Simeon Freeman Questions CBL’s Operations

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Simeon Freeman.jpg
MPC standard bearer, Simeon Freeman

— Wants Liberia’s reserve invested domestically to increase access to liquidity

The political leader of the opposition Movement for Progressive Change (MPC), Simeon Freeman, has called into question the operational activities of the Central Bank of Liberia (CBL), wondering “what the bank is spending the money on, or where is it investing the money.”

At a press conference Wednesday December 23, 2020, Mr. Freeman said if Liberia can invest the money locally in financial instruments, it would increase access to liquidity and it would give rise to a lot of import substitution in terms of industries that would evolve because of liquidity.

“The CBL is at the heart of this no money syndrome.

Is the CBL very large or how much money does CBL spend on salaries?  IMF even said the CBL needs to look at its operational cost. Many of the people at the leadership at CBL have the capacity in terms of degrees but lack innovation and creativity, which is most needed now in Liberia,” Mr. Freeman said.

According to him, Liberia’s agriculture sector cannot be really supported because access to liquidity is a problem, as people taking loans from the banks are given two years or, at most, three years to repay the money.

Freeman says Liberia needs a special CBL instrument that will create funding for people who have interest or wanting to invest into the agriculture sector of Liberia, but with at least a five-year grace period for repayment. 

According to him, there is a need for the President George M. Weah to know where the CBL’s reserve is. 

“We need to look at CBL’s reserve. What are they spending the money on and or, where are they investing it?

“Most of Liberia’s reserve [during the Ellen Sirleaf administration] was in treasury bills abroad. Are we still reserving our money in treasury because of the International Monetary Fund’s advice, or investing it locally?” he wondered. 

He said Liberian people are not looking at the 2023 elections but what can be done now for the people.  

In response to persistent requests to print more local currency, Mr. Freeman suggested: “Why don’t we have our own money printing machine here? We are spending US$1.1 million to print one billon Liberian dollars. We keep doing the same thing and getting the same result.” 

Mr. Freeman said he strongly believes that President Weah can still make the change in terms of transformation for the country’s economy. 

He indicated that the L$16 billion issue raised by opposition parties has created a situation whereby investors are scared away from coming to Liberia, stating “It was unfortunate for our men in the Collaborating Political Parties (CPP) to do such.”

According to him, other countries have worked on their structures in such a way that much of their reserve is being invested locally or domestically thereby improving their economy.  

Mr. Freeman said he is prepared to make a powerpoint presentation to President Weah along with his team, without pay, to enlighten him about the working of the monetary system. 

According to him, he has the expertise to help the Weah administration to recover from the current economic crisis which the country is facing by providing ways through which the government can raise funds.  

“George Weah, we know that you don’t have corporate capacity or private sector experience and public sector experience, but we believe you can assemble a team of experts to help in the process to bring the economy on par,” said Freeman.

According to him, President Weah believes that members of his inner circle brought him to power and therefore he has become a “too busy President”, despite the fact that more than 60 percent of the Liberian people voted for him.

He said a lot needs to be done to salvage the outcome of what the country has now. He said the misstep of the government is extremely pronounced and extremely aloud and a lot needs to be done.

“Today, our monetary policy is in total misorder. On the other hand, total lack of confidence in the various banks. Today, there are people going to Guinea and Sierra Leone just to collect money sent through Western Union,” Mr. Freeman said.

According to him, he had an extensive talk with those in the banking sector and they have indicated that the problem is simple and can be addressed. 

“President needs to look at the bank in a dynamic way. People cannot even withdraw L$200 just to buy tissue for office, which is hurting the people. The people did not vote for you because you have capacity but because of trust,” Mr. Freeman said.

Meanwhile, Mr. Freeman expressed gratitude to authorities of the National Elections Commission (NEC) for the peaceful elections and to the ruling Coalition for Democratic Change for quickly accepting the defeat and congratulating the winners, especially those in the opposition.

“I have not seen elections that [went as] smooth as the just-ended elections. These are little things, but we need to celebrate them. By celebrating them, it shows that our democracy is getting better by the day,” he said.

23 COMMENTS

  1. Simeon Freeman is an authentic about what he is saying. He is trying to get the attention of the President because of the President’s eroding popularity as evidenced by his party’s big loss in the senatorial elections. Simeon Freeman smartly is appealing to the President to get a government job! Be smart Mr. President!

