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“DARE TO BE DIFFERENT” – SENATOR NUQUAY TELLS GRADUATES OF ST. AUGUSTINE’S
EPISCOPAL SCHOOL

Education November 25, 2024

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LIBERIA: AS SUPREME COURT POISED TO RULE ON HOUSE OF REPRESENTATIVES DISPUTE,
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CARBON TRADING IS APPROVED

November 25, 2024

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November 25, 2024
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Home»Gender Issues»Liberia: Government Reaffirms Commitment to Financial
Inclusion at UN Women’s Multi-Stakeholder Dialogue


LIBERIA: GOVERNMENT REAFFIRMS COMMITMENT TO FINANCIAL INCLUSION AT UN WOMEN’S
MULTI-STAKEHOLDER DIALOGUE

By Franklin DoloqueeNovember 22, 2024Updated:November 23, 2024 Gender Issues No
Comments6 Mins Read

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Ganta, Nimba County – Officials from the Ministry of Gender, Children, and
Social Protection, alongside representatives from the Central Bank of Liberia
(CBL), have reaffirmed the Liberian government’s commitment to supporting UN
Women initiatives aimed at empowering women economically.

--------------------------------------------------------------------------------

By Franklin Doloquee, frankline.doloquee@frontpageafricaonline.com

--------------------------------------------------------------------------------



Assistant Minister of Gender Ophelia Kennedy and Dr. George Gould, Deputy Head
of Financial Sector Development at the CBL, emphasized the critical importance
of empowering women to boost Liberia’s economic and social progress. Speaking
during a multi-stakeholder policy dialogue workshop organized by UN Women in
Ganta, Nimba County recently, the officials outlined ongoing efforts to address
financial exclusion and enhance opportunities for women in the informal sector.

Tackling Financial Exclusion

Dr. Gould noted that financial exclusion remains a significant barrier to
women’s economic empowerment in Liberia, particularly among those in the
informal economy. “Financial exclusion is very high in Liberia, and women face
greater barriers,” he said. “This is a critical issue, and the Central Bank is
working tirelessly to address this gap, ensuring that women, who make up a large
part of the informal economy, have the tools they need to thrive.”

Liberia’s financial landscape is dominated by the informal sector, where many
women-run businesses struggle to access basic financial services like loans,
savings accounts, and credit. Dr. Gould highlighted that about 48% of Liberia’s
population lacks access to formal financial services, with women
disproportionately affected.

To bridge this gap, the CBL is implementing programs to transition informal
savings groups, such as Village Savings and Loan Associations (VSLAs), into the
formal banking system. Pilot projects in Bong and Nimba counties have already
shown success, with 15 VSLA cooperatives participating.

“We’ve seen promising results from these pilots,” Dr. Gould explained. “By
integrating VSLAs into the formal banking system, we’re creating opportunities
for women to access more comprehensive financial services.”

Tailored Financial Products for Women

The CBL is collaborating with local banks to design financial products that meet
the specific needs of women entrepreneurs. This includes loans with reduced
collateral requirements and lower interest rates, as well as financial education
initiatives.

“One of our goals is to encourage banks to view women-led businesses as viable
investments,” Dr. Gould stated. “Using cash flow data from VSLAs, we can
demonstrate the sustainability of these businesses and build trust between women
entrepreneurs and financial institutions.”

Dr. Gould also stressed the importance of adopting an evidence-based approach to
ensure the effectiveness of these initiatives. “We need data to evaluate the
impact of these programs and ensure banks are committed to supporting women with
tailored financial products,” he said.

Reducing Barriers to Economic Participation

Dr. Muriel Ametoglo, UN Women’s Regional Feminist Economist, presented research
on how unpaid care work limits women’s economic opportunities in Liberia.
According to her, women spend three to five hours daily on caregiving tasks,
which restricts their ability to pursue formal employment or entrepreneurial
activities.

“Unpaid care work is a significant barrier to women’s participation in the
economy,” Dr. Ametoglo said. “By investing in child care and other care
infrastructure, we can unlock women’s potential to contribute more fully to the
economy.”

She pointed to examples from Côte d’Ivoire, Senegal, and Nigeria, where
investments in child care infrastructure have boosted economic growth and
created formal job opportunities for women.

Participants Advocate for Women’s Economic Empowerment in Liberia

The dialogue, themed “Invest in Women: Accelerating Progress for Liberia’s
Future,” was held from November 12 -14, 2024, in Gompa City, Nimba County. The
event brought together key stakeholders dedicated to advancing women’s economic
empowerment. At the conclusion of the workshop, participants developed a
manifesto serving as a roadmap to engage relevant authorities for its
implementation.

