By Elbie Sebleh
MONROVIA: The Banking Institute of Liberia, Inc. (BIL), in collaboration with the Liberia Chambers of Commerce, successfully conducted a one-day roundtable dialogue aimed at enhancing investors’ confidence in Liberia.
Under the theme: “Building Investors’ Confidence in Liberia: Enhancing Legal Protection to Strengthen the Business Environment and Attract Investment Capital”.
Held on October 31, 2024, at the Monrovia City Hall Ballroom, the event brought together key stakeholders, including government officials, business leaders, and legal and financial experts, to discuss effective strategies for improving the investment climate in the country.
Through collaborative discussions, participants addressed critical issues and proposed actionable solutions to foster a more secure and attractive environment for investment.
Providing an overview of the event, Assistant Prof. Richard S. Panton, Director General of the Banking Institute of Liberia (BIL), welcomed participants to this important gathering.
He explained the significance of uniting stakeholders from the corporate and legal sectors to brainstorm and collaboratively seek solutions to the challenges confronting the Liberian investment environment.
Prof. Panton noted the roundtable as a critical opportunity for dialogue aimed at fostering a more conducive atmosphere for investment in Liberia.
“In this case, strict adherence to the tenets of the rule of law and prudent financial practices guarantee investment,” Mr. Panton stressed.
He said that a stable legal framework and sound financial regulations are essential for building trust among investors and fostering a thriving business environment in Liberia.
Speaking at the event, Fonsia Mohammed Donzo, Director of the Regulation and Supervision Department at the Central Bank of Liberia (CBL), highlighted the importance of stakeholder engagement in overcoming hurdles and addressing the pressing challenges that affect economic confidence.
He stressed that fostering collaboration among stakeholders is vital for creating an environment that attracts investors to Liberia, underscoring the CBL’s commitment to supporting initiatives aimed at enhancing investor confidence and promoting economic growth in the country.
According to him, the CBL takes a keen interest in the legal and regulatory framework, as well as access to finance.
Donzo noted that the CBL has enacted several laws concerning financial institutions, revising them to make them more contemporary and effective. These updates are aimed at boosting investor confidence, particularly in the financial sector, by ensuring a more secure and transparent operating environment for both local and foreign investors.
“The kind of regulatory framework that we have is predictable; investors who come into the country know exactly the regulations governing the financial sector and how
disputes will be resolved,” he stated at the occasion. This predictability is essential for building trust and ensuring that investors feel secure in their operations within Liberia’s financial landscape.
Representing the U.S. Embassy, Jonathan Horton applauded the initiative to hold the roundtable on building investor confidence.
He expressed hope that the fruitful exchange of ideas would lead to successful outcomes and support the ARREST Agenda for inclusive development in Liberia.
Horton also spoke about the importance of collaboration among stakeholders to create a robust investment climate that fosters economic growth and prosperity for all.
Also speaking at the event, Joel Okwuokei, the International Monetary Fund (IMF) Resident Representative in Liberia, noted that the IMF is a longstanding partner of Liberia, having been a member since 1962 and emphasized the organization’s commitment to supporting Liberia’s economic development.
The importance of strengthening investor confidence is a key factor in promoting sustainable growth in the country.
Okwuokei reiterated the IMF’s dedication to working collaboratively with the government and other stakeholders to address the challenges facing the investment landscape.
“Let me emphasize that the IMF is very committed to supporting Liberia,” he informed the gathering, recognizing that the roundtable discussion is timely.
For his part, J. Willington Barchue, Assistant Minister for Development Planning at the Ministry of Finance and Development Planning, stated that the government recognizes the private sector as the engine of growth, noting that creating a conducive environment for the private sector to thrive is essential for economic development.
Mr. Barchue spoke of the government’s commitment to fostering conditions that support business expansion and attract investment, reinforcing the vital role of collaboration between the public and private sectors.
He explained that in the national development plan, the government is committed to addressing the binding constraints that could negatively impact the legal system.
“We have worked with the judiciary system to include programs that will improve the system over the next five years, making the country more conducive for investors,” he stated.
He continued, “We have also ensured that we incorporate a prompt repayment mechanism into the plan, which will help restore investor confidence and ensure that the basic infrastructure is in place.”
