Liberia: House Speaker Suggests Use of U.S. Dollar Only to Resuscitate Ailing Economy
Monrovia – The House Speaker Dr. Bhofal Chambers has suggested a single currency regime for the Liberian commerce and trade, preferring an adaption of the United States dollars amidst the excruciating challenges the economy is faced with.
At a news conference held at his Capitol Building Office in Monrovia, Speaker Chambers says monetary control in the Liberian economy is seriously challenged by the loose availability of the two Liberian currencies in multiple styles and denomination value.
He says former President Sirleaf in the climaxing days of her presidency created “an economic gulag”, relating to a Soviet-style economic and militarily fashioned scenario, the purpose for compelling compliance on economic activities.
The Speaker said the Liberian dollars was printed in huge quantity by President Sirleaf regime and has flooded the economy chasing the few United States Dollars coming in the Liberian commerce and trade corridors. He says the past government was warned of printing new banknotes by the 53rd Legislature and other economic pundits, but President Ellen Johnson-Sirleaf did not listen, thus contributing seriously to the present condition of the Liberian economy.
Another indicator the Speaker proffered is the low-security features on the new banknotes printed by Madam Sirleaf’s regime, which has given rise to the wanton counterfeiting of the Liberian dollars by unscrupulous individuals.
Th, however,r however stated his cognizance of the Liberia’s balance of trade deficit, but intoned that the country exports and imports imbalances cannot be singularly responsible for the current economic debacle.
Speaker Chambers says he wants government move and withdraw the multiple local currency from circulation, adapts the United States Dollars and subsequently introduce a highly sophisticated secured feature prone currency.
The Speaker told the media gathering that until some radical decisions are made to curve the economic situation in the country, like adapting a single currency, the woes made deepen.
The Maryland county lawmaker however assured the Liberian people that the economic issues the country is faced with will be overcome by the Weah’s Administration, as the government is now finding a lasting solution to the situation. He further that the state of the country is strong and secured and wish the Liberian people a happy and memorable observance of the 171st independence day, come the 26th July 2018.