The National Chairman of the Independent Congress for Democratic Change (ICDC), Hon. Emmanuel Rogers has squarely blamed the Liberian Government for the devaluation of the Liberian Dollars against the United States Dollars.
Speaking to the Capitol News and the Horizon News Media in a joint press conference, Chairman, Rogers explained why the ICDC strongly differs with the President of Liberia, Ellen Johnson-Sirleaf that capital flight as well as civil service salaries are additional causes to the high exchange rate in Liberia. The ICDC Boss noted that “Capital flight” of the United States Dollars is not a new economic problem in Liberia. He said, this problem existed in Liberia even before President Sirleaf served the Ministry of Finance under Presidents William R. Tolbert and Samuel K. Doe. According to Liberian Economists including that of President Ellen Johnson-Sirleaf who was then an employee of the Ministry of Finance that foreign nationals operating businesses in Liberia were actively engaged in the act of taking the US Dollars out of the Liberian Economy. Most blamed the Lebanese Business Community for the increase in capital flight in Liberia for the rebuilding of the Lebanon as the result of the Beirut War with the nation of Israel. Therefore, going on a radio “Talk Show” pretentiously explaining to the Liberian People that “Capital Flight” is such a new economic phenomenal to Liberia’s monetary economy policy problem today is far from reality when it comes to her government's handling of the nation’s economy. Liberians must note that Madam Sirleaf's Government lacks sound economic monetary policy when it comes to price control, price ceiling, currencies rates, business regulations enforcement, as well as bi-literal trades and concessions agreements. Secondly, the President as an economist herself, must be in a convivial state to state that “… due to the lack of enough US Dollars in the country, the government has employed a new measure by paying some public servants salaries in Liberian Dollars.” What that supposed to mean? A remedy to the devaluation of the Liberian Dollars against the United States Dollars? Will that increase the value of the Liberian Currency against the US Dollars? In the first place, why should certain Liberians under the civil service payroll be given special privileges in getting pay in the United States Dollars while others or the bulk of the masses get pay in Liberian Dollars? Doesn't the Government of Liberia see something wrong with such economic discrimination among the civil service? The President told the Liberian people that her government’s economic management team is working to improve the situation in the shortest possible time. This is not true once again. What has her economic management team been doing when the rate was increasing at a supersonic speed? Were they sleeping by ignoring the increase in US Dollar’s rates? What magic bullet of quick fix in the shortest possible time the Government's Economic Management Team can come up with without telling the Liberian People the time frame, and what specific economic factors that are being considered by the team? ICDC is cautioning the Liberian Government to put in place sound macro and micro economic policies to strengthen the Liberian economy. The proposed national party headed by its National Chairman, Hon. Emmanuel A. Rogers, is urging the GOL to reconsider its monetary policy regarding the use of the United States Dollar as a legal tender pegging alongside with Liberian Dollars at par. The Party noted, the first Liberian dollar was issued in 1847. It was pegged to the US dollar at par and circulated alongside the US dollar until 1907, when Liberia adopted the British West African pound, which was pegged to sterling. Subsequently, for the second time, United States currency was reintroduced in the Liberian economy replacing the British West African pound in Liberia in 1935. Starting in 1937, Liberia issued its own coins which circulated alongside US currency in the Liberian economy. Therefore, by the Liberian Government reintroducing the US Dollars once again in the Liberian economy, this will not be the first time. What Liberians need is the economic impetus to strengthen its monetary policy such as currencies rates, price control, banking and finance such as sound “Capital Flight” regulations to resolving the age old problem of Liberia economy, among others. On the issues of economy structure, we need sound fiscal policy on specifics government’s spending allocations such as increase in entitlement spending, defence/security, interest on the national debt and discretionary spending that ranges from purchasing building infrastructure and subsidizing farms to spending money on roads, schools, and paying down on the nation’s debts, and the electronic collection and enforcement of revenue collections process, among others. How do we achieve these macro and micro economics? We must have a progressive or proactive government willing to work in the interest of the Liberian people and not just a selected civil servants who are privilege to using US dollars in the Liberian economy. We need to convert our currencies alongside the US Dollars as a legal tender in Liberia. We have abundance of natural resources to back the use of the US Dollars as a legal tender in Liberia alongside the local Liberian currencies in smaller denominations. It is about time during this post war era that each and every Liberian directly benefits among other things, from the extraction of our natural resource by the mere use of the US Dollars as a legal tender in Liberia for all. We urge and encourage free education in Liberia as well. This, is to allow all school going children of the nation to go to school even if their parents cannot afford.
Read 358 times Last modified on Thursday, 07 July 2016 11:05