The debate over whether Liberia should espouse to a single currency within the next three years is taking a wider dimension as bankers here have suggested that the country maintains the dual currency regime for now. The Bankers Association of Liberia (LBA) is of the opinion that should the country espouse to a single currency regime, preferably the Liberian dollar, the economy would suffer “a huge blow.” LBA president John B. S. Davies, III told a news conference commemorating this year’s annual Bankers’ Week in December that banks welcome the government of Liberia’s decision to migrate to a single currency in three years, but noted that such a decision should not be implemented in a hurry.
Mr. Davies observed that it would be dangerous for Liberia, an import-dependent economy, to rush into adopting a single currency regime; particularly the Liberian dollar. “There are some people who believe that the dual currency regime brings development,” Davies said. “But, on the flipside of this, people are also holding wealth and riches in US dollars,” he stated.
Guaranty Trust Bank (GT Bank) Managing Director, Dan Orogun, advised that there should be no rush until the country could improve its export position. “You can’t rush now until the proper infrastructure is in place,” he said. Finance Minister Amara M. Konneh recently announced that the Central Bank of Liberia (CBL) has made a proposal to the government to migrate to a single currency within the next three years. Minister Konneh didn’t, however, say which currency was preferred by the CBL. On Monday, the LBA commenced the observance of its annual Bankers’ Week with strong assurances to improving customer care and increased access to finances.