Monrovia – The sudden increase in the exchange rate between the U.S. and Liberian dollars is heralding hardship for many Liberians and as a result, not many are shopping for Christmas. Both sellers and buyers are feeling the pinch.
Report by Bettie K. Johnson-Mbayo/ [email protected]
“I have been selling for the past seven years and this year, Christmas is very bad for me and my family. They are buying my goods. I have been selling the same goods since November 15.
This is disheartening and up to now, I haven’t bought anything for my children’ – Fita Wokpeh, a petty trader
In the Waterside market, the tiny bells are bellowing by the marketers, signaling would be buyers to purchase.
Many looked around. Some asked for prices and walked past. The air is dead still and the sun is scorching.
Sellers are screaming on top of their lungs to outdo one another in a bid to attract customers.
Fita Wokpeh, a mother of three sits on a mat as beads of sweat rolls down her back. Living a distance from her selling spot, she wakes up 4:am in order to get to town to secure a comfortable spot to sell and to earn more profit for being an early bird.
She says she’s been selling for the past 7 years and profits from her sales have been going towards the education of her kids.
Christmas is only three days away, but Fita says she has yet to feel the pinch of it.
“I have been selling for the past 7 years and this year Christmas is so very bad for me and my family, because up to now I’m still on the same goods I bought since November 15, which is disheartening and I haven’t bought anything for my children yet,” she said with a countenance which looks weary from the hot sun.
The downturn in Christmas can be attributed to a recession the Liberian economy currently wobbles in.
Minister of Finance and Development Planning, Boima Kamara told a news conference in Monrovia Wednesday that the budget has experienced a critical breakdown – declining from 6.7% in Fiscal Year 2015/2016 to 3.6% in Fiscal Year 2016/2017.
Minister Kamara added that the National Budget dropped from US$622 million in FY 2015/2016 to US$600 million for FY 2016/2017.
About ten feet away from Fita, Teta Brown looks on with astonishment as she reduces the number of clothing to purchase for her kids due to the spike in the cost of each.
As she decides on what to purchase, suddenly she was startled by the sound of bangers thrown near her. The sound of it brought back memories of the war years.
Car park used as spot for seller
Klubo Kabay has no table but is paying parking attendants to fill a vehicle spot to trade her wares.
“You see me sitting here on the floor, this is where car parks but no table for us to sell on it, and so at the end of the day we pay $150 to the city parking management.”
For Cecelia Dahn, she blames the low turnout of buyers to the exchange rate.
“The buying is poor because the U.S rate very high, and you see me selling used clothes since I came here I have made $500.00 LD and now its 1:00pm, I hope more buyers come before the day ends.”
Sellers at a small store, Mensah Baysay and Korpu Jersey said Christmas in the past year was better the the pending present one, adding that they haven’t gotten anything from their extended family because the market is tough.
Business is also slow for Joseph Sawbo.
“Business is not fine—look in the store everyone is sitting and no customer is coming to buy. Things are difficult, all we can say is there are more expenses because we put in for the goods and it has arrived but no buyer to reduce the expenses.”
“The economy is down, and the last days can’t even help us restore what we have lost on our products that were imported.”
A socks and underclothes seller, Sam Tobey said: “This Christmas is almost the same as last year because the U.S rate has been high.”
“If you are selling you have to compare it to the buying rates because if you sell above the buying rate you wouldn’t have your profit and also the foreigners and we are selling products retail.”
Tobey called for the Liberalization policy to be implemented by the Commerce Ministry, adding that if implemented, lives of Liberians will improve.
He said his primary attention is to get money to get his children tuition fees.
“No money now, so my main focus is now is to get money for my children second semester fees because I have told them that no money now so they wouldn’t have Christmas.”
Mardea Brown, another seller said it’s worse than the previous years but added there is a weaker sales are down in the market.
“This is a bad year for Christmas because the rate is bad, and the goods are out but no money to purchase the items.”
He continued: in the 80’s and 90’s we bought our kids Christmas clothes and the rate was not as high as it is now, and business frankly, is not moving because no customer—look at the street, it is empty.”