Central Bank Governor Mills Jones has maintained that the Bank will design strategies to reduce poverty, break economic barriers facing Liberian firms and redirect the national investment sector in the care of Liberians.
Governor Jones named few of the strategies as training, building technical and financial capacities of Liberian firms through grants and loans to prepare them for competitions, describing the step taken by the CBL as an internationally-accepted practice.
The CBL Governor made the statement at the official dedication of the Rural Community Finance Institution-II (RCFI-2 Bank) in Sanniquellie over the weekend.
“The CBL has just begun trusting Liberian firms; we will continue to give loans to Liberian businesses in order to change the Liberian business sector; the Liberian people must take hold of their own business sector,” Dr. Jones stressed.
He pointed out that the CBL’s loan scheme is a result of a baseline survey it conducted which shows that Liberian farmers, businesses, entrepreneurs, companies and cooperatives have little national investment opportunities coupled with no capital for regional transactions therefore the institution is under obligation to make sure that such economic constraints are resolved.
He further explained that the survey also shows that Liberian businesses are stagnated due to high interest rate and short-term of loan payment imposed by commercial banks which makes it difficult for young firms to boost their market system.
However, Governor Jones described claims by critics that the institution is dishing out the country’s wealth with political undertone as” complete nonsense” and urged detractors to desist from ridiculing the institution.