Cancel the US dollar In Liberia: Condt’d from part I
Any Liberian or foreigner who will keep more than two-thousand US dollar in his/her private bank account said account should be an investigated by the National Security Service (NSA). And if the source of said amount or account is unquestionable, those concerned should be taken to Court of competent jurisdiction to provide evidence and justification of how they obtained such amount of US dollar and from what source. All private/public banking entities should be mandated by the Bank of Liberia to make a quarterly disclosure of all foreigners’ and Liberians who saved more than five thousand US dollars in their foreign accounts at home and abroad.
No foreigner/Liberian should be allowed by the NSA to pass through the Robert International Airport (RIA) with any US dollar without the approval of the Bank of Liberia and said fund should be in bank draft and not in physical cash. If the Bank of Liberia doesn’t approve of said transactions those involved should be charged with economy sabotage or economy crime and placed behind a bar for ten-year after a court ruling. Anyone wishing to travel with US dollar outside of Liberia he/she should get an authentic bank draft of not more than one five hundred US dollar with the support of the Bank of Liberia.
The US dollar has affected the effective growth and development of Liberia from time in Memorial. This is because every Liberian/foreigner/politician and other business people often engage in a capital flight of the US dollar from Liberia which undermines development in Liberia. The US dollar also facilitates rampant corruption in Liberia. There should be a banned on any Liberian banking in US dollar outside of Liberia.
Those who will violate such policy their properties should be confiscated by a Court and the accuse ones should be thrown in jail for five-years. A presidential decree from President Weah should compel every Liberian irrespective of status or position in Liberia to bank straightly in Liberia. It should be considered as an economic crime for any Liberian to bank abroad.
The Liberian government doesn’t have the necessary resources to back the use of the US dollar in Liberia, as a result, the nation is experiencing huge inflation and capital flight. The Liberian dollar has been undermined and weakened severely, which is a ridiculous economy. Liberia can easily obtain resources to back the Liberian dollar, then the US dollar in Liberia. Liberians are using the US dollar because of greed, corruption, personal aggrandizement and prestige.
The removal of the US dollar in the Liberian economy will eventually minimize hardship on Liberians because Liberia will only be confronted with the use of one single currency, that is Liberian dollar for all of Liberians personal and private transactions in the country. The use of the US dollar in the Liberia economy should be declared insane and violators should be put behind bars for using the US dollar as a legal tender in Liberia if only President Weah is serious about reducing hardship on Liberians in Liberia.
The other areas that adds hardships on Liberians is the serious disparities in salaries structures. Lebanese and other foreign businesses should be mandated how much to pay Liberian employees rather than the foreigners determining how much they should pay Liberian employees within their personal purview or perspective. The Weah’s government should get engaged fully in these areas of sincere concerns.