The Deputy Governor for Economic Policy at the Central Bank of Liberia (CBL), Dr. Musa Dukuly, has emphasized the importance of financial inclusion in enhancing investments in the agricultural sector.
Dr. Dukuly made the statement when he facilitated a panel discussion organized by the National Financial Inclusion Steering Committee (NFISC). The Panel Discussion was held on 8 October 2019 at CBL with the aim of reviewing, validating and endorsing the National Financial Inclusion Strategy.
A CBL release quoted Dr. Dukuly as saying that a national financial inclusion strategy that prioritizes financial services to the agriculture sector through digital channels is crucial for stimulating sustainable and inclusive economic opportunities for the rural population, especially smallholder famers.
The CBL official expressed optimism that investment in agriculture has the propensity of not only transforming the broader Liberian economy, but also the rural sector through banking-related services by enabling the rural poor to have bank accounts, access loan facilities and use mobile money, all of which can significantly promote financial inclusion.
Highlighting the implications for macroeconomic developments, the Deputy Governor for Economic Policy said that through financial inclusion CBL could deepen financial intermediation, support the growth aspirations of the economy and ease price instability through a reduced cost for financial transactions.
Dr. Dukuly informed participants that Liberia ranks 112 out of 190 in terms of the ease of getting credit, implying that access to credit is generally low. In closing, he admonished stakeholders to collaborate in raising the threshold of financial inclusion.