US Dollar Rate Soars in Ganta

0
703
Ganta exchange continues to climb daily.

The exchange rate between the US dollar and the Liberian dollar is rising again, from L$134-6 to US$ 1, in the commercial city of Ganta, Nimba County.

The rise of the US$ rate against the Liberian dollar is creating concern among citizens, who recently expressed happiness when the rate dropped below L$120.

“Things are getting tough every day and they are not even buying,” said Tantee, a fried plantain seller.

“The continuing inflation in the US rate is the chief cause of high prices in both goods and transportation fares,” said a petite trader in Ganta.

The streets of Ganta are, however, calm and the movement of goods and services is slow.

In most of the stores, the buying rate is around L$136 to US$1, while the selling rate is around L$139 to US$1, which many say the government should find a way to stabilize.

“Despite the high rate, we are not even getting the US dollar,” said one Peter, a moneychanger in Ganta.

Ganta main business street was seemed very empty during rush hours (4- 6pm)

In a similar development, the movement of goods and services at the Ganta border has also slowed down because of what many business people referred to as “too much bureaucracy at the border.”

Ganta is one of the busiest commercial cities in Liberia, connecting the country to both Guinea and the Ivory Coast. It is also the meeting point for those traveling to the southeastern parts of Liberia.

At present, there is no fixed transportation fare along the Ganta – Monrovia and Ganta – Zwedru highways. The fare was L$500 from Ganta to Monrovia, but it had recently risen to L$800.

Ganta to Zwedru is about L$2,500 up from L$2,000 recently.

LEAVE A REPLY

Please enter your comment!
Please enter your name here