The Central Bank of Liberia on Saturday, January 30, 2021 broke ground to is first regional cash hub in the provincial city of Gbarnga, Bong County with the estimated cost of about US$400,000.
According to CBL Executive Governor, Aloysius J. Tarlue Jr, the construction is expected to be completed within 6 months and scheduled for dedication during the National Independence Day Celebration in 2021.
Mr. Tarlue said the cash hub will alleviate cash flow to the rural dwellers, who find it very difficult in getting cash from the main office at the head office in Monrovia.
“This is the first annex of the Central Bank of Liberia and this is why we brought it to Bong County, which is centrally located to be easily reachable by the surrounding counties,” he said.
Mr. Tarlue explained that there will be four other smaller annexes in other counties, including Rivercess, River Gee and Lofa counties, among others.
“The whole idea is cash flow, easy access to get cash from the CBL. We have lots of payment centers around and with everything coming from Monrovia makes things difficult,” he added.
He also explained that it will become a window for the commercials banks, where they will reach quickly and do their transactions, adding, “There will be a window here for collecting taxes, it is one-stop-shop,” he said.
The occasion was attended by several local government officials, including Rep. Melvin Cole of Bong County, Bong Superintendent Esther Walker, representatives from the Bong County Attorney’s office and from the office of the Gbarnga City Mayor.
Both Rep. Cole and Superintendent Esther Walker thanked the leadership of the CBL and the Government of President George Weah for the farsightedness of enabling the CBL to have an annex in Gbarnga.
They urged the CBL to encourage banks to come to Bong to also ease the flow of cash to everyone because the citizens and the businesses find it very in getting their money from the banks due to the limitation of commercial bank in the county.
The CBL annex will be built on the site of what used to be the Agriculture Cooperative Development Bank in Gbarnga, adjacent the Post Office.
According to information gathered, the ACDB got destroyed in the 1990s, during the course of the Liberian civil crisis, the bank was looted and the building destroyed, leaving the facility devastated and in ruin for decades.
The ruin former ACDB building was completely cleared this time, to make way for the ongoing construction, which kicked-off immediately following the ground-breaking.
The construction firm, “Bittar Construction Company” has meanwhile assured the public of completing the project in the expected six-month period, promising to prioritize the citizens of Bong in their workforce, at least by 90%.