When the news broke out early this year, June 2019, that President Weah photo was being placed on a proposed new bank note, dozens of reactions came from all sectors of the Liberian society, many described the report as ‘Fake News’, even though the proposed new bank note was posted on the Face Book wall of Montserrado County District 8 Representative Acarous Moses Gray.
The Liberian leader, President George Weah early last week wrote the Legislature through the Senate Committee on Banking and Currency requesting the lawmakers to approve the printing of new Liberian banknotes in the tone of L$35 billion. The money, according to the President, will be infused into the economy when printed.
Article 34 ‘D’ of the Liberian Constitution gives power to the Legislature to levy taxes, duties, imports, exercise, and other revenues, to borrow money, issue currency, mint coins, and to make appropriations for the fiscal governance of the Republic.
There are clear indications that the government currently does not have an exact figure on the amount of money in circulation on the Liberian Economy.
A highly-placed source in the government told a local daily on condition of anonymity that the government does not know the quantity of money in the hands of most individuals and business institutions, including GSM mobile money operators, forex bureau, as well as business people.
According to the paper, quoting source said, when the new money is printed, the government will then be able to know the nature of businesses with huge sums of Liberian dollars and those involved in money laundering.
“All of the money printed will not enter the market at once. When money is printed, it is placed in two vaults — reserve and operational. The one in operational is call money and the in reserve is not until it enters operational,” the FPA quoting its source further disclosed.
Further supporting the printing of the new currency, another source in the government told FrontPageAfrica that the new currency will help reduce the rate of inflation as well as appreciate it against its US Dollar counterpart.
“The exercise will restore confidence in the monetary system and will be transparent and closely monitored by international experts. Once printed individual, business people will have to exchange the old notes at the CBL,” this source assured.
Design of New Money
It is not clear what the design of the new banknote will be, however, sometime early this year, a multi-colored new banknote bearing the face of President Weah, appeared on social media. Speculation began to abound that the Weah-led administration was in the offing of printing new banknotes.
When this banknote appeared online, it drew a lot of mixed reactions most of which were negative against the President and his administration.
In addition to the President’s face is very visible on this purported banknote, the ‘money’ that showed up online, had the series number “AA 0553444” and it is a 100$ banknote.