Exactly ten days after ascending at the helm of authority as Chairman of the Collaborating Political Parties (CPP), Unity Party Standard Bearer, Dr. Joseph N. Boakai has been speaking on a wide range of national issues gravely affecting the state and people under the leadership of President George M. Weah and his ruling Congress for Democratic Change (CDC.
In a press statement published on Monday, October 25, 2021 the Central Bank of Liberia (CBL) was deeply featured about the manner and fashion it was conducting itself at the displeasure of the citizens. the statement noted that “not surprisingly, this nightmarish scenario has begun to raise its ugly head this year. This time around, it is the refusal of the government through the CBL to supply needed Liberian dollars, on the market”
. The statement pointed out that this is not only counterproductive to the economic growth desperately needed, but it is broad daylight hardship being imposed on the people of Liberia by the CDC-led Government, adding that how can the government sit idly with such insensitivity to the Liberian people when prices of food, clothing and other essential commodities are still high while the Liberian dollar is denigrating?
“Our recent check on the CBL’s website shows that monthly data on inflation since June ending 2021 is yet to be published by the CBL. The CBL must wake up and not allow itself to be a puppet in the hands of politicians seeking their personal welfare over the Liberian people”, the statement said.
Accordingly, one significant factor explaining this shortage of the Liberian dollar on the market during the last quarter of the year is the deliberate and intentional failure of the CBL to service Liberian dollar withdrawal demands of the commercial banks that are obligated to hold Liberian dollar current accounts with the CBL. This gross failure of the government to meet its commitments to the commercial banks consequently translates to the growing lack of confidence in the Liberian banking sector by the public.
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