MONROVIA – LOITA Capital Partners Liberia, HAVIT Inc and other industry players on March 19, 2024, hosted for the second time the AFREXIMBANK LIBERIA TRADE ROADSHOW to enhance the capacity of financial institutions in Liberia.
By J. H. Webster Clayeh
The event, with a theme “Advancing Economic Development in Liberia through Trade” was held at the EJS Ministerial Complex and it was organized by the African Export -Import Bank (AFREXIMBANK) and the Ministry of commerce and Industry.
In attendance were Minister of Commerce and Industry Amin Modad, Madam Liza Antwi, Country Manager of LOITA Capital Liberia and Mr. Vincent Iweanoge, CEO of HAVIT, Mr. Eric Monchu Intong, Regional Chief Operating Officer, Anglophone West Africa, AFREXIMBANK and Mr. Wisdom Tawiah Manager, Client Relations, Anglophone West Africa, AFREXIMBANK and other individuals both from the public and the private sectors.
The event, however, focused on promoting trade within the African continent, with a specific emphasis on supporting businesses and institutions involved in trade to explore opportunities for trade financing and structuring support.
There were discussions with government and business entities on funding initiatives aimed at increasing Liberia’s participation in intra-Africa trade.
One of the highlights of the roadshow will be AFREXIMBANK’s funding support for African businesses and institutions, with LOITA Capital Partners playing a critical role as the most convenient partner for entities and institutions seeking funding from AFREXIMBANK’s within the African continent.
Madam Liza Antwi is the Country Manager of LOITA Capital Liberia. Giving her goodwill message during the event, she stressed the need for trade adding that it is the engine behind economy boost.
“LOITA Capital was the conduit that AFREXINBANK in entering the Liberian market, through our partnership with NASCORP. I believe with the transition that we have faced as Liberians position us for an economic boost going forward. The question remains how we get there. By tapping in with this year Roadshow I believe the answer lies in trade. Trade is the engine that will take us there,” Madam Antwi said.
Country Manager of LOITA Capital Liberia also states three basics important functions of trade and the need for Liberian financial institution to move in such direction.
“The 2022 report on export in Liberia shows that we did 1.6 billion dollars in exports that was a good one as compared to 2021 where we did 879 million. There are too many rooms to do much more and trade again is the engine that will take us there,” she said.
Madam Antwi added: “With trade, we stand to create jobs once we can compete on the international market. Even among ourselves as a nation, if we are trade well, we can create the need for Liberia goods and services, and this will create jobs across all sectors of our economy.”
According to the Country Manager of LOITA Capital, Liberia stands to strengthen its currency once there is an increase trade. She added that more trade will bring in more export and more export will see us serving more foreign exchange.
“That will also attract investors both home and abroad. Mostly when we talk about business we talk oversea, we think about international market, but more can be done here. Once we can strengthen our position, we can go out there,” she said.
Madam Antwi added: “One of the things we continue to do is to prepare the private sector and even the public sector to be ready to receive funding from AFREXIMBANK and other partners. Since we have been in this market, we are happy to let you know that we have arranged since 2019 LOITA opens it office, we have done excess of 100 million US$. We stand ready and we are willing to partner with all of you to get you ready and prepare to compete with the international market to receive funding from our partner, AFREXIMBANK and other partners.”
Also speaking at the program, Mr. Eric Monchu Intong, regional Chief operating officer and head of mission, Anglophone west Africa, AFREXIMBANK, said Liberia is a member state and an integral part of the Bank’s Pan-African agenda.
Mr. Intong named the Klay DC Clarke Road in Bomi County; the 45km capital city-Roberts International Airport Road under construction and the Jahmale Medical Solution Centre as some of the key development infrastructure the bank has undertaken.
He stressed that AFREXIMBANK stands ready to partner with the public and private sectors of Liberia in advancing development through trade promotion, trade facilitation and trade financing, in line with the Bank’s mandate.
“Last year, the Bank organized a roadshow in Liberia and approved and disbursed facilities for some Liberian companies whilst other transactions are at various stages of credit approvals.”
Also, promoting trade Intelligence and Trade Regulation Intelligence, to make available trade information; African Medical Centre of Excellence (AMCE) to turn African countries into medical tourism hubs, AFREXIMBANK Africa Trade Centres (AATC); Africa Quality Assurance Centres (AQAC); Credit, Guarantees and Advisory and Capital Markets to provide financing solutions to the public and private sectors of the 52 member countries.
Also speaking, Commerce Minister Amin Modad said unless there is a concerted efforts and agenda, and effective coordination involving all policies makers, development partners and direct stakeholders to change the business environment in the next two years, efforts made so far in the sector will yield no positive results.
Modad said: “While we might not be able to address the impact of some external issues, there are few that we can and must influence, and some of which includes leadership, corruption, poor governance and the effectiveness of government institutions in Agro-finance.”
For his Part, Deputy Finance Minister for fiscal Affairs at the minister of Finance and development planning, Anthony Myers, representing Finance Minister Bioma Kamara said the Government of Liberia has started creating an environment where “businesses will trust government’s policies, banks will trust in government policies and international financial institutions will believe what government says.”
“As a government, we must take deliberate actions and steps to remove the sovereign risks. We have begun engaging commercial banks, the Central Bank and holding discussion on issues that caused the government to default on guarantee made with commercial banks.”