By Patrick Stephen Tokpah
Gbarnga, Bong County-The Government of Liberia through the Central Bank of Liberia (CBL) is expected to dedicate the newly constructed US$400, 000 worth of the CBL regional cash hub in Gbarnga, Bong County.
Speaking in an interview with a local station in Gbarnga, Bong County on December 9, 2021 the Deputy Presidential Press Secretary in the office of President George M. Weah, Smith Tobay revealed that President Weah will be in the County on Friday.
President Weah second desk writer described the pending dedication ceremony in the County as a way of decentralizing the Weah led government in Liberia.
Additionally, he said over the years citizens in Bong County have been hugely challenged in obtaining cash from only the Liberia Bank for Development and Investments (LBDI) especially, classroom teachers in the County.
He said with the construction and dedication of the CBL regional cash hub, it will help in minimizing the stuffing citizens have been going through in the central region when it comes to accessing their own cash from various banks.
However, Smith didn’t reveal, if the President will dedicate the hundred housing units that is under construction and the West Africa Power pool that’s currently on in the County.
It can be recalled that on January 30 of this year in Gbarnga, Bong County, the Central Bank of Liberia Executive Governor, Aloysius J. Tarlue broke ground for the construction of CBL regional bank in the County.
Governor Tarlue said the idea behind the construction of the new regional bank is to create access to cash in order to alleviate the difficulties for citizens.
The Central Bank Executive Governor also disclosed that when completed, the bank will strengthen the movement of cash in the region, where those from neighboring counties will not have to travel to Monrovia to transact with the CBL.
Governor Tarlue said other sub branches of the CBL will be constructed in different parts of the Country, maintaining that the one in Gbarnga will be the second biggest next to the one in Monrovia.
Remarking at the ground breaking ceremony in the County, Bong County Superintendent, Esther Walker and the Secretary of the Bong County Legislative Caucus, Representative J. Marvin Cole extended commendation to the CBL for selecting Gbarnga for the construction of the regional bank.
The two Bong County officials said the construction of the CBL local office, particularly will be helpful to teachers who have to wake up as early as 3:00AM just to get their salaries from the LBDI in the County.
Superintendent Walker and Representative Cole warned contractors and citizens to desist from any act that will be counterproductive to the successful construction of the bank, especially selling construction materials.
The project is expected to be completed within six months.
Meanwhile, a release from the CBL late Thursday said, The services of the Central Bank of Liberia (CBL) will be enhanced and more inclusive, following the dedication of a regional Cash Hub in Gbarnga, Bong County. The Cash Hub, a flagship CBL Project, aimed at modernizing financial centers, will be dedicated on Friday, December 10, 2021, at 12:00 noon in Gbarnga, Bong County. This Hub will serve as a blueprint for subsequent cash hubs to be constructed in other parts of the Country.
The dedicatory ceremony is expected to be performed by His Excellency Ambassador George Manneh Weah, Sr., President of the Republic of Liberia, in the presence of members of the Cabinet, Chairmen of the Banking Committees of the House and Senate, the President of the Liberia Bankers Association and International Partners. Local county officials are also expected to attend the occasion.
The Cash Hub is the first of four cash hubs earmarked for construction across the Country and contains a banking hall for handling liquidity requests of commercial banks and other regulated financial institutions in the rural parts of the country for enhancing CBL’s cash distribution capability in the economy and the National Payment System infrastructure. It will also facilitate the provision of services to the government and its agencies, including revenue collections and salary payments.
CBL Executive Governor, J. Aloysius Tarlue, Jr. said: “The location of the Cash Hub in Gbarnga, Bong County is ideal for accessibility because of the central location in Bong County. It will attract banking institutions to rural areas as it will address one of the key challenges faced by commercial banks operating in the rural areas with respect to cash movement between commercial bank branches and their head offices in Monrovia, especially during the rainy season”.
Operators of huge cash, such as petrol stations, department stores, and merchants, will also have easy access to their funds at commercial banks, as those banks will now be able to deposit and drawdown on their accounts at the CBL Hub.