is now in LIBA's court.

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