  2. Whenever midterm elections are held, usually the ruling party losses seats big time. Example, in 2018 when midterm elections were held in the US, the Republicans lost the Lower House to the Democrats. Let’s face it. George Weah’s popularity may be on a slippery slope, but there are signs that he will make up. I am not happy to see hard times in Liberia. Instead of blaming Weah, I prefer helping our people. Yet I’m not saying no one has the right to express himself or herself.

    I blame the lawmakers of Liberia! They care more for themselves and care less for the people who voted them in. Just watch! In the next few weeks, if one lawmaker comes down with a toothache ….just a toothache…., she or he will grab the next plane and fly to Ghana. That to me is not an act of Liberian patriotism. By going to Ghana or Nigeria in order to pull one’s tooth, the lawmaker sends out the message that Liberian doctors are incompetent and untrustworthy. In fact, such a practice makes Liberians look stupid in the eyes of the outside world.

    There’s enough blame to go around. Lawmakers are supplied with cars by the government. Okay. It’s good. The lawmakers have to go to work.
    But, what’s about our youth? Isn’t it the responsibility of the lawmakers to provide funds for our youth? Students do not have sufficient textbooks or desks. But the lawmakers have their needs fulfilled.

    How does that picture look?

    • Hney, stop beating around the bush, my friend. You know George Weah lacks leadership, that’s why everything is terrible in the country. It’s not just a bad economy, violent crime is on the rise. The Liberian people are feeling the pain but they got what they wanted – George Weah. Next time, they will be careful who they vote for President.

    • Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha !
      ” I blame the lawmakers “, says Mr. Hney. ” I blame the lawmakers “. ” I blame the lawmakers ” . The lawmakers, the lawmakers, the lawmakers. But for almost three years or for three years, it is the lawmakers that have passed five hundred million US dollars to the presidency of George to spend. Or more than a billion US dollars for three years, based on the fiscal financial years. It is not what George is doing or has not done with the expenditures approved by the lawmakers to have his failed performances to be that of the fault of the lawmakers, it is that George has a free hand to spend the nation’s money at his will and pleasure, no question asked. That may be the blamed that Mr. Hney is pointing to. Billions of US dollars and only market stalls are are constructed for political reasons at 20,000 to 30, 000 US dollars. But Mr. Hney is saying he blames the the lawmakers, and not the person authorized to spend the money. Now you are reading crazy writing. Guys like Hney are never wanting for George to succeed. Because it is someone’s fault, not the people who are authorized to do the right thing. Even in China, communists party members are held accountable for the communist party to succeed. Even to the point of executing party members who are responsible for to see that the party is well served. But not Mr. Hney of the CDC, it is the lawmakers fault. It is the lawmakers, the lawmakers, the lawmakers. Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha!

  3. Simeon Freeman is not authentic about what he is saying. He is trying to get the attention of the President because of the President’s eroding popularity as evidenced by his party’s big loss in the senatorial elections. Simeon Freeman smartly is appealing to the President to get a government job! Be smart Mr. President!

  4. You hustler Simeon Freeman who have made clear to the Liberian people that you “will never be like Baccus Matthews who followed patriotism and died poor,“ you must have taken in a sufficient amount of club beer to think President Weah or other decision makers will ever take you serious.

    If you know so much about reviving an economy, why are you still a leach and a parasite in fact a saprosite living on your so called MPC a political corpse?

    Freeman, if you failed all this while to fool voters, you must be out of your mind for any thought to cross your mind that you can fool government. Neither you nor anyone in that political corpse you call party can even obtain a fitting percentage of vote to take a seat while independents are winning seats all over the place! You better shut up!

  5. Mr. Freeman should be thinking by now about revamping his ailing DSTV that is on the verge of collapsing then thrusting himself in such a spotlight.

