President George Manneh Weah Tuesday with representatives of Liberia Bankers Association (LBA), expressed concern about the high interest rate.
An Executive Mansion release said the president also expressed grave concern about the lack of flexibility to borrowers in repaying their debts.
He prevailed on banking institutions to look into flexible ways to decrease the high interest rates to borrowers.
The president encouraged representatives of Liberia Bankers Association to develop constructive and mutually agreeable conversation in order to improve the processes that will be accommodating to Liberian businesses.
President Weah said his government would like to form partnership with the sector to achieve his Agenda for Prosperity and to ensure the market is affordable and reasonable for the Liberian people.
He then encouraged the banks to negotiate more in order to encourage borrowers to be able to repay their debts.
The release said the meeting was triggered by President Weah's earlier engagement with the leadership of the Liberia Business Association (LIBA).
In remarks, representatives of the Liberia Bankers Association expressed profound gratitude for the meeting and congratulated President Weah on his ascendancy to the Presidency.
They further noted the overwhelming and resounding victory of December 29, 2017 and pledged their fullest support to ensure his administration succeeds.
The bankers acknowledged that they have a huge role to play in ensuring that the President's "pro-poor agenda" is successful.