—Urges Citizens to refrain from violence
On the printing of $48 billion in new family banknotes by the Coalition of Democratic Change (CDC)-led government, the National Association of Members of the Unity Party in the United States of America and Canada (UPUSA-CA), has expressed disappointment in members of the 54th national Legislature to sanction yet another round of money printing without accountability or economic justification.
The group in its statement signed and release on Thursday, April 1, 2021, by its Assistant Secretary-General for Press and Publicity, Helroz Zorleh, and approved by Kerper Dwanyen, National Chairman, said the printing of said amount represents an unprecedented and unwarranted explosion of the money supply presenting a high risk of hyper-inflation on the lives of the ordinary citizens.
“We wish to take this opportunity to remind policy makers in Liberia that the objective of economic development is to increase the living standard of the population and that can only be achieved through stimulating productive activities that generate real income for businesses and citizens within the boundaries of Liberia,” the group said.
On Wednesday, March 31, the Liberian Senate voted 18 out of 24 seated Senators to concur with the House to give mandate to the Central Bank of Liberia to print a new family of Liberian dollars banknotes, but a few Senators of the opposition Collaborating Political Parties are against the procedure.
Senator Abraham Darius of Montserrado County, Nyounblee Karnga Lawrence of Grand Bassa County, Johnathan Boyle Charles Sogbie of River-Gee County, Daniel Naathn of Gbarpolu County voted against proposal because they believe their concerns were not address by the Executive Branch of Government.
Some of the concerns include, measures put in place by the Executive branch of government to guide against duplication, report on the infusion process of the L$4 billion printed earlier by the government, and putting in place internal control.
The Senate took the decision during its extraordinary session presided over by Senate Pro-Tempore Albert Chie on Wednesday.
The Senate’s decision followed the House of Representatives resolution by the Senate Joint Committee on Ways, Means, and Finance, Judiciary, Banking, and Currency.
The Central Bank of Liberia requested to print L$48 billion in various denominations including L$20, L$50, L$100, L$500 and L$1,000.
However, the Senate authorized the Central Bank to print the rest of the denominations with the exception of the L$1,000.
According to UPUSA-Canada, printing money does not and will not replace producing real goods and services that are demanded by consumers to bring an income to those involved in the production process and the government though taxation regimes.
“Observing that the last 4 years witnessed the printing of over $25 billion in new banknotes without the requisite accountability with corresponding inflation and unjustified conspicuous consumption and construction of luxurious homes and villas by President George Weah and his cronies, the Liberian people yearned for guardians of their wellbeing.
“Unfortunately, the vast majority of their elected representatives sworn to protect their interests decided to ignore their pleas for reasons best known to themselves and unexplained to the Liberian people,” the opposition group indicated.
The statement said, “We stand with the downtrodden, neglected people of our country and demand a clear, transparent, verifiable mechanism for accounting of the previous money printing sprees and the infusion of these new banknotes into the economy to avoid hyperinflationary waste, fraud and abuse. Anything less is unacceptable and will be met with uncompromising rejection by the people of our country.”
“We also want to take this time to express our deepest condolences to the family of the deceased, Mordecai Nyemah in Maryland County, the victim of ritualistic killing and urge the government to leave no stones unturned in ensuring justice. We also urge citizens to refrain from summary conclusions and taking the law into their own hands in destroying private properties and public facilities,” the group said.
UPUSA-Canada, however, urged citizens to observe the rule of law. “We are mindful that government has the primary responsibility to lead by example, because if the government acts lawlessly, citizens will follow suit.”