Skip to main content

Liberia's Weah takes measures to tackle inflation, economic misery



President George Weah said on Monday he would take measures to tackle rampant inflation and economic hardship, including injecting $25 million into the forex market and taking steps to bring more local cash into the formal banking system.
"I am fully aware of the negative impact of the declining exchange rate on the economic well-being of the Liberian people, and the serious hardship that this is beginning to cause," Weah said in an address to the nation.
"We believe a stronger and more aggressive enforcement of monetary policy ... should go a long way to ... address the problem," he added.
“The government will announce a series of monetary and fiscal measures that we believe should help reverse the decline in the value of the Liberian dollar,” President Weah declared. He added that the government also intends to engage the minds of the best and the brightest Liberian economists, both at home and abroad and even seek advice and active support from our international partners.
  
“We also have an economy based on traditional exports such as iron ore, rubber, coffee, etc., which are shipped to foreign buyers in their raw state, without any value-added propositions which could have also contributed significantly to industrialization and employment.”
 
“Additionally, the prices and demand for our exports are determined and affected by factors beyond our borders, and are therefore beyond our control. Slumps in demand for the products which utilize our raw materials will always result in externally-generated shocks to our economy.” 
  
President Weah said: “The key to success in this endeavor is for Liberians to produce more goods and services locally, so that we reduce our importation of goods and services from abroad, whilst at the same time increasing our exports and adding value to the raw materials that we ship to the world.”
 
“In this regard, our Government intends to embark upon a major push to ensure that Liberia becomes more competitive in terms of domestic production. And in so doing, we intend to encourage and empower Liberian businessmen and Liberian-owned businesses to lead the transformation of the Liberian economy.”
 
“We will enable them to become more competitive, by providing affirmative policies and support, including ready access to finance and expertise. The aim and intention of this approach is to encourage import substitution and manufacturing for export, as well as sustainable wealth and job creation.”
 



Comments

Popular posts from this blog

Open Letter to President George Weah

C Liberia Clearly CEO calls on George Weah to take Arts and Culture seriously.
The Honorable George M. Weah, President of the Republic of Liberia, I write to endorse your "Pro Poor" agenda. I fully

support your call "to ensured Liberians are not spectators in the

Liberian Economy."    In

order to carry out this "Pro Poor" agenda successfully,

and in order to fully empower the young generation, the Liberian Entertainment Industry must be included. 

Arts and Culture has played a critical role in keeping our young citizens gainfully employed.  From the music industry to film industry to the fashion industry, this generation has benefitted from the employment opportunities arts and culture provides. 
To extend the benefits of arts, culture and tourism, the Liberian government must support and rely on arts and culture as a key input for rebuilding our nation. There are several actions this administration should take to strengthen the role that arts and culture p…

Liberia’s Inauguration Day

By Berenice Mulubah and Kru Cherie
Gbana Pekins and big juesWheelbarrow boys and Market girls Brabees and zogosPenpen boys and penpen girls 
Big boy one and big boy two
Mamie pepper and teacher pepperDecembrians and been-tos Not forgetting Dr. Turn around
All the Maco(s) and Paco (s) That Cerees speaking girl and senate juesMen have come and men have gone Our mothers have given birth to kings and queens 
Stand on Snapper Hill and sing it loud in Kolloque songLet all the good things flowClub beer, cane juice and palm wine tooFrom God to manthe palm wine can’t fini seh 
Tell Ma Hawa to bring the chewThe GB, Fufu and dumb boy tooPalmbutter, torbugee, Cassavaleaf can’t fini seh  
You see what God Nah doPapa God has brought us throughFrom many years of heartaches and shameWiping our tears away
Over the years we lost our waySpilling our own blood from pole to poleSwimming in hurts and painFor so many years things remained the same
Now the time has come To soak our feet in the sand of Sun Set beachSo…

Liberian Superstar Bucky Raw Is Currently Being Deported From The USA To Liberia

Liberian superstar, Bucky Raw who has been in jail since October 2017, for domestic violence charges, is currently being deported to his homeland, Liberia, for violating his parole, according to inside source.  The artist released a heartwarming letter to his fans few days ago, assuring them that he will be back very soon. Unfortunately, his return won't be in the manner expected.  To be continued.......