LIBERIA: House Speaker Suggests Single Currency Regime
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.