“Be Patient” President Weah Tells Citizens
In an effort to calm the present tension brewing from all quarters of the country relative to the economic instability of the country, President George Manneh Weah has told Liberians to be patient while he advances ways to curb the economic woes.
“The road to this transformation will be long, and sometimes difficult, and so we ask our people for patience”, president Weah said.
President Weah spoke today when he delivered a speech on the current state of the Liberian Economy at the Executive Mansion.
President Weah’s plead comes amid the growing tension on the market and economic hardship which has engulfed Liberians and the rising inflation of foreign currency to our local money.
It seems the hike in major commodities’ prices and need to address various problems facing the economy has claimed the Liberian leader’s attention.
“I am fully aware of the negative impact of the declining exchange rate on the economic well-being of the Liberian people, and the serious hardship that this is beginning to cause and let me assure you that Government has resolved to take the necessary and urgent measures to address the situation” Pres. Weah asserted.
As it stands, the depreciation of the local currency is having a huge impact on the country’s economy thus posing a major challenge for growth and development of the people.
The Liberian President announced an immediate infusion of Twenty-Five Million United States Dollars into the economy to mop up the excess liquidity of Liberian dollars by the Central Bank of Liberia.
The amount, president Weah believes will help the country boost the local currency against the main foreign dollar which is said to be hampering growth and inflating prices.
He further stated that as part of measures to monitor the economy and its growth onwards as well as solution in handling the current economic crises an Economic Management Team and the Central Bank of Liberia will announce a series of monetary and fiscal measures.
Over the next few weeks, the team will run a bi-monthly press briefing on the state of the economy in helping to reverse the decline in the value of the Liberian Dollar.
In Furtherance, President Weah noted that the CBL now has a stronger mandate to provide more effective supervision and regulation of money-changers or foreign exchange bureau; more robust oversight of banks under its supervision.
Additionally, President Weah added that CBL conducts a comprehensive review of regulations on the hoarding of both Liberian dollars and U.S. dollars outside the banking system, and provide incentives and safeguards to encourage the utilization of the banking system, including financial instruments.
With such measures, the president recounted that
“the ultimate solution for strengthening the Liberian dollar is to ensure domestic economic competitiveness and the existence of a strong private sector that is oriented towards domestic consumption, import substitution, and export”.
As part of efforts to lead on this, President is encouraged to place emphasis keen on producing more goods and services locally in order to reduce importation from abroad, adding that it will increase Liberia’s exports, similarly adding value to the raw materials that we ship to the world.
He stated that the Government will focus on encouraging and empowering Liberian businessmen and Liberian-owned businesses to lead the transformation of the Liberian economy.
“We will enable them to become more competitive, by providing affirmative policies and support, including ready access to finance and expertise”.
The president’s intention of focusing on Liberian own businesses to lead in the process of activating our economy and producing more locally is intended to substitute and manufacture for export and build sustainable wealth and job creation.
“In this regard, our Government intends to embark upon a major push to ensure that Liberia becomes more competitive in terms of domestic production”.
President Weah has however pledged his government’s willing engagements to local and international economic experts to ease Liberia’s growing tension on the economic growth, “in seeking solutions to this problem, we intend to engage the minds of the best and the brightest Liberian economists, both here and abroad”.