MONROVIA: The Minister of Gender, Children and Social Protection, Gbeme Horace-Kollie, recently held an impactful discussion with a team from the Central Bank of Liberia (CBL) around financial literacy and awareness mechanisms for women entrepreneurs.
The Ministry of Gender had earlier notified the Central Bank of Liberia (CBL), conveying some of the concerns raised by women entrepreneurs, as well as those in cross-border and petty trades, about the pronouncement by the CBL for the currency exchange exercise.
Minister Horace-Kollie underscored the need for women to possess the necessary skills, awareness, and behaviors that would allow them make informed decisions regarding their money.
During the discussion, the Gender Boss indicated that financial literacy cannot be overemphasized when moving from old currency to a new one.
Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.
She applauded the CBL for the immediate response but was particular about mechanisms put in place to ensure that women in different businesses are duly informed and properly aware of the CBL’s latest change.
“When women are financially literate, that is when the message resonates well, they will have the essential awareness for a smart decision,” the Minister indicated.
Minister Horace-Kollie pleaded with the CBL to take due notice of the financial literacy channels, and also suggested that awareness materials be produced in local dialects as a way of breaching the gap.
Earlier, the Central Bank of Liberia (CBL), announced the extension of the March 31, 2024, deadline for the currency exchange exercise by six weeks, up to May 15, 2024.
The extension means that the old money, known as Liberian Series 1 or LS1 and Liberian Series 2 or LS2 banknotes printed before 2021 still remains legal tender until May 15, 2024, and can be used to buy goods and pay for services across Liberia.
In response, the CBL welcomed the Ministry’s concerns and promised to work in close collaboration with Gender in ensuring that women, and the vulnerable population are highlighted in their outreach’s programs.
