Liberia’s central bank has announced that the country’s inflation rate remains in the single digits, one of the lowest in the sub-region, despite upward pressure on the exchange rate. This achievement was highlighted by Musa Kamara, Technical Advisor to the Governor of the Central Bank of Liberia (CBL), during a graduation ceremony at the Banking Institute of Liberia (BIL). He emphasized the CBL’s ongoing efforts to manage inflation and transition Liberia towards a cashless economy. Mr. Kamara also commended the overall health of Liberia’s financial system, citing positive indicators such as capital adequacy, liquidity, and the loan-to-deposit ratio.
The graduation ceremony marked the successful completion of training for 156 professionals in various aspects of banking and finance. The BIL, the training arm of the CBL and the Liberia Banker Association (LBA), offers professional development and business enterprise development programs. These programs aim to enhance the skills and knowledge of individuals within the financial sector and those aspiring to enter it. Mr. Kamara expressed the CBL’s support for the BIL’s mission to equip Liberians to take leadership roles in the banking and financial sector, reducing reliance on foreign expertise. He underscored the importance of having Liberians trained with the necessary skills and ethical standards to manage the country’s financial institutions.
The graduates received diplomas in a variety of specializations including banking and finance, internal audit and controls, procurement and supply chain management, monitoring and evaluation, marketing management, digital banking and marketing, compliance and corporate risk management, human resource and customer relationship management, office administration and organization management, public accounting and finance, work planning and report writing, and computerized accounting. The eight-month intensive program provided comprehensive training, equipping graduates with the knowledge and skills required for effective service delivery in Liberia’s financial sector. The ceremony brought together stakeholders from various institutions, including the Ministry of Finance, the CBL, private financial experts, graduates, and their families.
Professor Richard S. Panton, Executive Director of the BIL, expressed satisfaction with the completion of the second training cycle, emphasizing the significance of building capacity within the financial sector. He highlighted the BIL’s enterprise program, designed to empower individuals interested in working in finance, banking, and other sectors of the Liberian economy. Professor Panton urged the graduates to uphold ethical principles, maintain professionalism, and prioritize efficient customer service. He also advocated for the inclusion of life-skills education in the national curriculum to address poverty and youth unemployment, particularly given Liberia’s predominantly young population.
The graduation ceremony and the CBL’s pronouncements underscore the importance of investing in human capital within the financial sector. By equipping Liberians with the skills and expertise necessary for leadership roles, the country aims to strengthen its financial institutions, promote economic growth, and reduce dependence on foreign expertise. The emphasis on integrity and professionalism further reinforces the commitment to building a robust and ethically sound financial system. The BIL’s programs are playing a crucial role in this endeavor, providing a platform for continuous learning and development within the sector.
The BIL’s dual-pronged approach, focusing on both professional development and business enterprise development, addresses both the current needs of the financial sector and the aspirations of those seeking to enter it. This comprehensive strategy ensures a sustainable pipeline of skilled professionals, contributing to the long-term growth and stability of Liberia’s financial landscape. The emphasis on digital banking and marketing also reflects the evolving nature of the financial industry, preparing graduates for the challenges and opportunities of a rapidly digitalizing world. This forward-looking approach positions Liberia to effectively leverage technological advancements and drive innovation within its financial sector.
