//President Weah blames Liberian hardship on inherited economy

President Weah blames Liberian hardship on inherited economy

Liberian president George Weah has pointed out that his administration is presiding over an economic hardship because it inherited a broken economy.He cited challenges he inherited that have impeded his administration’s economic growth as debts such as US$9 million Liberia Electricity Corporation (LEC) bills, US$65 million loans owed commercial banks, and a low balance of Consolidated accounts of US$7 million that could not service salaries and a low reserve of about US$150 million, among others.
The Liberian Leader made the clarification Friday in his first live interactive press conference with citizens since he became president in 2017. addressing key national issues confronting his country.
He said it was now time to transcend the everyday excuses and execute the people’s mandate, noting that many steps taken to drive the economic sector inclusive of austerity measures such as the Harmonization Policy are now yielding fruitful results, creating a business-friendly environment, and a better sensitive tax regime.
President Weah also called for massive investment in the agriculture sector utilizing the World Bank’s incentives.
The Liberian leader expressed concern about monies outside of the banking sector, stating that people’s lack of confidence in the industry is primarily responsible, but encouraged citizens to rekindle their confidence amidst reforms at the Central Bank of Liberia, denouncing moves by individuals believed to be hoarding Liberian dollars.
On the issue of printing new banknotes, President Weah stated clearly that his government has requested Legislative approval to print and infuse 4 billion Liberian dollars of current banknotes to ease liquidity problems within the banking sector.
He commended the legislature for their magnanimity to approve his request.
On the much talked about ‘Weah Step Down Campaign’, he said it is the inseparable right of every citizen to peacefully assemble, but pointed out that he will not yield to any ‘Weah step down campaign’.
He admonished his political adversaries to use the ballot box in 2023, and expressed confidence that he will triumph over them at the polls.