Banking Sector Reform and Equitable Development in Liberia: An Investigation Toward Greater Financial Inclusion and Balanced Economic Growth
Abstract
Financial inclusion does not only address social and economic inequities and injustices against the powerless but also enhances the welfare of the poor and fosters balanced growth and development (Norton, 2007; Sarma and Pais, 2008) The practice of social injustice and economic exclusion of the majority continue to undermine economic development, perpetuate poverty and enhance inequality in Liberia (Sawyer, 2008; Radelet, 2008). Thus, an inclusive and efficient banking and governance system is considered as an essential element for rapid equitable growth and development for any economy (Park and Mercado, 2015; Sarma and Pais, 2008). As an institution of society, the banking industry is expected to address some of the critical societal ills and foster socio-economic development in an economy. In the Liberian context, financial exclusion and the poor performance of the banking system has significantly impacted socio- economic development outcomes resulting in increased poverty, low GDP growth, social unrests and high unemployment (CBL, 2019; FSDIP, 2016; FPA, November 2019; New Dawn, November 2019).
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