MONROVIA – Liberia has for the second time hosted the the Afreximbank Liberia Trade Roadshow which intent is to enhance the capacity of financial institutions in Liberia.
By Henry Karmo [email protected]
The event held at the EJS ministerial complex was organized by the African Export -Import Bank (Afreximbank) and the Ministry of commerce and Industry.
This year’s roadshow was organised under the theme: “Advancing Economic Development in Liberia through Trade” and is built on the foundation that was laid during last year’s roadshow.
The event 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.
The event also featured 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 was Afreximbank’s funding support for African businesses and institutions.
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.
According to Mr. Intong, having supported the development of key infrastructure, in Liberia which includes; the Klay DC Clarke Road in Bomi County; the 45km capital city-Roberts International Airport Road under construction and the Jahmale Medical Solution Centre, 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.”
According to him, the roadshow’s aim is to equip Liberia’s business community with information on Afreximbank’s initiatives, programmes and facilities aimed at promoting Intra and Extra African Trade.
Such trade includes; the Africa Trade Gateway comprising: Mansa KYC repository to change the risk perception of African entities;
PAPSS to enable intra-African trade payments to be made in the 42 currencies in Africa; Afreximbank-Africa Collaborative Transit Guarantee Scheme to facilitate the movement of goods and services under the African Continental Free Trade Area Agreement, Africa Trade Exchange for the sale and purchase of key agricultural inputs such as fertilizers.
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.”
The Liberia commerce minister furthered assured delegates at the event the Ministry of Commerce’s efforts to ensure that Liberians feeling and seeing the changes made by the current government of Liberia and the commitment of this government in supporting the private sector.
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 begin engaging commercial banks, the Central Bank and holding discussion on issues that caused the government to default on guarantee made with commercial banks.”
He believes the issues surrounding bank guarantee and can be solved of government own liquidity position is well managed through coordination with the Central Bank of Liberia.
