The Banking Institute of Liberia in partnership with a Liberian technology firm, Afriktech Solution has signed a memorandum of understanding to provide computerized accounting capacity building training for Liberians in the banking and financial sector.
The partnership agreement will enhance the capacity of Liberian financial accountants in the areas of QuickBooks, Excel, tally and spreadsheet. The Banking Institute of Liberia is a joint initiative offered by the Central Bank of Liberia (CBL) and the Liberia Bankers Association to cater to the training needs of people working in the banking and financial sector to provide professional services that meet international standards.
Speaking in an interview with journalists Wednesday, January 15, 2025, in Monrovia, the Executive Director of the Banking Institute of Liberia, Assistant Prof. Richard Panton, said the partnership agreement is intended to close the gap of manual computer accounting and financial management skills that are taught by universities in Liberia.
According to him, most of the students coming out from university and other professional schools are looking for practical skills that will make them more marketable in the labor market; therefore, they have decided to prepare them for practical work to compete for jobs with other nationals.
He said Liberians lack practical skills and most times jobs are given to foreigners, thus the need for the Public Engagement Program which has two phases, certificate and professional development programs; the certificate of achievement programs are for university graduates, while the professional development for high school graduates and those in the small medium enterprise sector.
‘’We were fortunate to have a Liberian technology firm that opted to partner with us to run the program of computerized accounting where accountants will be trained how to use QuickBooks, tally excel and other software that relate to financial management. Few weeks from now, we will be rolling out. We are in the preparation stages to start the process this year,’’ Panto said.
According to him, they have found out that the accounting profession has transitioned from manual to technology based, and most universities in Liberia that are offering business administration like accounting, management, economics, among others, are doing it on a manual basis.
He based upon that, when students graduate and are given the opportunity to use computers in the job market to enhance their work, most of them don’t know it because the university didn’t teach them practical work.
