Liberia: “Cultivate Savings, Investment Culture”

Mensah-Asante: “If you fail to save, you are always tempted to run to ‘loan sharks’ for loans with substantial interest rates, which can be expensive to service.”   

— Ecobank MD encourages Liberians

The managing director of Ecobank Liberia Limited, George Mensah-Asante, has stressed the need for employees of the University of Liberia (UL) and Liberians in general to cultivate a savings and investment culture to protect and cushion them against tomorrow’s financial needs and any possible future shocks.

Mensah-Asante, who spoke recently at the official launch of the UL credit union, noted that an increase in savings among citizens often translates into economic growth.

He further urged all adult Liberians to try and set aside a percentage of their present incomes (any cash inflows, not only salary) for savings and, subsequently, investments in low-risk assets.

The Ecobank MD said that this, coupled with buying the right insurance, “will ensure that your future is very solid, giving you financial freedom and independence ‘til death.”

According to him, there is no need to worry about loans from friends and relatives in old age when we can all start securing our future now, with very simple savings and investment tools available in the money market.

Asante, however, believes that savings give an individual a layer of support in times of need or in unexpected circumstances. “If you fail to save, you are always tempted to run to ‘loan sharks’ for loans with substantial interest rates, which can be expensive to service.”

He further used the opportunity to admonish all Liberian workers to develop a habit of saving. “No matter how small your salaries are, always remember that increased savings and investments among citizens often translate into wealth creation at the individual and household level, as the investments begin to yield different streams of income, with the overall potential to stimulate growth in the economy.

Asante, who is also the president of the Liberia Bankers Association, commended the leadership of the university for “the great initiative”, which is a major boost to them.

“Savings are a source of wealth creation, and that is where investments and other opportunities for the growth of the economy come from. “Any economy whose citizens have a good habit of saving realizes sufficient growth,” he added.

Asante said as a banker, he will continue to work to support the university community and Liberians at large with excellent bespoke financial tools and with the right mix of products and services that will bring convenience to faculty, staff, students, and the good people of Liberia.