New Currency: What’s Really Going On –GOL?

Amid the significant depreciation of the Liberian Dollar in value on the local exchange market (L$95 to US$1), the central Bank of Liberia or CBL may have decided to print new banknotes, including a new Liberian Five – Hundred Dollar banknote.

President Ellen Johnson Sirleaf, a few weeks ago, had written the Legislature for permission for the CBL to print additional bank notes – a request granted by the House of Representatives after the Committee on Banking and Currency chaired by Representative Julius Berrian of CDC and District #10, Montserrado County), submitted a report to Plenary.

Since the official announcement by CBL Governor Milton Weeks and subsequent publication of specimen of the Five Hundred Dollar banknote, reactions have been mixed, with a huge public disapproval.

Top Liberian economists continue to vehemently reject such economic decision as unwarranted and intended to create more hardships for the Liberian economy and people, while government officials, including some members of the same legislature, are still opposing the decision in that the already depreciating situation of the Liberian Dollar will be execrated.
Regrettably and very unfortunately, the Government of Liberia, through the central Bank, is printing the money without telling the people of Liberia the total amount of mutilated notes to be replaced; amount to be printed, as well as all other issues dealing with the printing of the new notes.

Even the legislators, who did not care to ascertain the technical details of the decision, are not in the know of the amount to be infused – least to say how much Five Hundred Dollar banknotes is being or has been printed.

What is really going on – nothing straight from the progenitor (the Executive) and no head, no tail from those claiming to be representing the interest of the Liberian people. WHAT’S REALLY GOING ON WITH THE GOVERNMENT OF LIBERIA?

Now, barely a week following the announcement by the CBL Governor for the new bank notes, including a new five hundred Liberian dollar denomination, the House Committee on Banking and Currency is threatening to lead a campaign of vote of no confidence in the Governor of the Central Bank if the bank went ahead to circulate the bank note in question.

According to the Committee, at no time did it recommend to Plenary such decision, except that which deals with the replacement of mutilated noted on the market. But all-in-all, no one knows what happening – whether or not there’s a hidden agenda against the interest of Liberians on the part of the decision-makers, there’s an urgent need for clarity on what’s really going on before “things go off hands”.