    This act of provocation is not only directed to the President but to the entire nation. Wesh’s may be the fixer of Liberia’s problems than being the problem. Liberia’s 173 years old problems should never be wholly lay on President Weah head. With all the numerous challenges, President Weah proves to be unique and have delivered able leadership to the Liberian people. We may not understand those qualities of President Weah by now. Even if you open the Liberian people minds and put those qualities of the president by now we will never understand, it will subsequently vanished. Because today all blames are ignorantly cast on the president. No one could do better than President Weah at this moment evidentially looking at this current uproar globally. Even today if President Weah unconstitutionally resigned or willingly resigned, Liberia’s Economy can be a quick fix by any financier or president expertise as claim around here by some low minded individuals. Even though there may be some human errors along the way of which all humans are not free from. May be Mr. Freeman never understand the word balancing the economy! This is no in wise to cleverly shield the president from his functionalities, but realistically speaking, what do we have as a country to push our leaders on the wall to miraculously meet our demands. From 1847 up to presence, what housing, roads, and other necessities such as electricity and good water facility do we have to attract investors. Other African countries GDPs today are above us not because of their governments competencies but because they slightly met those basis social needs that attracted investment. But for us, we solely dependent on government for the provision of all of our needs. Our private sector is not functional. At the result, we put more pressure on our government. So, we can now see, we country has been running on way; meaning only the government is providing for its citizens. Our income taxes are on the very low scales. In this modern world we are still projecting a nations budget of 500 to 600 million which is very little even to run the government itself to standard wherein all district commissioners will be having assigned vehicles, offices well furnished to standard including computers and internet services which is not happening due to our budgetary constraints. So, in this same budget, all Liberians need to eat everyday from it, and government also need to run from it, at the results, we always put pressure on our leaders by not doing much to meet our needs and wants.

    If our constitution could permit, I really wants for President Weah to give Mr. Freeman the presidency for period of one year, let him fix our economy to standard. I quite sure that things will be more worsening than this, because he is unable to manage his one man dealership’s company than him managing the entire country. If such thing could happens, such bullying around here by these oppositions could quickly go under control. Today the ruling establishment is losing voters appeal due to disenchantment, but I will tell my Fellow Liberians for free, that Liberia’s problems are not quick fix. We need collective efforts to sacrificially build our country not for this generation, but a generation to come.

    • For me I knew, George cooling do anything in Liberia, George business he open in Liberia, the old school night club and the sport store in Monrovia all was rented places in his country. I told others Liberian that, George is not man for president, because even lron lady can’t make it, who when to Howard university. Sincerely since 1847 Liberia never get good leader, I know mama Liberia also know, let us not put all the problems of Liberia on him, let us be cool on till 2023 to take him out, but who do we have now that can make Liberia better place for all of us ?

  6. But why is Mr. Simeon Freeman refusing to pay his hooker (Cynthia Weah) for her services rendered?
    Doesn’t she deserves “access to liquidity” too??? Before Mr. Freeman lecture us about CBl’s access to liquidity, he need to settle his liabilities!

  7. Reserve? What 😂 [RESERVE] is Simeon Freeman talking about?? Liberia is a “hand to mouth” country. No surprises at this time. Looking at the variables, one could very-well predict Liberia’s bleek “ECONOMIC FUTURE”. It’s bound to get worst. President Weah had at one point, honestly told the LIBERIAN-PEOPLE; that Liberia is faced with ECONOMIC CONSTRAINTS. Yet, his Finance And Development Minister was telling Liberians; there’s a Budget Surplus??? 😆 Lol! What a DUMB joke. S.D.T should have long been shown the EXIT DOOR. *NB. Nothing personal. This is about policy(s)…

    • Comrade James Citizen,
      I am a realist. I do not beat around the bush as you suggested above.

      In another sense, you’re right. I am aware of the fact that hard times do exist in Liberia. What I have been trying to explain is that the hard times can and will be defeated. I am also of the opinion that the hard times were there in every corner of Liberia before Weah became president.

      James Citizen, from your writing, I can tell that you’re an educated guy. You and some erudite Liberians are unwilling to give credit to Weah because of reasons that you harbor. As far as I am concerned, it’s okay for people to maintain their personal views. But, there’s got to be a time when all of us have to fess up and tell the Liberian people the truth.

      A majority of Liberian voters gave their support to Weah. The voters did so because EJS didn’t create as many jobs as most Liberians had hoped. The voters thought that 100,000 jobs would be created as quickly as possible under a Weah government. If I were there during the election time in 2017, my sharp message would have been to let the Liberian people know that most jobs are usually created in the private sector. My voice would have been swamped. But the would have been told! I would not be saying that in order to defeat Weah!

      Problem:
      Voters like to hear what politicians say. If a politician promises to create a million jobs in 120 days in Liberia, every eligible voter will vote for that candidate.

      Another problem that worsens the situation in Liberia is this….. the 2023 presidential candidates are talking too much! They are complicating things for the voters. They are making false impressions all around the country. I am afraid to say this….if a new person is elected, it will take years before things get better. I’m not swearing! It’s a fact!

      ☮️

      • It’s a fact. It will take years before things get better BUT the fundamentals should be started to give Liberians direct and indirect jobs while the foundations are being laid.
        It’s not the case with Weah. We know his talent and passion: playing football in the streets, playing ludu with his partisans in the ghettos and making music. Let him go to his passion and leave people to manage his life properly.

