News

President Weah blames Liberian hardship on inherited economy

Last updated on September 11th, 2021 at 03:09 pm

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.

Albert Echetah

Recent Posts

UN Condemns Extension of South Sudan’s Transition to 2027 Amid Stalled Reforms

In a development quite contrary to expectation, the United Nations Mission in South Sudan has welcomed the extension of South…

September 20, 2024

Safety at tourist resorts to be stepped up in Kenya to attract visitors

Kenya's government will beef up security in Lamu County, a popular tourist region, to combat terrorism and other threats in…

September 20, 2024

Ghana’s Opposition NDC Demonstrates Nationwide Over Independent Audit of Voter Roll

Nationwide protests, held in all 16 regional capitals, had been staged by the NDC on Tuesday, demanding an independent audit…

September 19, 2024

UAE Announces $10.25 Million Humanitarian Aid to Support Sudanese Women Refugees in Chad

Consequently, the UAE announced a set of new humanitarian projects in Chad and pledged $10.25 million to the United Nations…

September 19, 2024

The baobabs of Zimbabwe provide vital support to rural communities affected by climate change

Loveness Bhitoni has been picking baobab fruit from the gigantic trees surrounding his farm in Zimbabwe since childhood, to vary…

September 18, 2024

Al-Qaeda Affiliate JNIM Strikes Mali’s Capital in Rare Terrorist Attack

A terrorist attack by the Al-Qaeda affiliate group Jama'a Nusrat ul-Islam wa al-Muslimin-or JNIM-occurred in Bamako, Mali, early Tuesday, September…

September 18, 2024

This website uses cookies.