Liberian NewsUncategorised

CDC Gov’t struggles to fix ill economy: Printing new money in the making

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-LRA boss Thomas Doe Nah vows to name & shame Gov’t officials failing to pay their taxes

By Our Staff Wrtier

In the wake of the rapidly declining economic situation in the country, the CDC government plans print new banknotes soon as a means of addressing the financial situation in the country, Finance and Development Planning Minister Samuel Tweah has disclosed.

Speaking at the Ministry of Information regular Thursday news conference in Monrovia, Minister Tweah said because the Liberian market is being flooded with excess Liberian dollar banknote, President Weah has agreed that it is necessary for the new government to take this measure.

Inflation has been escalating in the past year with the value of the Liberian dollar drastically falling against the US dollar, as the current exchange rate now stands  between 1USD-17—175LD. But the government’s recent decision to infuse US$25 million into the money market achieved little or nothing and the Mop-up exercise itself has hit a scandal level, with recent international Kroll and the local PIT audit discovering huge discrepancies in the management of the process.

Replacement of old banknotes requires Legislative approval.

Minister Tweah told Journalists that the new Liberian dollar banknotes will be introduced on the Liberian market in the shortest period of time, in order to enhance economic growth.

The Liberian Finance Minister acknowledged that the Liberian economy needs to be urgently revamped.

“A new Liberian currency will shortly be introduced, therefore we are calling on the Liberian people to do all in their power by depositing the current Liberian dollar banknote at the Central Bank of Liberia (CBL) in order to be on the save side whenever this new banknote is released,” Minister Tweah said.

He cautioned those keeping large quantities of money in their homes to begin depositing them in the banks, in anticipation of the coming of the new Liberian dollar banknots.

“We urge all of you to carry your money, especially the Liberian banknotes to the Central Bank of Liberia (CBL) safe keeping, because when the time comes, it will be in your best interest,” Finance Minister Tweah asserted.

As the economy continues to decline, the Liberian government is finding it very difficult to raise enough revenue to fund its cash-based national budget, which predominantly consist of recurrent expenditures—huge payroll largely dominated by fabulous allowances and benefits of government officials.

And it is however the government officials themselves who are among the greatest tax evaders.

At Thursday’s Information Ministry’s news conference, the Commissioner General of the Liberia Revenue Authority (LRA), Thomas Doe-Nah vowed to name and shame officials who he said are failing to pay their taxes including Real Estate tax.

Mr. Doe-Nah threatened that the LRA will publish the names of government officials who are delinquent tax payers.

It remains to be seen whether this will come to fruition, as to date a long list of government officials are yet to live up to the National Code of Conduct Act on declaration of assets and liabilities. This is the second year into the CDC government.

Meanwhile, the Finance Minister has announced that the submission of the 2019/2020 draft national fiscal budget to the Legislature will be delayed by one month.

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