        Tell him (Weah) Liberians have now begun to think well. Popularism is not synonymous to intellectualism. Another female musician made this sad mistake a few months back by venturing into the political arena. She got a resounding backlash from the Liberian people and is now begging to get into the spotlight again to sell her talents.

        This Weah-syndrome should be asphyxiated lest it pollutes the minds of our youth to foot on formal education and excellence as means to be promoted in a decent society.

        We should NEVER leave behind such society to our offspring!

  8. Simeone Freeman’s suggesting that reserves be invested locally simply speaks to either his lack of knowledge or intent to exploit the situation and benefit which further sinks the country. That’s bukkshit.

  9. Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha !
    This Liberian citizen is asking the right questions or questioning about the country’s Central Bank relations to domestic invest and these subculture human lacking any understanding of the role of the Central Bank are here expressing their ignorance on issues that they have no knowledge and idea about.
    The nation’s Central Bank is more than an ordinary bank to just keep money and payoff money to the regime. There is no need trying to explain the many functions of the the Central Bank, if what is stated by the political leader is not understood by these subculture humans beings. The political leader used word like “innovation” to describe the Central Bank. No further explanation is needed, they are not educated. They seemed to have lived all their lives in the Gola Forest of that God Forsaken Dying Land. Put forward one suggestion of what else to do, and George is being attacked.

  10. @# Simeon Freeman; a developing country, Liberia’s reserve is Under the watchful eyes of the IMF. If there’s any, Liberia can not just ditch into the reserve without approval from the IMF. It’s not as easy as we may think. There are variables to be taken into consideration. Apparently, Liberia’s Economy Position is weak. Very Weak!

  11. Let Simeon Freeman declare that the now DSTV company he manage is for Chuckie Taylor his one time boss man. This idiot outsmarted Chuckie Taylor after he Chuckie arrest for commiting crimes against humanity as a US citizen outside of the United Sates.

    Simeon, the former driver for Ford Dennis and his late bother Willie E Dennis in Gbarnga and later Cyril Allen and his national Hydrocarbon company in Buchanan now a LD millionaire has got nothing to offer. This criminal should bring back some of the Liberian people money he stole from Charles Taylor to purchase the uniforms for the SSS under Benjamin Yeatan CKA RL 50′ the death squad commander. Idiot of a business man talking trash around town.

    • After reading your what you have written, I realized that you don’t know Simeon Freeman. Just you know, all you gave said about him is LIE.

      • Let me correct myself first because I realized the typographical errors in my first post.
        After reading what you have written, I realized that you don’t know Simeon Freeman. Just you know, all you have said about him is LIE.

  12. A renown sociologist named Stanley Milligram once said that if you’re in a system, you definitely know how the system works. But Milligram also went on to say if you are outside of a system, you really do not know how that particular system works.

    Case in point, the Defender tells us about “setting up the fundamentals” in order to improve the lives of the people of Liberia. Watch out! The kind gentleman is speaking gentlemanly. But regardless of that, he is “outside” of the system…..the Weah system. He doesn’t know about the plans that are being worked on in Weah’s system.

    The Defender is undoubtedly a patriot. But he is not a Weah insider. We’ve got to be suspicious of the juju he and his CPP collaborators have for Liberia.

  13. You do NOT need to be an insider to understand the platform and the functioning of an opposition political party. I am indirectly into the “CDC system“ but cannot see anything forthcoming for the people of Liberia. What did they have under the sleeves when they were promising FIXES?

    Look, let me tell you about the CDC System:
    “la our time to chop!” “the people have long taken advantage of the country people, they will not rule us again!” “we will use our money anyway we like, la na their business!”

    With such mindset, can such political party move a country an iota?
    Compatriot Hney is sitting thousands of miles defending a notorious grouping he knows little about. Stop wasting your precious time and resources in defending the undefendable.

    We have no juju for Liberia, but we want to start a sustainable development process in Liberia where generations can build on as is being done in Ghana, the Ivory Coast, Rwanda, Ethiopia, etc.
    What can a president do with an annual budget of half a billion, from which 70% is spent on wage bill and 20% spent on servicing debts?
    His predecessor left money as reserves, which he has depleted. What reserve funds will be constituted by the time he leaves office? Or how dire will he deplete the Liberian economy and weaken it to the core before taking off for Jamaica?

    The Weah’s government is the most parasitic administration to exist ever on planet earth!

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