The Executive Governor of the Central Bank of Liberia (CBL), Dr. J. Mills Jones, has underscored the need to strengthen the national economy for the benefit of all Liberians.
Dr. Jones explained that improving access to credit is critical to building a sound economic status of the Liberian people through collateral for Liberian small and medium businesses.
The CBL official made the statement Wednesday when he launched the Collateral Registry of Liberia at the Monrovia city Hall through the initiative of the CBL in collaboration with the International Finance Corporation (IFC).
“The access to credit is not a one-way street where the focus is on the borrowers who present the request for credit, however, the creditors who could be banks or other institutions might need some assurances in the form of collateral in order to agree to provide the loans,” he said.
He indicated that the Collateral Registry of Liberia should be able to provide loans to Liberian businesses through collateral such as motor vehicles, farm products and household goods, among others, to be able to receive loans from banks or financial institutions in Liberia.
Dr. Jones pointed out that Collateral Registry of Liberia is the second collateral institution in Africa and it should help improve the financial status of Liberians, as the first collateral registry, which is in Ghana, has been transforming the financial lives of Ghanaians.