“Printing New Banknotes Is Totally Wrong” – Liberian Businessman, Christopher Hayes Onanuga Asserts

Liberian businessman, Christopher Hayes Onanuga

A Liberian businessman, Christopher Hayes Onanuga who is also the Chief Executive Officer of a chain of businesses including CT Com locally and international has added his voice on the printing of new banknotes as being requested by the Liberian President, George Manneh Weah.

In a dispatch from the United States, Mr. Onanuga asserted that the Liberian leader request on the printing of new banknotes must be denied; stressing that his opinion is not out of hate nor out of envy, but out of logic and great wisdom.

Noting further Mr. Onanuga who is also owner of KOOL Radio and TV said in two years from now, the Economy will come into play in West Africa, and will also bring along with it, what he called, “Huge benefit to countries in distress and share her pains and downturns with bigger and more prosperous nations in West Africa, who employ more people, manufacture more, export more, with greater respect for the rule of law”.

Adding, he said, “Understandably, we can focused on greater things now than printing such notes Introducing new currencies into the Liberian economy is unnecessary at this time in our economy trajectory. Moving forward, the mop up exercise went on in Liberia and till date it is still under investigation, the final report or knowledge may embarrass the very foundation of financial accountability in our financial management sector,” the Liberian businessman in his dispatch which was also posted on his Face Book Wall noted.

“Again upon taking a closer look at what is expected to be achieved by new note printing, then indeed there is no need to do such, since the old cash in circulation are cost to 75% in the hands of people at home, with less incentives to keep such in the banks, the influx of grade a printed fake notes in circulation, printing new notes will only encourage greater inflation”.

“Market chronology, with the market forces against stability of the local currency, of what importance is a new currency infusion? Every sector of the economy is terrible and needs revamping, no amount of cleansing through new currency printing, will keep the 23.5% inflation rate from going higher. Our economy is unstable to an extent, though we not manufacturing nothing, simply because we have rights to the lost powerful currency on earth”.

On the issue of the United States Dollar, Mr. Onanga said, “this brews me to the opinion being expressed by some characters who feel a single currency is what we need, though we cannot manufacture anything, absolutely nothing. The bottom-line of it all, corruption in itself, is manifested a great deal in damaging Andy partially great idea that could aid better structured ideas and political will.”

He stressed further that, “The printing of new banknotes is bad for us right now, if $30 Million should be infused into Liberia and directed at 3 counties for agricultural advancement to feed this county, it will make more economics sense than printing new banknotes”.

In his dispatch, the Liberian businessman again asked, “Should the government not be thinking about, restructuring the banking sector, paying attention to building structures in central bank and rebranding her damaged image? Which in turn will encourage more savings in the financial or banking sector, this madness is crazy”.

“Now the Bottom line, increase employment through strong Creative means, one that stands out totally is TOURISM, TOURISM and TORRISM. As an Ambassador of tourism in this time and age, in a country whose land is extremely beautiful, from the Jill’s of Ducor, to the water ways of West Point, St. Paul river, Du River, Lake Paso, the Lofa Mountains, to the water falls of Bong and Sinoe  counties, etc.”

Concluded, Mr. Onanuga called on the Liberian leader to commit his government to developing TOURISM and see how much the private sector will pull in, starting with his company, $10,000 will be his company’s start up contribution and not the print and change of currency the Liberian leader is fronting for, adding, “Lastly, what is in this that is so urgent, that was not urgent. Which allowed $25 million to be used for mop up exercises then? Who is paying for this print? What are we putting in for exchange? Let us focus and make this system with political will successful,” he availed.

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About Cholo Brooks 12532 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, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.