Ms. Elizabeth Genia Becomes First Woman Governor of the Bank of Papua New Guinea
In a groundbreaking development, Prime Minister James Marape declared today the appointment of Ms. Elizabeth Genia as the first woman Governor of the Bank of Papua New Guinea (BPNG). The historic announcement comes after Ms. Genia served as the Acting Governor of BPNG since January 2023, and her official appointment was confirmed by the National Executive Council (NEC).
"I am pleased to announce the historical appointment of Ms. Elizabeth Genia as the first woman Governor of the Bank of Papua New Guinea," expressed Prime Minister Marape. "This signifies the confidence that my government places in the women of Papua New Guinea. Mrs. Genia, through her work, has progressed up the ranks of the bank over the last 40 years, making her a qualified candidate."
Prime Minister Marape highlighted the government's commitment to collaboration, expressing anticipation for the cooperation between the government and the Bank of Papua New Guinea. He emphasized the focus on addressing persistent issues such as national fuel security, foreign exchange, and the proper organization of the Credit Guarantee Corporation, launched in 2022, to sustain and boost the growth of the small to medium enterprise (SME) sector.
"The Government will respect the independence of the Central Bank but use monetary policy to support and grow the economy," he affirmed.
Furthermore, Prime Minister Marape conveyed his expectations for Ms. Genia, emphasizing the importance of ensuring a steady flow of funds from export revenue, especially from projects like the PNG LNG Project and mines, to fortify the country's foreign exchange reserves, currently standing at K14 billion.
"This will ensure that importers have ready access to foreign exchange to import goods without waiting for an extended period," he remarked. "The bank should also encourage resource projects to keep their export earnings onshore, addressing one of the country's significant issues over the last decade - the foreign exchange problem."
Additionally, the Prime Minister encouraged exploring the possibility of using the Chinese 'renminbi' as an alternative to the US dollar, given the increasing trade between China and PNG.
"I want the bank to look at the possibility of using the Chinese currency, given our increasing trade with China," he asserted.
In line with the government's Medium-Term Development Plan IV, Prime Minister Marape urged Ms. Genia to focus on organizing the Credit Guarantee Corporation effectively to sustain and boost SME growth.
"I want SMEs to be properly linked to the Credit Guarantee Corporation," he declared. "The government will provide support with funding for SMEs, as our people desire affordable and easily obtainable loans. This aligns with our Medium-Term Development Plan IV, where job creation through SMEs is a key objective."
Prime Minister Marape concluded by emphasizing the need for the BPNG to operate as the Central Bank with a distinctly Papua New Guinean character and a deep understanding of the requirements of the people and the banking sector in PNG.
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