The Liberian Senate has unanimously approved legislation to establish the Agriculture Enterprise Development Bank of Liberia, a specialized financial institution designed to expand access to affordable credit for farmers, cooperatives, agribusinesses, and agro-processors traditionally excluded from conventional banking. The bill, passed on December 18, now awaits approval from the House of Representatives and the president before becoming law.
Sponsored by Lofa County Senator Joseph Jallah, chair of a joint Senate committee on Banking, Agriculture, and Judiciary matters, the initiative stems from recommendations by the Ministry of Agriculture and signals a strategic shift toward agriculture-led economic growth. "This is more than the creation of a new bank," Jallah said, emphasizing that agriculture, Liberia's largest employer and backbone of rural livelihoods, is central to the nation's development agenda.
The bank will offer loans aligned with agricultural seasons, alongside technical support, extension services, insurance facilitation, and market linkages to strengthen farm and agribusiness viability. Governance and accountability measures include a professional board, supervision by the Central Bank, fiscal oversight by the Ministry of Finance and Development Planning, and mandatory public reporting and audits.
Lawmakers expect the bank to expand financing for thousands of smallholder farmers and rural enterprises, boosting productivity, household incomes, food security, climate resilience, and job creation, particularly for women and youth. Sen. Jallah described the bill's passage as a starting point, stressing that success will rely on disciplined implementation, strong partnerships, and public accountability. He expressed confidence that the House will concur and the president will sign the bill into law, marking a significant step toward transforming Liberia's agricultural sector.
Source: liberianinvestigator.com
