Monrovia- The Banking Institute of Liberia (BIL) in collaboration with the Liberia Chamber of Commerce on Thursday held a one-day Roundtable Conference under the theme building investors’ confidence in Liberia and enhancing the legal protection to strengthen the business environment and attract investment capital.
The gathering that was held at the Monrovia City Hall brought together several stakeholders including financial experts.
At the event, there was a panel discussion on the theme: “Building investors’ confidence in Liberia and enhancing the legal protection to strengthen the business environment and attract investment capital.”
Former Central Bank Governor Milton Weeks serving as one of the panelists highlighted what he termed as a proposed solution to legal barriers that business people are faced with.
“Financial constraints and infrastructures are some of the challenges hampering domestic entrepreneurships,” Mr. Weeks said.
He stressed that investment creates jobs, improves infrastructure and increases the tax base. He furthered that lack of transparency and standardized legal framework are some of the issues the business environment is going through.
Mr. Weeks added: “Improve utility by providing access to electricity, enhance internet connectivity, and integrate banking systems are important for investment growth.”
Also, the National Chairman for the Patriotic Entrepreneur of Liberia (PATEL) Dominic Nimely disclosed that banks in Liberia are not helping Liberian own businesses.
Nimely stressed that banks are giving loans to foreigners who are doing business instead of Liberian own business.
Mr. Nimely added: “I hope something will come out of this discussion here today. So many times, Liberians want loans but they cannot get the loan. God cannot employ everybody.”
Adding up, Cllr. Lucia D.S. Gbala said the economy is driven by investments. However, the legal and regulatory framework are some of the things that will encourage investors.
Madam Gbala stressed that people must be aware of the laws in order to plan and get prepared for whatever engagement ahead.
“Having legal uncertainty, investors will not come to Liberia,” Madam Gbala said.
She added: “As a lawyer, most of the time investors question whether our country has some level of predictability when it comes to settling issues.”
