Monrovia – The Ministry of Gender, Children, and Social Protection, under the leadership of Hon. Gbeme Horace-Kollie, has intensified efforts to empower women entrepreneurs through enhanced financial literacy initiatives.
In a recent meeting with a delegation from the Central Bank of Liberia (CBL), Minister Horace-Kollie emphasized the critical role of financial education in enabling women to make informed decisions regarding their finances.
The discussion was prompted by concerns raised by women entrepreneurs, particularly those engaged in cross-border and petty trades, regarding the currency exchange exercise announced by the CBL.
Minister Horace-Kollie stressed the importance of equipping women with the necessary skills and awareness to navigate financial transitions effectively.
Financial literacy, the ability to understand and utilize various financial skills, is paramount, especially during significant changes such as the transition to a new currency.
Minister Horace-Kollie commended the CBL for its prompt response to the concerns raised by her ministry but urged for targeted mechanisms to ensure that women across different sectors of business are adequately informed about the currency change.
“When women are financially literate, they are empowered to make informed decisions,” remarked Minister Horace-Kollie, highlighting the crucial role of awareness in facilitating smart financial choices among women entrepreneurs.
Minister Horace-Kollie advocated for the production of awareness materials in local dialects to bridge communication barriers and ensure widespread understanding among women in various communities.
In response to the Ministry’s concerns, the CBL announced a six-week extension to the deadline for the currency exchange exercise, extending it to May 15, 2024.
Theextension allows for additional time for the circulation of old banknotes, providing women and other citizens with greater flexibility in transitioning to the new currency.
Acknowledging the Ministry’s advocacy, the CBL pledged to collaborate closely with the Ministry of Gender, Children, and Social Protection to ensure that women and vulnerable populations are prioritized in their outreach programs.
This commitment underscores the importance of inclusive financial policies and initiatives aimed at empowering women entrepreneurs and promoting economic stability and growth.
As efforts to promote financial literacy among women entrepreneurs continue, the collaboration between the Ministry of Gender and the Central Bank of Liberia serves as a testament to the government’s commitment to advancing gender equality and socioeconomic development across Liberia.
