Institutionalization In Liberia
CHAPTER ONE: INTRODUCTION
1.1 Background of The Study
Since the end of the civil war in 2003 and the inauguration of a democratically elected government in 2005, Liberia has experienced smooth economic growth. The country had an average growth rate of 7 percent in real GDP from 2006 to 2013. A major contributor to this growth is direct investment by foreign owned companies in the country’s economy. What attracted such growth in investment? The country’s political stability couple with rich natural resource endowment made Liberia an attraction for foreign direct investment. Hence, the country saw an increase in investment in the extractive sector, the agriculture sector, and the service sector. The increased in the investment made by foreign
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As a result, the physical presence of commercial banks in communities outside the capital and rural areas is extremely scarce, with four out of 15 counties not served by any commercial bank branch. (CBL Annual Report 2014) In order to better understand the underlying factors and make the right policy decision, the Central Bank of Liberia in 2013 conducted a nation-wide survey regarding financial access and publish the result in 2016. (IMF 2016/239) Among other things the survey reveal three reasons why commercial banks have not expanded their service to the rural parts of the …show more content…
Hence the study seeks to document the impact of this program on the market women of Ganta City, Nimba County and thus provide useful information to policy makers on whether this program was effective in achieving its objective i.e giving market women in communities outside Monrovia access to finance. It will also build the effort of other researchers on this project in providing an answer to the question whether micro-credit is an effective economic tool that positively impacts the livelihood of the beneficiaries, contributes to community development and reduce poverty. The findings from this research can also provide guidance for future researchers. 1.7 Definition of key terms
Access - the ability of individuals or enterprises to obtain financial services, including credit, deposit, payment, insurance, and other risk management services.
Commercial Bank – a bank organized mainly to handle the everyday financial transactions of individuals and businesses such as taking of deposits, making of payments, clearing of checks, and the provision of
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