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Liberia: Liberians Want Proper Mechanism for Accountability Before Printing of New Money

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Commercial banks in Liberia seem to have run out of cash, giving out mutilated notes to customers while ATMs cannot dispense cash

Monrovia – The lack of Liberia dollars in commercial banks in recent time has intensified the government’s call for the printing of new banknotes.


Report by J. H. Webster Clayeh, [email protected]


Since the past government printed additional Liberian dollars in 2017, the CDC-led has failed to determine the amount of money in circulation.

FrontPageAfrica has been hearing from some Liberians about the government’s plan to print new banknotes.

Henry K. Varsen, Teacher

“The policy of changing or bringing in new money is welcoming but the government first has to know how much is in circulation. Since the former CBL Governor Milton Weeks left, we do not know the money that are in circulation and so, because of that, we see every time the United States dollar rate continues to appreciate over the Liberian dollar. Based on that, I think there is a need that the government prints new banknotes. Let the entire money be changed. 

Before the election, there were money printed and it was in the hands of politicians that wanted to be reelected. So, based on that we don’t know how much was printed up till now.

So, for me, I will recommend to the government that the money should not be printed as additional money to the current ones.

Let there be a change of money and then the new governor and the CBL technicians will know how much are in circulation and that will also help CBL to have full control over the money market.

From my background, I do not want to use the word help but the printing of new banknotes will solve some problems in our dire economy. There will be some level of civility in the exchange rate.”

“The policy of changing or bringing in new money is welcoming but the government first has to know how much is in circulation. Since the former CBL Governor Milton Weeks left, we do not know the money that are in circulation and so, because of that, we see every time the United States dollar rate continues to appreciate over the Liberian dollar. Based on that, I think there is a need that the government prints new banknotes. Let the entire money be changed. 

Henry K. Varsen, Teacher

Lincoln Gardour- Businessman, Randall/Water Streets, Monrovia

“Printing new banknotes is not a bad thing. But, the first thing is, has the government put in place the proper mechanism and measure of printing new banknotes? I say no.

In printing new banknotes you must first know how much money is in circulation. The government has not told us how much money is in circulation. 

Printing the new banknotes is not a bad thing but the intent of printing the money does not mean well for us (Liberians). Printing new banknotes, are we not going to have the economic problem we are having in this country?

To resuscitate this economy, I don’t think the printing of banknotes will solve the problem. Government just needs to put in place the right mechanism and measure. Let them try to work on the tariff, bring the tariff down that more goods will come to the country.

Let them try to work on the security sector and provide the basic needs of the people like water, electricity, a good education system, good healthcare, and road network are the things Liberians really need.”

“Printing new banknotes is not a bad thing. But, the first thing is, has the government put in place the proper mechanism and measure of printing new banknotes? I say no.”

Lincoln Gardour- Businessman
Joseph Jeremiah Testimony Barclay, Chairman of Professionals United to Promote the Pro-poor Agenda (PUPA)

“Printing new banknotes does not make any sense to me, it will also raise inflation. As I speak to you right now, the US rate has drastically declined we can hardly find Liberians dollars.

I am a witness. I went for L$40,000 and they (bank staffs) insisted that I receive five thousand. Why must we save?

This is all happening because those who are managing the economy are not managing it well. I am not a student of Economics but I think certain people in the country are holding the Liberian dollars and do not want it to come outside.

So, when you print new banknotes the exchange rate will skyrocket. The festive season is coming and many people need money to go for their goods out of the country and what they will need to get their goods is the United States dollar so the exchange rate will have to increase.

To print new money now is like to allow the Minister of State Nathaniel McGill buys another luxurious house that will cost over $500,000.

Printing money will mean CDC Party Chairman Mulbah Morlu will buy a new house that will cost over US$300,000.

So, I would advise the government not to print new banknotes because it will only be spent on individuals and not on the majority of our people.”

“Printing new banknotes does not make any sense to me, it will also raise inflation. As I speak to you right now, the US rate has drastically declined we can hardly find Liberians dollars.”

Joseph Jeremiah Testimony Barclay, Chairman of Professionals United to Promote the Pro-poor Agenda
Amie Brown, Resident of Sinkor

“Everywhere you go no money, even in the banks no money, where did the money go? We don’t know. So, I want for the government to change the money. And for those that are keeping the Liberian dollars, let them keep it.

When the government brings in new money they will be the loser. I think that when the money is changed the things prices will drop.

The money we are using right now was not changed properly. We are still using three currencies. So, I think when the money is changed, things will be better.”

J. Kingsley Mulbah, Money Exchanger at Rally Town Market

“We have economic problems right now and we don’t know how much money is in the circulation. So, printing new banknotes will be another problem.

In term of money supply, there is a mechanism needed to be put in place before they (government) can come out to print new money. Printing new banknotes will increase the hardship in the country because we don’t know the money that is in circulation.

The drop in the exchange rate is a strategy from some business people to hold fast to the Liberian dollars and make it scarce. It is not normal, the Liberian dollar is not going anywhere out of the country. It is in circulation right in the country.

“Everywhere you go no money, even in the banks no money, where did the money go? We don’t know. So, I want for the government to change the money. And for those that are keeping the Liberian dollars, let them keep it.

Amie Brown, Resident of Sinkor

If you tell me that the US dollar is scarce then I will agree with you but it cannot be the Liberian dollar. Where is the Liberian dollars going? It is right here in circulation. So, it is artificial, and they (government) are trying something to drop the rate. This is not nature.

What I think the government can do to strengthen this economy is to empower the private sector.

I want to appeal to the government to make the Liberian dollar available and not to print new banknotes. I know they got the Liberian dollars, and they are keeping it to create scarcity and they are doing this so that people can agree with them on the printing of new banknotes.”

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