The Liberian Government through the Central Bank of Liberia (CBL) has broken grounds for the construction of the CBL’s Regional Cash Hub in Fish Town, River Gee County as means of decentralizing its Pro-poor Agenda.
Additionally, delegates from the CBL headed by Deputy CBL Governor for Operations Nyemade Pearson, County Superintendent Philip Nyenuh, Traditional Chief and Elders, Youths, Women, and Marketers, among others, graced the occasion.
When completed, the project will be the first ever regional cash center constructed in southeast Liberia, and second of four cash hubs earmarked for construction across the country.
The construction of the cash hub is also intended to relieve cash shortages in commercial banks as well as responding to the financial needs of people in Maryland, Sinoe, Grand Gedeh, Grand Kru, and River Gee Counties, respectively.
Addressing citizens during the ceremony recently, Madam Pearson said the initiative is in compliance with President George Manneh Weah’s mandate for the decentralization of the Central Bank.
She assured the people of River Gee County that the building will be completed and dedicated before the end of 2023.
The Deputy CBL Governor for Operations, Nyemade Pearson, believes that the construction of the Regional Cash Hubs will attract a number of banking institutions and address one of the key challenges faced by commercial banks in the region.
She made a specific reference to cash movement between commercial banks’ branches and their head offices in Monrovia, especially during the rainy season.
In response, River Gee County Superintendent Philip Nyenuh lauded President Weah and CBL officials for the economic boost and great relief to the people of the county.
He assured CBL authorities of his office’s commitment to ensuring the protection of materials intended for the construction of the hub.
Supt. Nyenuh recommended that priority be given to qualified residents in the southeast area in executing the project to enhance their economic capacities.
At the same time, the superintendent called on his kinsmen to take ownership of the project and cooperate with contractors in whatever way possible for the successful implementation of the project.
For his part, Chairman James Pa Sayee lauded the government on behave of the Traditional Chiefs Council and turned over a parcel of land on behalf of the chiefs and elders of the county.
Chief Sayee said “we are pleased to give you this one acre of land; even workers can live here for safekeeping and security.”
“We are happy to give this land to the county authority and the Government of Liberia for the construction of the bank and promise you that nothing can hinder the construction,” he added.
“And for this reason, we are here to break the ground with you,” the River Gee County chairman of the traditional council maintained.
The CBL regional cash hub when completed will contain a banking hall for handling liquidity requests of commercial banks and other regulated financial institutions in the rural parts of the country.
It is intended to enhance CBL’s 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 collection and salary payments.
In recent times, marketers at the Pleebo General Market in Pleebo District, Maryland County decried scarcity of $5 and $10 Liberian Dollars coins in the market, hindering smooth transactions.
The cross-section of marketers expressed frustrations over the lack of sufficient Liberian Banknotes in the county.
But they have expressed hope that with the construction of the CBL regional cash hub, the situation will be addressed.
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