Participants from the public and private sectors convened at the close of a
workshop to urge policymakers to create an enabling environment for women’s
economic empowerment (WEE). In a manifesto adopted, they called for improved
access to education, expanded formal employment opportunities, and systemic
solutions to address barriers to entrepreneurship.

Acknowledging Progress and Identifying Challenges

The participants recognized significant strides in advancing gender equality and
WEE in Liberia. These efforts include initiatives like digital and financial
inclusion, the “Buy from Women” platform, gender-responsive planning and
budgeting, and other impactful programs led by the Government of Liberia, the
Ministry of Gender, Children, and Social Protection (MGSCP), UN Women, and
development partners.

However, they noted persistent challenges hindering women’s full economic
participation. These include limited access to resources, discriminatory social
norms, the disproportionate burden of unpaid care work, and the escalating
impacts of climate change, which constrain women’s access to decent work,
quality education, and healthcare. The participants emphasized that women’s
economic empowerment is not just a fundamental human right but also a critical
driver of sustainable development and inclusive prosperity in Liberia.

Investing in the Care Economy

The participants called on the government to address the disproportionate unpaid
care work burden on women by investing in accessible, affordable childcare,
eldercare, and other care services; supporting care workers with decent working
conditions, fair wages, and social protection; reducing women’s time on
labor-intensive unpaid care tasks by introducing labor-saving technologies and
prioritizing the care economy in national development plans and budgets and
creating national care roadmaps to support women’s economic participation and
societal well-being.

Empowering Women in Green and Blue Economies

The participants urged the integration of gender perspectives into green and
blue economy policies to position women as key beneficiaries and agents of
change. Specific recommendations included the creating opportunities for women
in sectors like sustainable agriculture, renewable energy, waste management, and
marine conservation through training, entrepreneurship programs, and access to
green finance and guaranteeing women’s leadership in climate change mitigation
and adaptation initiatives while leveraging their unique knowledge and
experiences.

Expanding Fiscal Space for Investments

The participants highlighted the need to expand fiscal space and prioritize
gender-responsive budgeting to address gaps in funding national and sectoral
plans. They called for the development of flexible loan instruments and
alternative collateral options, such as vehicle inventories, to improve women’s
access to credit; inclusion of financial literacy programs to support women in
small business management; investing in social infrastructure to enhance women’s
capabilities and empowerment and ensuring fiscal policies, particularly tax
systems, do not reinforce gender biases and assessing their impact on gender
equality.

The Commitment to Action

Participants pledged to establish a multi-stakeholder and multi-sectoral Women’s
Economic Empowerment Committee. This committee will champion sustained advocacy,
policy engagement, awareness campaigns, and capacity-building efforts. They also
committed to fostering cross-sectoral collaboration among government, civil
society, the private sector, and development partners to create an enabling
environment for WEE.

Government Reaffirms Dedication

Assistant Minister Ophelia Kennedy reaffirmed the government’s commitment to
empowering women through collaboration with UN Women and other partners.
“Women’s empowerment is not just a women’s issue — it’s a national issue,” she
said. “When women thrive, Liberia thrives.”

The workshop underscored financial inclusion and systemic support for women as
cornerstones of Liberia’s economic growth. With the Ministry of Gender and the
Central Bank of Liberia (CBL) leading efforts, supported by UN Women and other
stakeholders, Liberia is steadily advancing toward building a more inclusive
economy.

Franklin Doloquee
 * Website



KEEP READING


“DARE TO BE DIFFERENT” – SENATOR NUQUAY TELLS GRADUATES OF ST. AUGUSTINE’S
EPISCOPAL SCHOOL


LIBERIA: AS SUPREME COURT POISED TO RULE ON HOUSE OF REPRESENTATIVES DISPUTE,
FPA EXAMINES THE ‘TWO SPEAKERS’ SAGA


NEGOTIATORS STRIKE A CONTROVERSIAL $300 BILLION CLIMATE FINANCE DEAL AT COP29 AS
CARBON TRADING IS APPROVED


LIBERIA NAMED TOP DESTINATION FOR DEEPWATER HYDROCARBON EXPLORATION IN AFRICA


EDITORIAL: LIBERIA’S RULE OF LAW ON TEST


LIBERIA: DISAPPOINTED IN LOGGING, COMMUNITIES LOOK TO CONSERVATION   



RECENT POSTS

 * “Dare to be Different” – Senator Nuquay Tells Graduates of St. Augustine’s
   Episcopal School
 * Liberia: As Supreme Court Poised to Rule on House of Representatives Dispute,
   FPA Examines the ‘Two Speakers’ Saga
 * Negotiators Strike a Controversial $300 Billion Climate Finance Deal at COP29
   as Carbon Trading is Approved
 * Liberia Named Top Destination for Deepwater Hydrocarbon Exploration in Africa
 * Editorial: Liberia’s Rule of Law on Test

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