Former President Ellen Johnson Sirleaf says the private sector is an engine for growth and job creation that should be explored.
By Stephen G. Fellajuah
Monrovia, Liberia, May 8, 2025- Former President Ellen Johnson Sirleaf emphasizes critical role of the private sector as engine of economic growth and job creation in Liberia.
Speaking at the official opening of Modern Savings & Loans Microfinance Deposit-Taking Institution on Wednesday, May 7, 2025, in Congo Town, Madam Sirleaf said private sector development is essential for national transformation and prosperity.
“The major part of growth in the society is the private sector. It’s the hallmark of the transformation of our society,” she underscores, highlighting the significant progress seen in parts of West Africa, where nationals are investing meaningfully in their own economies.
The newly inaugurated microfinance institution, envisioned in 2014 by Counselor George B. Kailondo, is designed to support Liberian businesses, local marketers, and everyday citizens by improving access to affordable credit. Its mission is to help stimulate economic activity, promote trade, and empower small and medium-sized enterprises (SMEs).
Madam Sirleaf praises the initiative as a model of giving back to society and calls on all Liberians to support such ventures aimed at strengthening grassroots economies. “This is an excellent way of giving back,” the form President notes, and adds, “Empowering smaller businesses is the foundation for sustainable national development.”
The institution is headed by Madam Chantell Kailondo, Chief Executive Officer (CEO). Under her leadership, the Modern Savings & Loans Microfinance Deposit-Taking Institution pledges to significantly lower interest rates, reducing them from the national average of over 18 percent to below 10 percent, to make credit more accessible and less burdensome for Liberian entrepreneurs.
According to Madam Kailondo, the institution also seeks to disrupt century-old, restrictive credit system that has historically hindered small business success in Liberia. By offering more favorable lending conditions, the microfinance entity aims to boost business growth and improve livelihoods.
The launch ceremony drew participation from the Central Bank of Liberia, senior government officials, members of the National Legislature, and prominent figures from the business community. Attendees laud the initiative and express support for the institution’s goals.
The Modern Savings & Loans Microfinance Deposit-Taking Institution is now officially open and ready to serve the Liberian public, providing financial solutions that align with national development efforts. Editing by Jonathan Browne
