Liberian Bankers Association President and President of LBDI, John Davies says the Liberian economy is plagued with numerous challenges that need urgent interventions.
Mr. Davis noted that the Liberian economy relies heavily on the extractive industry with the agriculture sector playing very minimal role in the process. Liberia still relies on rubber, iron ore, gold and diaspora remittances to boost its economy. Diaspora remittances contribute significantly to foreign exchange generated in Liberia. A 2013 World Bank report states that Diaspora remittances accounted for one third of Liberia's GDP.
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