-- Describes the two initiatives as vital milestones in boosting business efficiency and lowering costs
Finance and Development Planning Minister Augustine Kpehe Ngafuan has praised the launch of the Financial Education and Literacy Program, as well as the Pan African Payment & Settlement System by the Central Bank of Liberia, calling it a significant move toward reducing costs and improving business efficiency.
The initiatives--the Financial Education Program and the Pan African Payment & Settlement System (PAPSS)--will empower Liberians with financial management skills and streamline regional commerce while the Financial Education Program seeks to equip Liberians with essential financial knowledge and skills to make informed economic decisions.
Minister Ngafuan emphasized, "Inefficiency is a burden. Delays are a burden. By eliminating delays and inefficiencies, we are significantly reducing these burdens."
President Joseph Nyuma Boakai launched the programs on Thursday at the Monrovia City Hall.
In special remarks, Ngafuan further noted that the launch of these initiatives demonstrates the government of Liberia's commitment to easing the burden on the people.
Minister Ngafuan added, "The cost of doing business erodes profits, but by reducing these costs, we create opportunities for greater profits, which in turn leads to business expansion and increased employment."
The Finance and Development Planning Minister also commended the Central Bank of Liberia and the Pan African Payment & Settlement System for successfully bringing these initiatives to fruition in Liberia.
The initiatives are set to play a critical role in advancing the Government's ARREST Agenda for Inclusive Development (AAID) by promoting financial inclusion and strengthening Liberia's economic position.
In his launching address, President Boakai commended the Board of Governors and Management of the Central Bank of Liberia (CBL) for their commitment to supporting the Government's development priorities through policies and initiatives that foster financial empowerment. He emphasized that financial education is a key driver of financial inclusion, which is essential for sustainable and inclusive economic growth.
"The ARREST Agenda is about the people and for the people," the President stated, pointing out further that, "Financial education will empower individuals, particularly women and low-income communities, with the knowledge to effectively manage their finances, start businesses, and contribute to Liberia's economic development."
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He referenced the 2022 World Bank Findex Report which indicated that Liberia's financial inclusion rate stood at 52%, an improvement from 36% in 2017. However, the report also highlighted a gender gap of 15.4%, with women lagging behind in financial access.
President Boakai stressed that targeted financial education initiatives can help bridge this gap and ensure broader financial participation for all Liberians.
Additionally, President Boakai underscored the significance of PAPSS, a revolutionary payment system designed to streamline cross-border trade in Africa by enabling instant transactions in local currencies. The system, which aligns with the African Continental Free Trade Area (AfCFTA), is expected to reduce foreign exchange constraints, enhance economic stability, and support Liberia's de-dollarization efforts.
"With PAPSS, Liberian businesses will no longer need to first convert our currency into US dollars to trade across Africa. This will help preserve our foreign exchange reserves, strengthen our national currency, and foster economic resilience," the President assured.
The Liberian Leader urged all stakeholders, financial institutions, and businesses to embrace the Financial Education Program and PAPSS as tools for economic empowerment, increased financial inclusion, and national development.
"I commend the Central Bank of Liberia for its continued efforts in promoting macroeconomic stability and ensuring that our financial system works for every Liberian. I encourage all citizens to take advantage of these opportunities to contribute to Liberia's economic growth," he concluded.
