President George Weah in a radio broadcast Monday pleaded with Liberians to be calm as he and his economic management team work to curb inflation that has caused increase in the prices of basic commodities including food and gasoline/fuel oil.
He said the administration’s development strategy – the Pro-poor Agenda for Prosperity when concluded will serve as a roadmap for economic recovery, and will consist of short-term interventions, medium-term reforms, and long-term restructuring of the Liberian economy.
“I am fully aware that we are faced with a very difficult macroeconomic situation in Liberia. For many decades, we have incurred trade deficits because we import more than we export,” the President said.
“We have an economy based on traditional exports such as iron ore, rubber, coffee, etc., which are shipped to foreign buyers in their raw state, without any value-added propositions which could have also contributed significantly to industrialization and employment.”
Finding lasting solutions to the present macroeconomic challenges, Weah said, will take some time but will be resolved by upsurge local production, reducing imports and increasing export.
He has directed the Central Bank of Liberia to pump US$25million into the nation’s economy to address the instability on the foreign exchange market.
Liberia is facing inflation and decline in the value of its local dollar. Weah said inflation has climbed to 21% this July, while the local currency has depreciated against the United States dollar by 25%.