LIBERIA: House Speaker Suggests Single Currency Regime

House Speaker Dr. Bhofal Chambers

House Speaker Dr. Bhofal Chambers has  suggested a single currency regime for Liberian commerce and trade,  preferring the adoption 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 said monetary control in the Liberian economy is  seriously challenged by the loose availability of the two Liberian  currencies in multiple styles and denominations.

He said former President Ellen Sirleaf in the climaxing days of her  presidency created “an economic gulag”, relating to a Soviet-style  economic and militarily fashioned scenario, purpose to compel  compliance on economic activities.

The Speaker said the Liberian dollar was printed in huge quantity by  President Sirleaf’s regime and has flooded the economy, chasing the  few United States dollars coming into the Liberian commerce and trade  corridors.

He said the past government was warned against printing new banknotes  by the 53rd Legislature and other economic pundits, but former  President 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 the Ellen’s regime, which has given  rise to the wanton counterfeiting of the Liberian dollar by  unscrupulous individuals.

The Speaker, however, stated his cognizance of 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 said he wants government move and withdraw the  multiple local currency from circulation, adopt 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 curb the economic situation in the country, like adopting  a single currency, the woes may 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 Administration, as government is now finding a lasting  solution to the situation.

He further stated 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 July 26.

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About Cholo Brooks 6735 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists.