Launch An Economic Probe Into The Conspiracy Behind The Constant Rise In The Exchange Rate – An Open Letter To President Weah
His Excellency George M. Weah,
Please accept my sentiments and allow me to request your good offices to kindly launch an investigation into the current state of the economy; especially conditions that necessitated the Government of former President Ellen Johnson Sirleaf to introduce a 500 Liberian Dollars Bank note and change the features of some of the bank notes few months to her departure from office; especially when the economy was largely stable.
The economic situation in our beloved country is troubling and needs your uncompromised actions to dig into the conspiracy that has brought us to where we are today. While your administration has appointed a new Central Bank Governor, there is no guarantee that he will salvage the problem any time soon. To provide him the premise upon which he can do his job, your government should muscle the courage to launch an investigation into the motivation for the UP-led Government’s introduction of a higher valued Liberian Dollar Bank Note into the Liberian Market few months to the General and Presidential Elections under the leadership and guidance of the former Bank Governor.
The unprecedented and continuous rise in the exchange rate is unusual in these times of our Country’s history. I am concerned because it might be possible that what is happening to our Country was a calculated manipulation to undermine the economy which is on life-support. The decision of the past administration was made under the watchful eyes of the former Governor. Even though you and other members of the Liberian Senate approved this decision at the time, but it is you who is in charged so your leadership is needed and needed urgently to bring this situation under control.
With the current situation and the decision to introduce a new bank note of higher value, and the change in the feature of some of the bank notes when the economy was somehow stable, is concerning and needs an investigation as we see the negative impacts of the decision bringing hardship to our already struggling citizens while those who made the decision are living in assumed luxury.
When I reflect on what is happening, several hypotheses come to mind for which I would want your Government to consider investigating as I mentioned supra with the intent to find answers to the following questions:
What was the motivation for the UP Government to introduce the new banknote with high value of five hundred ever in the Country and change the features of some of the bank notes;
Was the change in the features of some of the bank notes a calculated conspiracy to undermine the potential Government that would take over from the UP Government;
Did the UP-led government benefit from the currency decision at the expense of the struggling Liberian economy?
Did the UP-led government change the features of the bank notes deliberately to undermine its security and increase its vulnerability for manipulations?
Are there millions if not billions of Liberian dollars sitting somewhere in a house in Monrovia use to chase the few US dollars from the market thereby affecting the exchange rate?
Why was the change in the features of the bank notes and the introduction of a higher value banknote (500) on the Liberian Market urgently necessary when President Sirleaf was on her way out?
Was the currency decision by the former government of President Sirleaf supported by the former Governor a monetary and fiscal decisions and or a political one?
How can the current fiscal and monetary arms of the Government help salvage the high rise of the exchange rate in the wake of suspected calculated subversion?
The questions above could be built upon in trying to seek answers to the increasing daily exchange rate and other related economic challenges that your administration is currently facing.
Hence, it may interest you to note that your colleague, H.E. Julius Maada Bio, President of the Republic of Sierra Leone, upon taking office established a Governance Transitional Team-(GTT) with the mandate of interrogating the stewardship of the past government and came up with a comprehensive report with recommendations ranging from setting up a Judge-led Commission to further investigate allege corrupt practices, reviewing all middle and senior level appointments made by past administration. The report named several former officials including President Ernest Bai Koroma for allege corrupt practices. This is the courage that I would like your administration muscle.
These are some examples of policy transfer that could be adopted and tailor to suit our situation in solving the economic malady our country is currently going through. Once again, it behooves your administration to investigate past decisions and actions that seem to undermine your government’s ability to effectively manage the state.
You may have recalled Mr. President during your visit to the Liberian Embassy in Freetown, Sierra Leone as part of your itinerary for the inauguration of the President of Sierra Leone, you called on Liberians in the diaspora to return home and contribute their expertise to rebuilding the nation. It will be a challenge for anyone who falls in that category to hear your call in the current economic situation which is not encouraging at all to motivate anyone to return home.
It is my fervent hope that your administration will see the bigger picture of the rebirth of a nation in which wrongdoing no matter who is involved will end before you depart the office of the Presidency. God bless your administration!
Joseph Jimmy Sankaituah
Freetown Town, Sierra Leone