Weah’s L$4B Infusion Request Receives Mixed Views

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2093
Dixion Seeboe, Representative, Montserrado County District #16

Request by President George M. Weah to the Senate to approve the infusion of L$4 billion in the Liberian economy has received mixed reactions from members of the House of Representatives, with some opposition lawmakers including Montserrado County lawmaker Yekeh Kolubah describing it as an “Error” that brings disgrace to the country.

The communication from the Liberian leader said: “Honorable President Pro-Tempore, while we are aware that the Legislature is currently deliberating on pressing national issues, including finalizing deliberations on authorization to the Center Bank of Liberia (CBL)  to print a new set of Liberian Dollar banknotes, the existing situation presents a volatile financial environment such that the current Liberian dollar vault cash position of the CBL is very inadequate to meet both current and future Liberian dollar liquidity demand of commercial banks, posing a potential security risk.

The letter continued, “Therefore, in the interest of national security and to enable our people celebrate the festive season in a joyous way, I request the legislature, in accordance with Article 34(d)(ii) of the constitution of the Republic of Liberia, to authorize the Central Ban of Liberia to infuse the amount of L$4.0 Billion into the Liberian economy to ease the current liquidity pressure,”  president in his communication said.

President Weah’s communication has had a rough landing at the legislature, as some members have given their opposition to the printing or infusion of an additional L$4 billion on the Liberian market.

Representative Kolubah in his usually critical stance, emphasized that as the President had earlier requested the Legislature to approve the printing of L$35 billion banknotes, they are still in the process of discussing the issue and he (President Weah) is coming out with another request of infusing L$4 billion in the economy; something he said implies that without legislative approval the Executive had gone ahead to print the money.

Representative Kolubah stressed that the Executive is just demonstrating formality to present itself to the country that it is following constitutional protocol, but in reality the Legislature is taken for granted.  It can be recalled that when report about the arrival of millions of dollars surfaced in the public space, Representative Kolubah was the first to state publicly that if the  money brought did not meet the Legislature’s approval, it will be considered “Money laundering.”

Following that, Representative Kolubah also displayed several pieces of the L$500 banknotes recently when he had gone to the Guaranty Trust Bank to withdraw his August salary that the government was owing.  He wondered how and from where the new banknotes came when the government had said that there was no money in the country and commercial banks were out of the Liberian dollars. By this, he accused President George Weah of not working in the interest of the country but carrying out what he Kolubah calls “4-1-9” operation.

Rep. Seboe, in a contrary view to the argument, said that the President is only seeking permission to print the current Liberian dollar banknote to help alleviate the current situation.

“You do not need permission to infuse money in the economy, the President is requesting us to first give the approval to print the money before infusion,” he said. The Montserrado County District #16 Representative’s view, however, contradicts content of the letter sent to the Senate by the President and seems to be conceding with others who claim that infusion of money into the economy is a sole prerogative of the Central Bank of Liberia.

Earlier, Montserrado County District #4 Representative, Rustonlyn Suacoco Dennis, had described the request as “Erroneous and an embarrassment” to the entire country.

On the question of whether or not there was a procedural error on the part of the President to seek permission from the Senate rather than the House to print money, the District 16 lawmaker said: “There was no procedural error with that. The letter was sent to us, but the Speaker did not put it on the floor for discussion. Even if the Senate reaches a decision and we at the House of Representatives do not agree, the money will not be printed”.

Reliable sources in the House of Representatives say that the Speaker identified the error in the President’s communication, something that made him not place it on the floor for deliberation.

Author

  • Hannah N. Geterminah is a 2016 graduate of the Peter Quaqua School of Journalism with diploma and series of certificates in journalism from other institutions. She has lots of knowledge/ experience in human interest, political, Health, women and children stories. Hannah has worked with the Daily Observers Newspaper and the Liberian media for the past years and has broken many stories. Contact reporter; [email protected] WhatsApp;0770214920

3 COMMENTS

  1. The President just screwed up the whole damned game that was planned by both the Speaker and the Pro-temp. When the request was first made to the lawmakers, they started to debate the issue concerning the printing of new banknotes. But left for their so-called legislative break. Perhaps, during the break, there must had been an agreement with the President to secretly go ahead and print the new banknotes. And when that is done , recall the lawmakers from their usual political break and request the authorization to print the new banknotes which are already printed and available to infuse into the economy. But due to political and economical pressures from civil servants unions and the so-called Weah step down protest , followed by demands from the average citizens and workers that the regime must do something meaningful for the country and for them this holiday seasons. Fearing and reacting to the threat that is likely to be a serious security threat to the regime , a confused George Weah could not wait any longer to put in their evil hatched plan that was agreed upon by the Speaker and Pro-temp to authorize the printing of the new banknotes through the passage of 5G. Instead the politically threatened President is asking both leaders of the legislature to forget about the authorization to to print, and just allow him to infuse 4 billion in local currency into the economy . But this is one thing George Weah forgot, that it is the same thing that his regime is charging the former Central Bank of Liberia employees of doing. The regime had them in handcuffs for all the world to see that the regime is fighting corruption by going after the former President’s son and her former appointed Bank Governor. Without the usual legislation to print the new banknotes, the politically weaken George Weah with his back against the wall is urgently pleading in order to release some unauthorized money in the economy. If this is the political norms or standard to disregard the constitution, than released all the former bank officials, and then throw out the constitution we all agreed to uphold. In just two years, George Weah has sent that nation into near political turmoil or crisis. That is in just two years . Education does matters. Even a fifth grader can make a fool out of this guy , George Weah. No doubt about that one.

  2. Well said my friend, I told a CDC youth leader who ask for us to meet in 2015 but it was not possible due to my work so I could tell weah what I was saying that weah is good and have a heart but will not be a good leader or president for Liberia. Let’s not put him there becuz of football. Nor let him be fool by greedy Liberians.

    Liberia needs even an experience high school president who lead with impact for a yr before an educated and experience person as president with the fear for God and his people.

    This weah have not lead a group to success before letst not say Lone star, nor have he spoke to win people with a single speech. His election as senator for was something that no one could defeat him on so I refuse to vote becuz I knew he would win even the if I vote or not but will not say or do anything for the county or country. He prove it that Ebola he couldn’t do anything much for anyone unlike Saah Joseph.

    In 2015, I Said and I am saying weah will not be a good president for Liberia, he don’t and will not know what to when elected becuz he will win election if he is place as standard bearer.
    That will be a big mistake Liberia or Liberians will ever make in this Life Time.
    I am just sorry for weah cuz he is heading for failure this time.
    A good president will always consult the God, the constitution, and leaders before them.

    This is a disgrace to our country. I just pray that those planning to protest have mercy on weah and wait for him to do finish his term. Liberia is all we have. We made the mistake and we will suffer it.

    I wonder how this guy can Governor his family knowing he has a wife, or how he was even place as captain for Lone Star team.

    However, long live Liberia, long live President Weah, peace to mama Liberia.

  3. These are my questions now,if you’re aware of your President errors Mr.Soeaker,claimed by the LiberianObeserver,why are you afraid to discuss it?is that you’re in error because you as an educated Academicians,you choose to elect no sound decision leader and no intellectual.Ofcourse Honorable Yekek Kolubah,that the “Legislature is taken for granted”Instead of electing character and the capitalist,we elect poor Lawmakers and have no Ideas on how Liberia was founded.So guys at the Legislature will be compromise.

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