The design of an agricultural credit system for small farm families in Liberia
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Date
1985-03
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Publisher
University of Illinois
Abstract
Liberia, which became independent on July 24, 1347, is located on the
West Coast of Africa bounded on the south by the Atlantic Ocean, north by
Guinea, west by Sierra Leone, and east by the Ivory Coast.
Liberia did not
achieve any significant economic growth until the post World War II period.
In order to accelerate this growth process, President W.V.S. Tubman launched
the Open Door Policy Program to entice foreign investment and skilled manĀ
power for the development of iron ore mining, cocoa and rubber plantations
and other vital industries.
As a consequence of this program, the monetary sector of the Liberian
economy grew quite rapidly between 1950 and the early 1970s.
an estimated per capita income of $530.00 in 1982.1
Liberia had
However, the pattern
of growth which evolved from the iron ore, rubber and cocoa concessions
left the vast majority of the population unaffected; for example, while
the enclave sector produces a per capita GNP of $1,620, the large majority
of the population which lives in the rural sector has a per capita income
of about $160. 2 This rapid economic growth rate of the economy became
relatively stagnant as a result of the falling prices of iron ore, cocoa,
coffee and rubber prompted by international economic conditions of the
1970s.
As a result of world price fluctuations of these major exports,
which made government revenue uncertain and vulnerable, the government
had to search for potential new sources of growth.
Agriculture was
identified as a potential source of growth that had not been adequately
explored.
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Thesis
Keywords
Agricultural credit design, Agricultural credit system, Small farm families, Liberia