Even though there is no definitive decision to print new banknotes, these additional measures are to help strengthened the Liberian economy. The Liberian government has also being having talks with the Japanese government to ensure that tuna export is increased. The government has also been having talks with the Liberia aquaculture authority to ensure that shrimps and other sea food commodities are placed on the list to push Liberia export.
The Liberian economy is in a shattered state. But President Weah is determined to fix it. He is not taking the cry of the ordinary people lightly. Soaring food, petroleum and other basic commodities prices are need for concerns and urgent attention.
Cognizant of the fact that he was not elected for lifetime, President Weah has taken drastic measures to bring a sense of relieve to the poor of the poorest. On Tuesday, July 3, 2018, the Liberian leader received the abrupt resignation letter of the Central Bank Governor, Milton Weeks – and within a jiffy appointed a new one to the post. Professor Nathaniel Patray now heads the CBL.
Allegations of failing to safeguard the exchange rate, create monetary stimulus, regulate foreign exchange bureaus, and promote corporate liquidity for domestic businesses, were all part of Milton Weeks’ exit woes.
It was also alleged that Milton Weeks did not provide appropriate oversight for the regular weekly Central Bank auction of more than US$ 5 million dollars for key importers. None importers of key commodities like rice, cement, petroleum products and other edibles commodities have not been receiving the auction, thus, leaving them with no option but to make demands for the United States Dollars.
Liberians have been concerned over the exchange rate which has led to rising food prices. The exchange rate has sent shocks waves across the economic sphere of the country- creating uncertainties and causing fears among business owners.
On the brink of the change of the Central Bank Governor, the Liberian government is also expected to introduce new Banknotes on the Liberian market. The government wants to ensure that it is in full control of the rate as well as reduce inflation. The new notes will not have bigger denomination like in the case of the current banknotes. Dominations like LD$500 down to the LD$50 denominations will be cancelled as a form of curbing fraudsters and reducing black money activities.
Recently, the Liberian National Police arrested a Nigerian national in Ganta with more than one Million Liberian Dollars of counterfeit banknotes. Those were some of the factors that have precipitated the government’s latest action.