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Liberia news

Dr. Paygai frowns on dual currency regime here

The Vice President for Administration of the African Methodist Episcopal University or AMEU Dr. Q. Somah Paygai has warned that if nothing were done to address problem of dual currency in the country, Liberia could face another trouble.

He said income gaps faced by Liberians today are so wide unlike the regime of former President Joseph Jenkins Roberts, saying the inequality of wealth is worse, and likely to deepen.
The AMEU Vice President gave the warning over the weekend at the official dedication of a new parking lot for the university on Camp Johnson Road in Monrovia, saying “We must be dedicated to the general welfare of the citizens, not prosperity for some, and poverty for others.”
The ex-official of the Taylor regime said as Liberians grapple with the trouble of dual currency system, the main challenge is exchange rate determined by the market, adding that depending on what can or cannot be done with either currency and how, or their rate of exchange is managed by monetary authorities in the country.
According to him, at any market exchange rate, the introduction of a new currency simply increases the amount of liquidity in the system, without any other effect, if nothing happens, then that could not have happened by expanding money.
Turning over the parking lot to the university president, Dr. Paygai AMEU VP says said, “I am very much gratified for this parking lot to be turned over through my office to the president; we want you know that we are very much happy with the level of work you, and your team have carried out on our campus.”
He said it was incumbent upon him to inform the Liberian people that the Motherland was going through immense difficulty, and “as former member of the Economic Management Team of Liberia, I want to bring to the attention of the public that there is a need for us to correct the dual currency issue in our country.”
He said if nothing were done, the country will continue to experience inflation, and there is likelihood it could become higher. Dr. Paygai, who former served as Chairman of the National Investment Commission during the Taylor regime, called on the Central Bank of Liberia and current members of the Economic Management Team of the country to address the dual currency issue.
Speaking earlier, the Technical Manager of the Construction and Architecture Service or CASE, Mr. James Smith thanked the AMEU family for the confidence reposed in his firm to execute the project, recalling that last year the company received a little opportunity, and this opportunity developed to a greater partnership.
“We were given the auditorium to construct, and that gave birth to this parking lot project, and this project is about 600 cross meters to accommodate 30 to 34 cars; this will be a useful lot to members of this institution, and we are looking forward to receiving another opportunity”, Mr. Smith said.
Meanwhile, accepting the project, the President of the A.M.E. University Dr. Joseph T. Isaac urged the contractors to continue serving the university, saying “The more good work you do for us, the more opportunity you create for yourself. We have decided that parking here will be free of charge, but on the basis of first come first serve.”

ByLewis S. Teh-Editing by Jonathan Browne

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