Part I (A):
How President Weah’s Government Can Reduce Hardship in Liberia?
There are several practical steps or approaches the Weah’s government can utilize to minimize hardship and maximize good living conditions for Liberians. This series contained part 1, 2, 3, 4, 5 and 6. Part I of this sixth series, calls for the cancellation of the use of the US dollar in the Liberian economy which is one of the major factors contributing to hardship in Liberia.
Removal of the US dollar from the Liberian Economy:
The systematic and comfortable utilization of the US dollar as a legal tender in the Liberian economy is one of the fundamental and systemic causes of acute hardship-indirectly imposed on Liberians in Liberia since 1907. Not every Liberian works or earns the US dollar in Liberia. Pegging the US dollar with the Liberian dollar is economically not appropriate. Every item sold in stores in Liberia has the UD dollar price tag on it, thus making life miserable for millions of Liberians while few Liberians and their unscrupulous business partners dwelled in perpetual dollar paradise.
House rents are labeled in US dollar, school fees and registration are largely labeled in US dollar. Everything is labeled in US dollar. How will Liberia develop under such condition? Enormous goods and services are charged in US dollar. Salaries of government officials, including the judiciary, the executive and parliament are all in US dollar. As a result, unwelcomed and dangerous foreign businesses are constantly flocking to Liberia in search of the US dollar with evil intent thus leaving Liberians in poverty—this is viciously an insane precedence.
The Liberian economy is draining considerably due to the effective use of the US dollar which is adversely undermining the smooth development of the Liberian economic. First, the US dollar has been creating huge inflation rate (139 LD to I US) which has continued to weaken the status of the Liberian dollar. Liberia is the only country in the world that is effectively utilizing two legal currencies working assiduously -side-by-side. The use of the US dollar in Liberia is conducive and lucrative but it is very dangerous for Liberian living condition in general.
The US dollar fertilizes the perpetuation of rampant corruption in Liberia. The US dollar is highly tantamount to the economic vandalization of the Liberians business sectors and the proliferation of corrupt agent of change. The US dollar encourages the huge influx of thousands and thousands of foreigners into Liberia. These foreigners’ fundamental goal is to search, grab and take away every cent of the US dollar away from the Liberian economy.
If the Weah’s government is very serious to minimize hardship on Liberians as an agent of positive change, his government should move tactically and swiftly to replace the US dollar with the Liberian dollar. In other words, the Weah’s government should foster the establishment of a very strong Liberian dollar economy that will benefit Liberians and not the foreigners who are purposely in Liberia to chase and take away the US dollar.
Furthermore, all items, materials, should be sold directly in Liberian dollar going forward, which would improve and reduce hardship on Liberians. No business material should be price tagged in US dollar in Liberia anymore. For example, gas stations, hotels, motels, restaurants and for-profit and not-for-profit business entities/institutions, public and private Universities in Liberia should be made to charge all their fees and registrations in Liberian dollar exclusively.
Every embassy, NGO, PVO internal/external charities organizations, government officials, parliament, the judiciary and the executive should conduct their normal business transactions in Liberian currency only with no pegging with the US dollar. The bank of Liberia should be the official custodian of the US currency. All business entities/institutions that are in the business of importing goods from abroad should purchase the US dollar directly from the Bank of Liberia.
Other private banks should buy the US dollar from the bank of Liberia for external international transactions only. Individual Liberian can be allowed to open a private US dollar account at any bank of their chosen, but they will transact that amount in Liberian dollar in Liberia. Liberians who will have a US dollar account at any bank should be forbidden by law to transact their businesses and or other services directly in Liberian dollar and not in US dollar. Those services or businesses should be reflected in the through the powers of the Liberian dollar. That means, a Liberian can withdraw his/her US dollar from a bank of his/her chosen, but his/her transaction should be done in Liberian dollar going forward. Condit in next edition (Cancellation of the US dollar in the Liberian economy).