The Governor of the Central Bank of Liberia Dr. J. Mills Jones has defended his action to help striving Liberian business gain success through a scheme of infusing millions of Liberian Dollars in loans and grants into Liberian businesses.
Speaking during the Complimentary Business and County Chapters Leadership Dinner of the Liberia Business Association held at the Executive Pavilion on Broad Street on Saturday, Governor Jones said his actions have been in conformity with the laws of the CBL.
"The Central Bank of Liberia is Proud to be a partner with the business community. The Board of Governors will continue to execute the mandate of the bank in an independent and accountable fashion based on its professional judgment," he said.
Continues Dr. Jones: "That mandate includes stimulating economic growth through the use of monetary instruments (Part II paragraph 2e of the CBL act); fostering monetary credit and financial conditions conducive to orderly, balanced and sustained economic growth and development (Part II paragraph 3e of the CBL Act); and providing credit to bank-financial institutions on a discretionary basis (Part II section 4 paragraph 3 of the CBL Act)."
Frowning on those who try to politicize the action of the bank which aims to promote Liberian businesses he said they should rethink their criticism of the bank's initiative.
"Against this background, suggestions direct or indirect; that the bank is acting outside its mandate through its various initiatives aimed at empowering the Liberian Private sector is far off the mark," he said.
"This propels me to say that the independence of the bank must stand the test of time, and it is in the interest of the Liberian economy that this is the case. Today we are confident with the political dispensation we have, and so far the bank has received the requisite support. We trust that we have and so far the bank has received the requisite support."
It can be recalled that the CBL gave the Liberian Business Association five million United States dollars for the development of businesses across the country. Liberia, Dr. Jones promised to continue to work with LIBA adding that the country's economy depends on them for the creation of the middle class.
"The central bank of Liberia will continue to work with you to ensure that you keep standing. Today is a great day for the Liberians economy. You are the future of the private sector in Liberia. You are the future of economy growth in Liberia. You are the future of the middle class in Liberia."
Also speaking at the Dinner Rep. Eugene Fallah Kparkar (Lofa-LP) pledged to fight for the increase in the budget allotted to the CBL in the next fiscal year to help boost some of these initiatives the bank has started.
The Liberian Business Association (LIBA) concluded its first convention at the Paynesville Town hall with the aim of creating a middle class in Liberia as the outstanding issue on the agenda.
Delegates of county chapter heads from the fifteen political subdivisions of Liberia were installed into office during the dinner.