Weah Wants Legislature ‘Act Swiftly’ on Printing of L$27.5bn’

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— And Approve 10 ‘important bills

After three long months of recess, the House of Representatives and the Senate have returned for their fourth session with a task to rescue the liquidity pressure on the Liberian dollar which President George Weah says is aggravated by increasing demand for the local currency, induced by many players in the economy such as mobile money agents, large numbers of ATM cardholders, and foreign exchange bureaus.

President George M. Weah, in his 4th Annual Message on January 25, 2021, urged members of the House of Representatives and the Senate to act swiftly to resolve the situation before the next season of high demand for cash.

“In the face of this liquidity situation, and while we endeavor to encourage our citizens to sustain the wider use of mobile money for transactions, the Executive will intensify consultation with the National Legislature to pursue currency reform, with the aim of promoting monetary policy credibility and enhancing confidence in the economy,” President Weah said.

He added: “In the current environment in which the CBL does not have control over the more than ninety (90%) percent of Liberian dollars which are outside the banking sector, the effectiveness of monetary policy is undermined. Our goal is to reset the foundation of monetary policy. Given the importance of the Central Bank to our economy, we will further implore the National Legislature to help strengthen its institutional independence in line with internationally accepted norms.”

The President, in further arguments to the lawmakers, stressed that despite the printing and delivery of L$4 billion in July 2020, the economy was challenged by the difficulty of access to Liberian dollars in the financial sector, largely reflecting about forty (40%) percent rate of mutilation of the existing Liberian dollar banknotes in circulation.

Meanwhile, besides the President seeking the approval to print L$27.5 billion in new family banknotes, the President also wants the Legislature to busy itself to timely approval of 10 bills that will promote governance; tackle corruption and help revive the economy.

They include: “The Whistle-Blower and Witness Protection Bill; The Anti-Money Laundering, Terrorist Financing, Preventive Measures, and Proceeds of Crime Act, 2019; A Revised Public Health Law of Liberia; The Convention of Mutual Administrative Assistance in Tax Matters; and An Act to Establish the Liberia Standards Authority.”

The remaining bills are: “An Act to Establish the Civil Service Commission; The Revised and Re-stated Charter of the University of Liberia; The International Solar Alliance (ISA) Framework Agreement; Maritime Zones Act 2020; and An Act to Endorse the National Youth Policy of Liberia: An Agenda for Action.”

12 COMMENTS

  1. Printing of more money Mr. president is not a guarantee to the liquidity problems of the Liberian economy but a rigorous systematic check and balance that will uphold the indepence of the monetary policy.

    Government officials and their benefactors Central Bank, Lebanese, Indians and Fulanis hoarders, continue to be Liberian curtency manipulators, uabated!

    The role of the Central Bank is to streamline monetary policy of the country; unfortunately, the Central Bank itself is a direct currency manipulator hugely profiting out of dubious lines of credits to Lebanese, Indians, Fulanis, and
    fradulent commericial banks that are operated by their cronies.

    Why are Liberians spectators in their country economy while Lebanese, Indians, Fulanis, Nigerians and Ghanaians flourish in forex bureaus, controlling the Liberian economy?

    This is because Mr. President, you and your officials are doing business with these people, and empowering them against your own citizens!

  2. I think that the CBL needs to allow the commercial banks to hold their own money at the end of every work day. It has been seen time and time again that when we go to the commercial banks in the morning, they have to go to the CBL in order to get money to bring in for their customers.
    Smith Whyte, it is an unfortunate situation which you mentioned, but I happen to agree with you 100%.
    The CBL May say that it’s a security risk to keep physical cash at the commercial banks, but just as arms officers were deployed during the pandemic, so can they be to protect the cash. The next thing is that any commercial bank operating in Liberia should have an up-to-date vault system to protect its own cash.
    Has anyone ever wondered why the CBL has the banks opening so late and closing early?

    • Under George Weah’s administration, the system has completely failed. They’re running the country like a rag-tag nation. The officials are totally incompetent and unfit to run a government. What a shame!

  3. Am I reading this sentence right? And am I understanding it like all other persons?
    According to our dear president, the CBL does not have control over more than ninety percent (90%) of the Liberian dollars.
    Our dear president continued by confirming that of the more than 90% plus the 10% Liberian dollars, 40% is mutilated. Ah ah, preso, how did you come up with these statistics?

