The President of Liberia George Weah says he will fix the poverty situation in his country by implementing new measures.
Weah in a national address on Monday said his new measures should also tackle the rising inflation levels.
The Liberian government intends injecting $25 million into the forex market. It will also make available enough local cash in the banking sector.
Weah says he is “fully aware of the negative impact of the declining exchange rate on the economic well-being of the Liberian people, and the serious hardship that this is beginning to cause.”
“We believe a more aggressive enforcement of monetary policy should go a long way to address the problem,” he said.
President Weah is hoping to give the central bank more powers to regulate activities of banks. Those powers should also help regulate the circulation of local Liberian dollar.
Weah said his government will also “embark upon a major push to ensure” that Liberia “becomes more competitive in terms of domestic production.”
Tough measures
Shortly after becoming President this year Weah announced a slash in his salary by 25 percent. This was to help fix a country he described as “broke”.
He said the Liberian “economy is broken; our government is broke. Our currency is in free fall; inflation is rising.”
“In view of the very rapidly deteriorating situation of the economy, I am informing you today, with immediate effect, that I will reduce my salary and benefits by 25 percent,” Weah announced.
Liberia was founded by freed US slaves in the 19th Century but in the past decades suffered from civil war and Ebola outbreak.
These incidences have virtually collapsed its economy.
Source: Africafeeds.com
