Ganta, Nimba County — The Central Bank of Liberia (CBL) recently concluded a one-day external stakeholders' engagement in Ganta, Nimba County. The event, which brought together participants from all 15 counties, was aimed at gathering input for the development of the Bank's new five-year strategic plan, covering 2025 to 2029.
The engagement included a wide range of participants from different sectors, such as the Village Savings Association, cross-border women traders, marketers' associations, and the National Credit Union of Liberia. Addressing the stakeholders, Mr. Jay Gbleh-bo Brown, Head of the Secretariat for the Strategic Planning Committee (SPC), explained the purpose of the engagement. He emphasized that it would inform stakeholders about the Bank's activities and gather feedback on how citizens can benefit from the CBL's facilities and services.
Mr. Brown provided an overview of the Central Bank's role as Liberia's monetary authority, established under the CBL Act of 1999. He explained that the Bank's primary mandate is to maintain price stability, a mission expanded by the 2020 amendment and restatement of the CBL Act to include fostering a stable financial system and supporting the government's broader economic policy in line with its monetary objectives.
Gathering Insights for Strategic Planning
The CBL's Senior Technical Advisor to the Executive Governor, Mr. Mussah Kamara, who also chairs the Strategic Planning Committee, underscored the importance of inclusivity and transparency in the Bank's decision-making process. He noted that the engagement was crucial because the CBL's policies have a direct impact on the lives of all Liberians. "The Central Bank remains committed to fostering economic stability and growth through collaboration with its stakeholders," Kamara stated.
He added that the Bank values stakeholders' contributions and will prioritize their perspectives in shaping future initiatives. Mr. Brown, meanwhile, assured that the discussions and recommendations from the engagement will play a significant role in developing the new strategic plan.
Key Recommendations from Stakeholders
During the session, participants offered several recommendations to improve financial stability, inclusion, and fairness in Liberia. A notable suggestion was the exclusive use of the Liberian dollar in domestic transactions to reduce reliance on foreign currencies and promote economic stability. Stakeholders also urged the CBL to address cross-border exchange rate fluctuations, which they said negatively impact trade.
Participants called for expanding access to financial services, particularly in rural areas, by strengthening support for Rural Community Finance Institutions (RCFIs) and integrating them into the clearinghouse system to better serve local communities. They also recommended improving collaboration between the CBL and the Liberia Credit Union to strengthen regulations and ensure transparency in loan accessibility, particularly for small, medium, and micro enterprises (SMEs), including cross-border traders.
Empowering Rural Women
The engagement was hailed as a first-of-its-kind opportunity by several participants, especially those representing rural women's groups. Saykon Johnson Hennings, chairlady of the Village Savings Association (VSA) in River Cess County, praised the CBL for creating a platform that could impact the lives of rural women.
Garmai S. Gbusiwoi, head of the Lofa County Women Empowerment Organization (YEZEBU), noted that the knowledge provided by the CBL would empower rural women who have long lacked access to such opportunities. Fatu Funda Jalloh, chairlady of the VSA in Gbarpolu County, referred to the event as a form of empowerment, enabling women to become more productive and contribute to economic security alongside their male counterparts.
Saybah Fumbah, head of the Cross-Border Women Traders Association in Montserrado County, expressed appreciation for the information provided about cross-border trade. She highlighted the advice to avoid carrying large amounts of cash when traveling and instead use electronic transfers, particularly in Liberian dollars, to facilitate trade and reduce risk.
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Moving Forward
Dayee Bowen of the Grand Gedeh County VSA thanked the CBL for its involvement in empowering women through this engagement. She remarked that the event would help advance women's empowerment programs across the country.
Participants pledged to disseminate the information and educate other women in their respective counties. They also emphasized the need for simplified loan conditions for SMEs, as the current requirements hinder access to credit. The stakeholders urged the CBL to consider these recommendations to improve Liberia's financial landscape, benefiting both consumers and businesses, and driving economic growth.
