Gender Ministry Leads Charge for Women's Financial Inclusion in Liberia

By: Winifred Sackor

Congo Town: Liberia's Ministry of Gender, Children, and Social Protection recently convened a stakeholders' dialogue focusing on enhancing women's access to financial resources. 

Held at the Ministerial Complex in Congo Town on April 3, 2023, to commemorate International Women's Day, the event brought together government officials, civil society representatives, international NGOs, private sector entities, financial institutions, and international partners.

Structured into two segments, the dialogue engaged participants from local NGOs, macro-financial institutions, and the banking sector. Discussions addressed challenges such as high interest rates, loan repayment, and the underutilization of banking services by women.

Despite acknowledging the existence of high interest rates, representatives from the commercial banking sector highlighted initiatives aimed at enhancing women's economic capacity. However, concerns were raised about the underutilization of banking services exacerbating challenges for women entrepreneurs.

Stakeholders, including commercial banks and regulatory bodies, disclosed separate programs tailored to women's economic empowerment. Loan repayment emerged as a recurring challenge, underscoring the importance of smooth repayment processes.

In her remarks, Deputy Minister for Gender, Madam Laura Golakeh, stressed the critical role of financial empowerment in women's empowerment. She highlighted the need for conversations about enhancing access to financial services and reducing gender gaps in market access.

Madam Kebbeh Monger, president of the National Rural Women, emphasized the importance of empowering rural women with agricultural tools and financial support tailored to their unique circumstances. She called for sustainable empowerment strategies, including training initiatives, to ensure long-term livelihoods.

Overall, the dialogue highlighted the necessity of collaborative efforts to address barriers to women's financial inclusion, emphasizing initiatives such as streamlining loan processes, reducing interest rates, and enhancing financial literacy among women.