Effects of the harsh economic situation on women
The performance of the Liberian Economy has slowed drastically in the last twelve months.
Real Infliction is now measure in double digits, while unemployment is staggering.
Activities in the economy took a hate during the world’s worst Ebola Outbreak and the situation is yet to improve, as the Liberian dollar is left to fall freely against its US counterpart.
Through it all, how are women involved with commerce doing amidst the worsening economic climate.
Buchanan is Liberia’s second city and home to some of the world’s top multinational companies during business in Liberia. It is the right place to measure women’s economic empowerment as so much is envisioned by government and its partners.
Like most places in Liberia, women contributions are very significant to managing a family here- they work as traders, farmers, and in other professional roles.
Ruth Garway is one of many petit traders selling in Harphor Market, Buchanan. She blames the unstable exchange rate for problems confronting Liberian Business Women.
The Liberian dollar is trading at a Central Bank exchange rate of L$ 158 to U$1, though rates are far higher in different parts of the country as determined by importers needing the foreign currency.
Garway laments that the worsening situation which is driving prices of basic commodities higher is undercutting empowerment of ordinary women, including single mothers.
According to Trading Economics, infliction rate in Liberia was recorded at 21.40 percent in April of 2018. Inflation Rate in Liberia averaged 8.38 percent from 1968 until 2018, reaching an all-time high of 26.54 percent in August of 2008 and record low of -5.69 percent in December of 1971.
Cost of food in Liberia increased by more than 20 percent in April of 2018 over the same month in the previous year.
But Oretha Korpue, another local marketer who trades in fish, insists the answer to the national economic slump undermining women empowerment is with the government in Monrovia.
Korpue disclosed that the recent decline in fishermen catch in Bassa is permanent during this time of the year usually but only adds up to her bad financial problems.
Deputy Market Secretary at the Grand Bassa Marketing Association backs loan invention proposal to help save struggling small businesses across the country.
Victoria Sherman said this could avert the plight of the women enabling them to remain in business, only if the interest rate is low.
The banks stipulated 13. 1 percent interest rate is way above the paygrade of petit Liberian traders leaving options limited for reinvestments when their businesses are in trouble.
*This report was produced by reporters who participated in a recent gender sensitive reporting training held by UN Women. The content however does not necessarily reflect the views of UN Women.