The Executive Governor of the Central Bank of Liberia, Dr. J. Mills Jones, has called on banking institutions operating in the country to play a meaningful role in the economic recovery of the country.
According to him, without the banking sector playing its role of intermediation that it should, the economic recovery of the country will be very difficult to handle.
Dr. Jones made the assertions last Friday at the farewell dinner held by Ecobank-Liberia in honor of the outgoing managing director, Kola Adeleke. The ceremony was held at the Monrovia City Hall.
Mr. Adeleke has been succeeded by the former managing director and chief executive officer (CEO) of Ecobank-Rwanda, Gilles Guerard.
Governor Jones said the CBL does not believe in stating the problem, but believes in finding the solution. As such, he added that, “This is a time to restructure the economics of Liberia after being hard hit by the Ebola epidemic.”
The CBL, he said, wants to build a more inclusive economy, an economy where the country can lift itself out of poverty, instead of reporting growth only.
“We had growth before and it ended with the book written by some intellectuals, “Growth without Development,” so it is incumbent upon everyone to build a more inclusive economy where one can lift the country out of poverty” Dr. Jones maintained.
“So, we will encourage you to be bold, to think outside the box and come to the CBL as often as you can, and whenever you have problems, our door will be open to help you and to move your institution forward,” he told Guerard.
He disclosed to the new MD that the CBL, over the past years has been trying to transform the banking sector, and good progress has been made in that direction.
He added that answers to the problems Liberia faces are not in any text book or development book, but instead it is in the head and hand of every Liberian and partner.
“So, taking over Ecobank at the time when the government and the people of Liberia are gearing up for a fast economic recovery, we encourage you to be bold, he advised.
The CBL Executive Governor pointed out that Liberia has the capacity to tackle the problems it has, stressing that people should be able to focus on tackling them.
However, Dr. Jones indicated that it is also the time for Liberia to develop, because the current generation is the most exposed, most experienced and the most educated than previous generations, noting that if there is any generation to bring about development and poverty reduction, this generation is the one to take the lead.
He said if the current generation can’t lift Liberians out of poverty, than no generation will for now be expected to do that.
He then cautioned Liberians to shun a repeat of the past by urging their development partners to coordinate efforts in helping to develop the country.