By Perry B. Zordyu
Liberia-Vice President Jeremiah Kpan Koung has called on African Leaders to give priority to efforts aimed at harmonizing fiscal and monetary policies on the continent.
VP Koung believes harmonization of the fiscal and monetary policies in Africa will encourage intra-Africa trade through banking institutions.
He spoke recently at the 17th Banking and Finance Conference in Abuja, Nigeria.
As the global economy continues to expand, he stressed the need for African leaders to place emphasis on regional economic integration, trade, and commerce in line with.
VP Koung informed the gathering of African economic, finance and banking stakeholders that the signing of the African Continental Free Trade Area presents clear opportunity to harmonize fiscal and monetary policies and encourage intra-Africa trade through our banking institutions.
Liberia Vice President said while Liberia is currently experiencing a gradual expansion of commercial banks within the economy, he is hopeful that a call for more investment and development banks is necessary for rapid economic growth and development.
“These investment banks according to Liberia’s Vice President are more flexible for long-term loans and relatively offer low-interest rates,” the Liberian Vice President told the gathering.
“In order for the economy to accelerate quickly, it will require the provision of capital for investment in energy, agriculture, infrastructure, trade, and exploration, he further indicated.
VP Koung said the convergence at the 17th Banking and Finance conference must offer a new strategy for banking and investment, especially in struggling economies.
He rallied: “Let us be reminded that economic empowerment of individuals and
Small businesses is critical for savings and investments. We should never forget about the opportunities that come with investment in our local economies.”
Vice President Jeremiah Koung reminded diplomats at the gathering of the essentiality of their roles in working with national institutions to create safe environment where trade and investment can succeed.
He said: “Our Government’s ARREST Agenda offers opportunities to encourage potential investors in the areas of agriculture, roads, rule of law, education, sanitation and tourism.”
VP Koung suggested that African nations should continue to work on policy reforms to reduce the rate of default on loans by borrowers in order to strengthen banking sectors, and added “is a major challenge for banking sector, and banks continue to report losses based on default payments on loans.”
He divulged that the Central Bank of Liberia (CBL) is working very hard to support banks with high default rates to improve the nation’s foreign exchange reserves.
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