IPNEWS: Liberia Vice President Jerimiah K. Koung, says Liberia remains keen on growing its private sector and the creation of jobs for its people, especially the youth.

Speaking at the 17th Annual Banking and Finance Conference, Vice President Koung stated that Liberia is eager to strengthen existing economic relations with Nigeria, particularly through trade and investment, stressing that the gathering of regional banking and financial experts at the annual conference provides an opportunity to kickstart discussions on how banking and financial institutions could leverage their assets and tradelines to extend credit to individuals and businesses.

“This will stimulate our economies, invest in homegrown businesses, and create generational wealth. Forging strong economic and business bonds with potential investors is a strategic pathway to sustainable growth and development. Our vision is to explore rewarding ventures that will drive our struggling economy to meet the socio-economic needs of our people.”

“We welcome and applaud the expansion of Nigerian-owned banks in Liberia. The presence and increase in Nigerian-owned businesses, especially banks, are helping to increase market competition and improve efficiency. These banks continue to play major roles in providing jobs and establishing credit lines to support the development of our private sector. Presently, there are four (4) Nigerian-owned banks operating in Liberia out of a total of eight commercial banks. This is a clear sign that Nigerians remain interested in investing in Liberia, and as a government, our doors remain open to you.”

“I am aware that the banking sector is a driving force for the expansion of the private sector. It is the banking sector that validates and guarantees private sector investments to accelerate economic growth and development.” Liberia’s Vice President stated.

VP Koung intimated that currently the Central Bank of Liberia is working on the monetary policy framework to meet the requirements for the West Africa Monetary Zone.

VP Koung: “As you may be aware, it is expected that Liberia, Ghana, Gambia, Guinea, Sierra Leone, and Nigeria will work towards the implementation of a single currency regime to achieve economic integration.”

“This policy framework will lay the foundation for the realization of a common currency for all ECOWAS member states. However, to achieve this vision, we have a collective responsibility to make sound economic decisions to reduce our debts and stabilize our exchange rates.

Distinguished Ladies and Gentlemen, as the global economy continues to expand, African leaders have emphasized the need for regional economic integration, trade, and commerce. With the signing of the African Continental Free Trade Area, we have an opportunity to harmonize fiscal and monetary policies and encourage intra-Africa trade through our banking institutions.”

“While Liberia is currently experiencing a gradual expansion of commercial banks within our economy, I strongly believe that a call for more investment and development banks is necessary for rapid economic growth and development. These investment banks are more flexible for long-term loans and relatively offer low-interest rates. For our economy to accelerate quickly, it will require the provision of capital for investment in energy, agriculture, infrastructure, trade, and exploration.”

Vice President Koung furthermore asserted that the Liberia Bank for Development and Investment (LBDI) being the only investment and development bank, even though it performs both investment and commercial functions, the LBDI lacks the capital required to contribute to Liberia’s ambitious economic transformation plan.

He said considering the absence of other investment and development banks within the Liberian economy, there is complete reliance on heavy multi-lateral development institutions like the African Development Bank, the World Bank, and others to finance Liberia’s development projects.

“Distinguished Ladies and Gentlemen, our convergence at this conference must offer a new strategy for banking and investment, especially in struggling economies. Let us be reminded that economic empowerment of individuals and small businesses is critical for savings and investments. We should never forget about the opportunities that come with investment in our local economies. As leaders, we have an essential role in working with our national institutions to create safe environment where trade and investment can succeed.”

“Our Government’s ARREST Agenda offers opportunities to encourage potential investors in the areas of agriculture, roads, rule of law, education, sanitation and tourism. To strengthen our banking sector, we must continue to work on policy reforms to reduce the rate of default on loans by borrowers. This is a major challenge for our banking sector, and many of our banks continue to report losses based on default payments on loans.

In Liberia, the Central Bank is working very hard to support banks with high default rates to improve our nation’s foreign exchange reserves.”

“I remain hopeful that this conference will engender new policy directions to collectively improve our banking sectors and offer new opportunities for investments, trade, and commerce. Liberia stands ready to embrace potential investors! The lives of our people must be transformed. Only then, we can boast of the acceleration of economic growth and development.” Vice President Koung stated when he serves as Guest Speaker at the 17th Annual Banking and Finance Conference, held in Abuja, Nigeria.