GBARNGA, Feb. 1 (LINA) – The Central Bank of Liberia (CBL) is constructing a US$400,000 Regional Cash Hub in Gbarnga, Bong County to alleviate the constraint of cash flow being faced by inhabitants of the region.
Speaking at the ground breaking ceremony of the project in Gbarnga on Saturday, January 30, Central Bank Executive Governor Aloysius J. Tarlue said the facility, which is expected to be dedicated in July this year, will provide the same services CBL provides in Montserrado County.
Mr. Tarlue disclosed that the initiative will be extended to other parts of the country following the completion and dedication of the Gbarnga project to help inhabitants of the country access CBL services.
According to the CBL Executive Governor, Bong County will be next to Montserrado County where CBL services will be extended to Liberians, noting that through this initiative the bank will support commercial banks in the rural parts.
In remarks, Bong County Superintendent Esther Yamah Walker described the project as » most important » to achieving government’s Pro-Poor Agenda for Prosperity and Development (PAPD).
Madam Walker disclosed that the parcel of land provided by the county for the project was occupied by CBL 28 years ago, and called on the company contracted to implement the projects and residents of the county to work collaboratively to complete the undertaking.
Meanwhile, the Bong County Chief Administrator has warned against misuse of materials intended for the project, including cement and steel rods, by the construction company and other people who may be hired by the company.
She expressed optimism that the project will be completed and dedicated by July this year.
Also speaking at the ceremony, Bong County District #3 Representative Josiah Marvin Cole described the project as a « great achievement » by the CBL in the CDC-led Government.
According to Representative Cole, despite doing her best as the only commercial bank operating in Gbarnga, the Liberia Bank for Development and Investment (LBDI) is finding it extremely difficult to meet the financial needs of its customers.
The Bong County District #Three Lawmaker said he looks forward to the establishment of other commercial banks in the county.
Also speaking at the program, Liberia Land Authority (LLA) Assistant Commissioner Kula Jackson disclosed that the land was offered by LLA to CBL because it has been lying in the city for over 20 years without use.
He said investigation about acquisition of the land was done and documents processed to avoid future land dispute in the county.
A proxy of Bong County Attorney, Counselor Jonathan Flomo, promised on behalf of the joint security to provide maximum security protection for the project site both day and night.
Also speaking, Mr. Alex Mulbah, Special Assistant to Gbarnga City Mayor Lucia Herbert, described the project as a « golden opportunity for Gbarnga. »
Mulbah indicated that the facility will help ease financial constraints faced by over 500,000 inhabitants of the central region.
On many occasions through telephone interactions with community radio stations, inhabitants of Bong County have complained about the lack of banking services in the county, but the construction of a regional cash hub in Gbarnga will help to boom the economic sector of the region and the rural areas of the country at large.