Pres Weah Cries on Senate to Allow Print of L$4bn

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President George Weah under pressure to lead and move away from the shadows of Tweah and McGill.

— Senate’s Banking and Currency C’ttee Advises plenary today

President George Manneh Weah has again written the Liberian Senate requesting its authorization to allow the Central Bank of Liberia to print L$4bn to “ease current liquidity situation.”

In a communication dated December 15, 2019, President Weah emphasized the increasing liquidity needs of the economy, informing the Senate that the current liquidity projection of the CBL, compared with a very low Liberian dollars vault cash position of both the CBL and commercial banks, makes it imperative to infuse additional banknotes to ease the liquidity pressure as a short-term measure.

“Honorable President Pro Tempore, [while] we are aware of that the Legislature is currently deliberating pressing national issues, including finalizing deliberations on authorization of the CBL to print a new set of Liberian dollar banknotes, the existing situation presents a volatile financial environment such that the current Liberian dollar vault cash position with the CBL is very inadequate to meet both current and future Liberian dollar liquidity demand of commercial banks; posing a potential security risk,” President Weah intimated.

The President continued: “Therefore, based on the fact that there exists high pressure on the volume of currency in circulation, I request the Legislature, in accordance with Article 34(d) of the Constitution of Liberia to authorize the Central Bank of Liberia to print and infuse L$4.0 billion of the present currency to ease the current liquidity pressure; I trust that the Legislature will respond in a timely manner, in the interest of our nation and it’s people….”

The President’s communication was sent to the Senate’s Committee on Banking and Currency to report to plenary today.

In an interview with the Daily Observer last week, former President Protempore, Armah Zolu Jallah, asserted that there may be a need to print some money to be able to clear the liquidity problem experienced at the banks, “but the quantum in which it is being requested, our reserve and our economic capacity do not support it; you are calling for LD$35 billion and our reserve is US$40 million, it doesn’t make sense. It is going to lead to hyper-inflation; but we should also understand that we have serious liquidity problem in the banks; we might need to print some money maybe LD$4 billion of the most recent currency to serve that liquidity problem, but it can not be LD$35 billion.”

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12 COMMENTS

  1. From the day this Administration took over the reins of power in Liberia it has been plagued by one terrible decision-making that is usually outdone by the next. Given that perceptions and impressions equal reality for some, a request like the one made by the President makes one wonder. Is this is the outcome of thorough internal executive deliberations or is it just another a knee-jerk reaction. reminiscent of a desperate hustler?

    How many times is this Administration going to shove a half-baked idea out into the public only to have to walk it back because it was deeply flawed to begin with? A former government official (former Pro-Temp) opines on monetary issues in an interview and all of a sudden his views provided the content for policy request?

    • The people running this government are very stupid including dumb ass Weah himself. They just make policies without any careful consideration. Is that how you run a government?

  2. Mr. President, this situation presents a unique opportunity to address your government’s weaknesses by getting rid of the people you trusted. They continue to mislead you. All the mishaps from day one were not by mistake because they knew they had no guts to manage the country and this current money issue is truly a potential security risk. In my opinion a financial fracas. Your government prematurely accuses credible people of excessively printing money and indicts them. You were warned that a crisis would ensue because of this but you pay no heed. Bottom line is this government must address the case against five(5) former CBL officials (practically drop the case of lies) and set them free and apologize for the error. Question Mr. President? Do you want the Senate to authorize the replacement (reprint) of $4billion mutilated banknotes or additional banknotes? This is a critical question. Secondly, did you (or anyone else) authorized printing before approval? Because that would be Dejavu. You also stand accused of the same indictment against the 5 former officials .

  3. Mr. President,

    Your plea is indeed founded. But please get advice on where the missing money is. Try to retrieve it, if not you will cause serious inflation.
    You are in a booby trap, Mr. President. They want you to be pushed against the wall to print new bankotes. As soon as you do that, they will use that opportunity to inundate the market, with much money chasing few goods. Get serious advice from experts. This problem has economic response.

    Dear Senators,
    Rightly advise our president and never allow the printing of new banknotes under the current situation.

    May God watch over Liberia, Amen!

  4. That’s why to “know” book is good. Leave this fool. As soon as he infuses the new banknotes under this current situation, he will know “who born dog?” This will definitely pave the way to hyper inflation.

  5. A wise person once said, “You do not give a war torn country, a fragile nation like Liberia to a bunch of stumbling amateurs to govern. No wonder Liberia’s economy is in a mess.

  6. Shouldn’t the Liberian government and people first take a serious look at the disproportionally high and exorbitant salaries and benefits that paid to legislators and cabinet ministers?

  7. CBL doesn’t have a clue regarding number of LD banknotes in circulation. Nobody knows how much of the L$ 16 billions EJS unlawfully printed was hidden, or deliberately hoarded. Hundreds of millions of LD banknotes are mutilated hence withdrawn from the market. Notwithstanding all, some legislators are bent on swelling the ranks of would-be December 30 protesters by zealously opposing infusion of Liberian dollars necessary to stabilize the local money supply.

    It would seem a fitting climax to a government which Pan-Africanist Alfred Bombo Kiadii and Moses Uneh Yemia declared in early 2018 (articles for the Perspectives Journal and FPA) would be brought down in less than two years through a people’s uprising. Little wonder, then, the choreographed, coordinated, and calibrated obstructions by an alliance of media outlets and politicos to stop blood loss of an inherited bleeding economy.

    Unless and until reasonable people realize that this desperation for confrontation couldn’t have been to execute Costa’s terroristic threats to “buy guns for old rebels” to kill” on his orders and bring down the President should government close his radio station, they will be missing the driver of political instability: Historical “us vs them” anti-democracy dispensation that perpetuated an Oligarchy in power for 162 years out of the 172 years of Liberia’s existence as a sort of nation state.

    It informs the murder of Jackson F. Doe – supposedly winner of the disputed 1986 presidential election – by NPFL leaders that ostensibly came to right alleged electoral fraud perpetrated against him. Of course, Qwinwonkpa wouldn’t have been conned into risking his life had he a crystal ball to see the murder of his ethnic leader.

    In other words, the propaganda machinery of self-entitled elites oiled by stolen money that could’ve been used In bridging the inequality gap is spent on divide and rule, demonizing targeted ethnic groups, and further polarizing and endangering our country with help from foreign covert aggression agents. The question is, how long will this wicked deceit go on before the damn burst? For the sake of all our grandchildren, I’am appealing that we stop empowering deceit, demonic tactics, and divisiveness.

    • Liberia is indeed a shit-hole country run by a bunch of illiterates. Liberians will suffer so their stupid asses will learn to never vote for idiots again.

  8. Well, all the past educated presidents stoled all the country money, including Ellen. It’s doesn’t matter, Weah will lead Liberia and Liberia will flourish!

  9. Why all these irresponsible comments towards the presidency? Haters, please leave president Weah and the government alone because they are proceeding rightfully on the money issue and their strategies on how to solve our current economic situation.
    Some of those unnecessarily criticizing this government are supporters of Joe N. Boakai and the Unity Party that squandered opportunities for 12 years. You people have no clued on how this economic problem largely created by your political idol, Joseph N.Boakai and others can be remedied.
    Just shut up and watch! Lazy opposition!!

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