Faith – based organization Faith and Justice Network (FJN), is calling on President George Manneh Weah and the respective government ministries and agencies to speedily intervene by taking concrete actions to stabilize the cash flow of the local banknotes to meet up with costumers’ requests.
“It is evident that the current development challenges facing our nation should be overcome sooner than later. Concrete efforts must be exerted by respective government functionaries to faithfully translate the promises contained in the Pro-Poor Agenda for Prosperity and Development (PAPD) into action for all,” the group says in statement issued over the weekend.
The Board of Directors of the Faith and Justice Network within the Mano River Basin Countries says it is deeply concerned about the increasing economic hardship being caused by the unprecedented shortage of Liberian Dollars on the Liberian market.
According to FJN, this situation is leading to frustration among Liberians during the start of the festival seasons, especially among ordinary citizens.
FJN adds that this situation has instilled fear in the public, reduced investors’ confidence in the market and as well as their desire to trade.
The faith-based organization committed to fostering a Just Peace Society within the Mano River Basin Countries of West Africa, views the unexplained shortage of the Liberian Dollars on the market as a factor decreasing public trust in the Coalition for Democratic Change (CDC) – led government’s ability to meet the achievement of the PAPD.
FJN says it has observed with grave concern, the increased level of poverty and anger prevailing in rural and urban communities of Liberia as the direct result of the inability of commercial banks to make complete payments on legitimate customers’ withdrawal.
“An immediate intervention is needed in order to alleviate the rising economic hardship in the country,” the release says.
On the other hand, FJN categorically advises against the hasty printing of new banknotes at this time when issues highlighted in the Kroll and Presidential Investigation Team (PIT) reports surrounding the alleged “missing 16 billion Liberia Dollars” and the US$25 million mop-up exercises are yet to be conclusively addressed by the government of Liberia.
It says the Economic Management Team must be made accountable to the citizens before requesting the Legislature for approval to print new bank notes.
“Therefore, FJN admonishes and calls on the Legislative and the Executive branches of Government not to proceed with the printing of new bank notes exercise without first addressing the recommendations and issues highlighted in the Kroll and (PIT) reports,” FJN continues.
It says further that the government must first tighten the monetary policy to reduce the inflation that is fast eroding the living standards of the poorest Liberians, and take prudent measures to safeguard financial sector stability.
Finally, Faith and Justice Network says it remains grateful to the Most High God, the international partners, civic society organizations and all patriotic Liberians who continue to contribute to the peace, stability, and prosperity of the motherland.
“We urge all citizens and sundry to be assured of our fervent prayers for the progress of the nation during these ardent seasons,” it concludes.–Press release