    To our dear lawmakers, think about us, the poor country people or country asses, as they have always called us. We are already suffering like hell, please do not sign unto anything that will worsen situation.
    First, ask Weah to ensure the CBL accounts for all the Liberian banknotes on the market, then enable him to print two times the amount of the mutilated banknotes, in projection for additional mutilated banknotes in the next 3 years.
    Pamper him to create jobs; let him call other Liberians to help him by being innovative. We, the people, are hungry like rogues!

    Do not allow him to print $L27.5 billion if he cannot add substantial values to the economy ooooooooh! Aaaaaaaah, I na talk my own!

  4. One reason Weah may not like the idea of replacing the mutilated notes with new ones and authorizing the CBL to give a moratorium to the public, particularly the currency hoarders, is because the process will let the skeleton out of the closet as it will expose many of the shady deals of his confidantes and including himself.

    One famous paradigm, which economists often used as a reference point when referring to the lethality of this kind of grave national issue is, “India”.

    However, destitute Liberians are now left beleaguered by an ailing economy, which only seems to be getting worse, and with no end in sight, because the president prefers to put his personal interests plus that of his buddies before the national good.

    Lest we forget the scriptures caution, we must be careful how we treat one another particularly the least among us as “our sins shall find us out”.

    • Mariama – You get it…George Weah wants to print more cash but doesn’t want to change the currency to force hoarders to bring in their cash because he and his corrupt buddies are the ones hoarding the currency in their private homes. Weah thinks he’s smart but the Liberian people can see through his dumb scams. I hope the senate doesn’t go along with his scam.

  5. Too many inaccurate charges are flying. Yet, there’s no hardcore evidence to back up some of the charges.

    The reality is that there are hard times in Liberia. I agree. But the issue of hard times is not confined to Liberia only. West African countries like Sierra Leone, Guinea, Ghana… just to name a few…are not doing too well economically. Even in the US, the economy is not spurring right. Also in the US, there’s high unemployment. The European economies are not in a top shape.

    I am not here to say that because the economies of near and faraway countries are not doing too well economically, so therefore it’s okay for Liberia. My point is that the economies of the world (of which Liberia is one) are reeling from of a slump due to the pandemic. Furthermore, I know darn well it hurts, but it’ll get better in Liberia.

    • Yo, it looks like you’re looking for job in Liberia meh. Stop the silliness 🙂 Corrupt George Weah is so confused, he doesn’t know where to start. And he’s lazy too. Goes to work at 9am and leaves at 4pm. What a lazy President.

      • We can say someone is lazy if he has a job to complete in 2 days and maybe does it in 3 or 4 or 5 days.
        But Dr. Dr. Dr. Weah does NOT even know what to do, NO brother! He spends his time watching football, no joke. I know people within his inner circle who gossip this fact to us daily.
        If the guy is not watching football, he is playing it in his yard with his boys. Tweah and McGill can only come to him to sign papers or tell him you have go this place or that place or we have to do this or that.

        Don’t take what I am saying for joke!

    • Hney -If you know anything about economics, you won’t be saying what you said “Furthermore, I know darn well it hurts, but it’ll get better in Liberia.” Really, bro? Things will get better but not under Weah because he doesn’t know is ass from his lying mouth. The man is a complete idiot. They don’t know how to fix the economy so they want to print more money. LOL. WTF

  6. Petarus Dolo

    Many of our people are still in denial about the degree of the “cluelessness” of our president. However, an old saying goes that sometimes people may not have the physical evidence to prove the circulation of a rumor. But in any case, not having the physical evidence does not always mean people are lying or are intentionally maligning another person’s character.

    The convergence of public opinion alone is sometimes enough to prove that a rumor is true. In other words, though the physical proof may not exist to convince the public Weah is dismally incapable to lead Liberia, but the overwhelming evidence can be found in the number of people who are saying this repeatedly and his performance record.

    If several individuals are saying one thing over and over about the same person, place, or event, people will eventually begin to raise eyebrow and start to pay keen attention on what is happening as the suspicions could be true.

    A Liberian parable says, “Where one finds smoke, the potential exists for, fire!

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