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Agriculture Bank’s Return Insight

by newsmanager

MONROVIA: The Plenary of the House of Representatives has asked its Committees on Agriculture, Forestry & Fisheries and Banking & Currency to look at possibility for the revitalization of the Agriculture Bank of Liberia.

The House Plenary took the decision Thursday, 15 February 2024, during its 11th Day Sitting as a result of a communication from Representative Alfred Flomo of Electoral District#4, Grand Bassa County.

Representative Flomo in his communication stated he sought to draw the attention Plenary of the revitalization of the agriculture bank of Liberia. Representative Flomo stated that agriculture, including forestry is the primary livelihood for more than 60 percent of Liberia’s 2021 real Gross Domestic Product (GDP).

He averred that the sector is seriously challenged with a lot of difficulties since the closure of the Agriculture Bank of Liberia due to the country’s prolonged civil conflict.

“Hon. Speaker, Hon. Deputy Speaker, Distinguished Colleagues, agriculture is a small scale, and overall agricultural productivity is low due to low technology and lack of quality agricultural. As a result, Liberia imports more than 80 percent of its staple food, making the country vulnerable to food insecurity.

“Additionally, the sector is poorly integrated, the sector lacks basic infrastructure such as machine, farming equipment and tools, farm to market roads, fertilizers and pesticide including food storage,” Flomo communication stated.

The Bassa lawmaker says with the constraints in the agriculture sector, and revitalizing the Agricultural Bank of Liberia will give farmers the opportunity for loans to help alleviate some of the burdens they are faced with.

The committees have been mandated by the full body of the House of Representatives to review and advise Plenary on the possibilities of revitalizing the Agriculture Bank of Liberia so as to alleviate some of the burdens local farmers go through as raised by Hon. Flomo within two weeks.

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