By: O’Neill Philips

The World Bank has committed to support the development of digital economies through continent-level initiatives in Liberia.

The Bank’s commitment was made by the Country Manager to Liberia, Georgia Wallen, during a diagnostic workshop.

She said the Bank has adopted an ecosystem approach to support countries to achieve accelerated, inclusive, and sustained growth through economy-wide digital transformation.

According to her, the move is not only about adopting technology but rather creating an entire digital environment that is inclusive and sustainable to benefit all.

She asserted that the digital economy has grown at a rapid pace, now accounting for more than 15 percent of global Gross Domestic Product.

In remarks during the event, Posts and Telecommunications Minister, Worlea-Saywah Dunah, indicated that the country is beginning to build a digital economy.

He says transactions with government ministries, agencies, and private institutions will soon be done through the digital economic system.

He described the Bank’s  meeting with Government and stakeholders on digital transformation in Liberia as a strategic coincidence because it comes at a time when the government is making strides to transform Liberia into a regional knowledge-based economy and inclusive information society with enhanced social development for all.

“We are also beginning to work with stakeholders within the ICT Sector and development partners to develop a five-year National Digital Transformation Agenda that will meet the best ICT standards through which we can achieve socio-economic development as enshrined in the PAPD,” he said.

He informed the gathering that Liberia is beginning to build a digital economy, where transactions by government institutions and private business entities will be fully technology-driven.

According to him, studies have shown that a digitized economy is considered the main driver of economic growth in both developed and developing countries.

“A digital economy helps to increase capital and labor productivity and to obtain goods and services at lower prices. Additionally, it makes doing business very easy,” he said.

Meanwhile, the country;’s Postal Master General asserted further that the economy is showing signs of growth where financial institutions are being transformed by financial technologies (fintech) and other financial services.

“All these efforts on the part of our institutions to migrate digitally require a whole of government’s approach. Doing it in silos has never helped any Country,” he adds.

Other Countries in the Sub-region according to him have succeeded in achieving this task with the help of the World Bank and other development partners, stressing that they are exceedingly grateful that the engagement with the World Bank is showing positive signs that will accelerate Liberia’s migration to a digital economy.

“I’d like to admonish all of us in this forum today that we are embarking on a new journey. A journey that will chart a new trajectory for our nation and its people to ensure that Liberia’s migration to a digital economy is a success,” he emphasized.

Concluding his presentation, he informed the gathering that the gathering shows how committed they are to ensuring a vibrant society that is willing to strengthen its socio-economic development through the digital world.

“I encourage you to be more alert and participatory in the discussion. I Thank You,” he concluded.