President Weah Issues Proclamation for Legislature to Work for 7 Days

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President George Manneh Weah

President George M. Weah has finally issued a Proclamation of Extension for members of the House of Representatives and the Senate to reconvene in Special or Extraordinary Session for seven days, beginning Tuesday, December 3 through Tuesday, December 10, 2019 to discuss or act upon vital matters of national emergency and concern.

While the President’s Proclamation did not elaborate on what the “vital matters of national emergency and concern” are, it is expected that the Legislature will once again be asked to deliberate on the Central Bank of Liberia’s (CBL) request for permission to print new banknotes. In its original request, the CBL requested permission to print L$34 billion, which would be used to replace the local currency currently in circulation.

It is also expected that the Senate may hold confirmation hearing for the CBL’s new Executive Governor-designate, Mr. Jolue Aloysius Tarlue.

According to some Legislators who support the printing of new currency, approval of the CBL’s request would ease pressure on civil servants who have been agitating for several months of salary arrears, especially as the Christmas season approaches.

Currently there is a dire shortage of Liberian dollars in circulation and commercial banks have been overwhelmed by account holders wanting to withdraw cash.

However, the General Auditing Commission, has warned the Legislature that, “giving your approval to print more currency is unfathomable, but will be very misplaced, granted we are yet to understand all what happened at the last currency printing, as evidently, the US$25 million mop-up exercise does not engender much confidence in the Central Bank of Liberia (CBL).”

The issuance of the President’s Proclamation to recall the 54th Legislature from Annual Break is in consonance with  Article 32(b) of the Constitution of the Republic of Liberia which provides that the President shall, on his own initiative or upon receipt of a certificate signed by at least one fourth of the total membership of each House, and by proclamation, extend a regular session of the Legislature beyond the date for adjournment or call a special or extraordinary session of that body to discuss or act upon matters of national emergency and concern.

According to the Proclamation, the President called a Special Session of the 54th Legislature in a letter dated November 4, 2019 to convene from November 18, 2019 to December 11, 2019 but, “due to unforeseen factors, the convening period of the Special Session of the 54th Legislature was adjusted to a period of one (1) working week; beginning December 3, 2019 to December 10, 2019,” the Proclamation said.

The Proclamation, signed by President George Manneh Weah, reads: “WHEREAS, the Second Regular Session of the 54th Legislature of the Republic of Liberia adjourned sine die on the 31st day of August, 2019;

“and WHEREAS, Article 32(b) of the Constitution of the Republic of Liberia provides that the President shall, on his own initiative or upon receipt of a certificate signed by at least one fourth of the total membership of each House, and by proclamation, extend a regular session of the Legislature beyond the date for adjournment or call a special or extraordinary session of that body to discuss or act upon matters of national emergency and concern;

“and WHEREAS, in accordance with Article 32 (b) of the Constitution of the Republic of Liberia, the President has called a Special Session of the 54th Legislature in a letter dated November 4, 2019 to convene from November 18, 2019 to December 11, 2019, to discuss or act upon vital matters of national emergency and concern;

“and WHEREAS, due to unforeseen factors, the convening period of the Special Session of the 54th Legislature has been adjusted to a period of one (1) working week; beginning December 3, 2019 to December 10, 2019, to discuss and act upon matters of national concern;

“NOW, THEREFORE, I, GEORGE M. WEAH, President of the Republic of Liberia, by virtue of the Authority in me vested, do hereby issue this Proclamation for the 54th Legislature to convene in a Special Session for a period of one (1) working week, beginning December 3, 2019 to December 10, 2019.

“GIVEN UNDER MY HAND AND SEAL OF THE REPUBLIC OF LIBERIA, IN THE CITY OF MONROVIA, THIS 28TH DAY OF NOVEMBER, A.D. 2019, IN THE YEAR OF OUR LORD, AND OF THE INDEPENDENCE OF THE REPUBLIC, THE 173RD.”

4 COMMENTS

  1. Liberia was never set up.
    Only the best of our educated with the needed Know-Hows can set up that nation else we are going no where.
    Where are the missing monies?
    God bless Liberia.

  2. Hyperinflation can cause a surge in prices for basic goods—such as food and fuel—as they become scarce.

    However, if the increase in money supply is not supported by economic growth as measured by gross domestic product (GDP), the result can lead to hyperinflation. If GDP, which is a measure of the production of goods and services in an economy, isn’t growing, businesses raise prices to boost profits and stay afloat. Since consumers have more money, they pay the higher prices, which leads to inflation. As the economy deteriorates further, companies charge more, consumers pay more, and the central bank prints more money—leading to a vicious cycle and hyperinflation.

    Loss of Confidence

    In times of war, hyperinflation often occurs when there is a loss of confidence in a country’s currency and the central bank’s ability to maintain its currency’s value in the aftermath. Companies selling goods within and outside the country demand a risk premium for accepting their currency by raising their prices. The result can lead to exponential price increases or hyperinflation.

    If a government isn’t managed properly, citizens can also lose confidence in the value of their country’s currency. When the currency is perceived as having little or no value, people begin to hoard commodities and goods that have value. As prices begin to rise, basic goods—such as food and fuel—become scarce, sending prices in an upward spiral. In response, the government is forced to print even more money to try to stabilize prices and provide liquidity, which only exacerbates the problem.

    Oftentimes, the lack of confidence is reflected in investment outflows leaving the country during times of economic turmoil and war. When these outflows occur, the country’ currency value depreciates because investors are selling their country’s investments in exchange for another country’s investments. The central bank will often impose capital controls, which are bans on moving money out of the country.

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