“Pres. Weah Doesn’t Have Control Over US rate” -Says Agriculture Minister
Amidst the war between the United States Dollars (USD) and the Liberian Dollars (LD) on the exchange market, Agriculture Minister Dr. Moganna Flomo says President George Manneh Weah has no arbitrary solution as perceived by some Liberians.
“If anybody feels President Weah will just go on the radio and say let the US rate be reduced and just happens like that, they are making a big mistake,” Minister Flomo asserted.
Minister Flomo made these statements recently in an interview with reporters after gracing the closing ceremony of the Liberia Opportunity Industrialization Center (LOIC) in Gbarnga, Bong County.
The Agriculture Minister has however urged Liberians to go back to the soil, which he said is the surest way the Liberian dollars can compete with the USD.
Minister Flomo said, if citizens cannot go back to the soil and begin to produce enough food and other agricultural products, the rate might even escalate to five hundred in the near future.
He said Liberia has for too long depended on imported goods and as such much capital is spent outside of the local economy thus creating infliction.
The Agriculture Minister said almost all of the goods on the Liberian market especially the country’s staple food, Rice is import based, noting it is the United States Dollars that is used to bring these goods into the country.
“The rates continue to skyrocket because of the importation everything. For example peppers and groundnuts are all been imported from Guinea into Liberia. Those marketers who often go to Guinea to buy pepper the money they carry is the United States Dollars, adding that they cannot be able to carry the Liberian Dollars because of they have to change the local currency with a higher rate in the country to get the foreign currency,” he said.
According to Dr. Flomo, every year the government of Liberia spends over two hundred Million USD just to import rice, the country stable food, noting yet the citizens want the president to go on the radio to say let the rate be reduced from one to fifty, it will never work.