Thanks Mr. President, For Powerful Decision
WHAT OFTEN RE-ECHOES in the minds of Liberians is President George Manneh Weah’s inauguration remark that he may not be good in making speeches but he will be making some of the best of decisions as President of Liberia.
THE DECISION MADE by President Weah to address the nation on the ongoing depreciation of the value of the Liberian dollar against the U.S dollar in the banking system and on the parallel market is long overdue. It came when many Liberians were almost tired of asking about when will President Weah speak on the exchange rate crisis that is in the Country?IN HIS ADDRESS TO the nation on Monday, President Weah announced a series of short, medium and long term measures to salvage the ailing economy. As it stands the depreciation of the Liberian dollar continues, thereby making it difficult fo0r the business community to easily access the U.S dollar or international currencies needed to import goods.
THE ROOTS OF THE problems are equally embedded into the effects of the protracted civil war when a new currency was swiftly introduced as a propaganda tool to advance the peace process. President Weah is therefore right in saying that his government inherited an economy from his predecessors that was in shambles.
THIS SITUATION HAS put everyone including the government of Liberia in embarrassment, with the general public most of who are ignorant of how to reverse the trend often blaming the government, who ought to exercise control through the Central Bank and the Financial and Economic Team doing little or nothing.
ACCORDING TO PRESIDENT WEAH, his government will infuse U.S$25 million into the central Bank to mop up the excess liquidity that may add value to the Liberian dollar on the exchange market. He also plans to empower Liberian business entrepreneurs to ensure that they play an active part in making Liberia competitive on the world market, while ensuring that the Central Bank exercise full control over commercial banks and the activities of money exchangers in the Country.
SURELY IF THE CENTRAL BANK will assert its full control over money changers and central banks in the Country, Liberia exerts efforts to improve on domestic export of commodities while reducing reliance on imported food, and Liberian entrepreneurship and participation in the economy is encouraged, as suggested by the President in his address to the nation, hopes will be alighted for Liberia to rebound afresh on a trajectory of economic growth that will bring the expected change for hope that is envisioned by President Weah’s CDC government’s pro-poor agenda policy.
WE SALUTE YOU MR. PRESIDENT for the strong and aggressive steps earmarked to bring sanity and stability into the country’s microeconomic realm. It is gratifying to note that such drastic action to determine the way forward concerning the alarming liquidity in the banking sector leading to depreciation of the Liberian dollar is long overdue as it should have been done during the Interim President Gyude Bryant’s era.