IN RECENT TIMES the Central Bank of Liberia (CBL) especially its Executive Governor, Dr. Joseph Mills Jones and Board of Governors continue to come under serious criticisms from those one political and economic commentators called ‘non-productive and money politicians’ for instituting a loan scheme that is in no small uplifting Liberians especially those who had not have access to finance to enhance their capacity to do business.
THIS LOAN SCHEME is so essential and having a great impact that a market woman recently told thousands of her colleagues the Village Saving Loan Association (VSLA) at the Monrovia City Hall that they are no longer awaiting their spouses to pay children’s school fees and financially assisting in running of their homes.
BESIDES THE VILLAGE Saving Loan, the CBL under the leadership of Dr. Jones has for the first time in the history of Liberia extended its tentacles to rural Liberia with the establishment of rural banking institutions that is helping in a meaningful way to serve rural communities become participants in the country’s economic recovery.
THAT TOO HAS become an advantage to people residing in places like remote Barclayville in Grand Kru County, Greenville, Sinoe County, Karnplay in Nimba County, Cestos City in Rivercess County and Fish Town in River Gee County, places where banking was something foreign as people had to pay huge transportation fares to come to Monrovia only to cash a pay check or carry out a financial transaction.
THE MILLS JONES administration at the CBL characterized with a number of reforms since 2006, has been giving loans to local businesses or petty traders in a bid to make them relevant in the financial inclusion economic exercise and has also extended its loan scheme to the nation’s Housing Mortgage system, the Liberia Business Association (LIBA) and has extended its Corporate Responsibility in the form of scholarships to Liberian College students as means of improving the manpower development of the country.
HOWEVER, WITH THESE positive developments it appears that certain politicians are bent on attacking the CBL, its Executive Governor and Board of Governors on ground that the bank is dishing out funds to Liberians. We believe that all of these attacks are politically motivated evidence of which a law was passed attempting to stop the Executive Governor and members of the Board of Governors of the CBL from seeking any elected political position, a violation of one’s fundamental right.
AS WE APPLAUD the CBL loan scheme and the extension of financial institutions throughout the country, let it be made clear that the crowds that are gathering to welcome the opening of these financial institutions and the granting of the CBL low income loan is the Liberian people’s way of appreciating the process. No politicians or no level of politicking should stop this process as initiated by the Jones Administration.
THE CBL GOVERNOR and Board of Governors must not be deterred as they are contributing immensely by gradually putting the Liberian economy in the hands of Liberians. Liberia needs leaders who can awake from bed in the middle of the night and contemplate on improving the lives of the people instead of bringing people down.
THE CBL SHOULD not be deterred in doing its work as history will put on a good face and remember the economic strategists at that institution for their good work which is magnetically attracting the rural poor and urban indigenous business classes.