MONROVIA, LIBERIA-Liberia’s Executive Branch of Government has submitted for enactment a bill seeking the establishment of the Banking Financial Institutions and Holding Companies Act of 2024.

The instrument was submitted on Thursday, December 12, 2024, to members of the Majority Bloc of the House of Representatives.

President Boakai said:” The draft bill if passed, will strengthen the legal framework and promote financial and macro-economic stability. The bill will also enforce the autonomy of the Central Bank of Liberia (CBL) and ensure the Bank meets best practices, and it is critical to strengthening the country’s financial sector.”

President Boakai, in his communication, called on members of the House of Representatives to treat the instrument with utmost urgency.

Meanwhile, the communication has been forwarded to the Committees on Ways, Means, Finance, and Judiciary to report in one week.

At the same time, the Liberian Leader has also submitted for consideration and enactment three crucial financial bills to the National Legislature.

The bills include tax amendments to the consolidated revenue code and several other provisions.

President Boakai said:” The enactments are crucial to enhance revenue generation and improve public service delivery, and if the instruments are enacted, they will help address pressing socio-economic challenges and stringent financial reforms are key to laying the foundation for long-term economic stability.”

President Boakai added that the financial bills are part of a broader strategy to support the budget and create a more robust revenue system.

By: Emmanuel Kollie