-But Procedural error said to be corrected
By Mark N. Mengonfia- mmenginfia@gmail.com
It appears like Liberian President; George M. Weah has identified the constitutional breach he committed in his request to print new Liberia Banknotes, as the 16 billion Liberian dollars scandal still remains unresolved.
With some 21 billion Liberian dollar said to currently be in circulation, the CDC government is pushing for the printing of 35 billion new Liberian dollar banknotes.
Since coming to power on January 22, 2018, President Weah has come under serious criticisms for acts said to be intended to undermine the constitution and laws of the land such as the appointment of the head of Secretariat of the Liberia Extractive Industries Transparency Initiative (LEITI), something he tried to undo just a few days ago.
Article 34 of the Liberian Constitution gives the Legislature certain specific power, including authorization to print/mint money. But 34 d specifically states from which of the Houses such bills must originate from. And in the case printing of money, it says it should originate from the House of Representatives, as it says it shall have the power:
“d. to levy taxes, duties, imports, exercise and other revenues, to borrow money, issue currency, mint coins, and to make appropriations for the fiscal governance of the Republic, subject to the following qualifications:
i. all revenue bills, whether subsidies, charges, imports, duties or taxes, and other financial bills, shall originate in the House of Representatives, but the Senate may propose or concur with amendments as on other bills. No other financial charge shall be established, fixed, laid or levied on any individual, community or locality under any pretext whatsoever except by the expressed consent of the individual, community or locality. In all such cases, a true and correct account of funds collected shall be made to the community or locality;”
Recently, the Liberian leader placed aside Article 34 of the Liberian constitution which calls for all financial discussion to start from the House of Representatives, but rather communicated first with the Liberian senate whose only has the power to concur with the House in financial matters.
He wrote the plenary of the Liberian Senate last week informing them about the printing of new Liberian dollar banknotes. But some farsighted Senators were quick to raise the red flag that it was not the right process for the President to have first communicated with them in the case of printing money, rather it should be the House of Representatives.
Apparently, after the observation made by the members of the Liberian Senate, President Weah tried to right the wrong and has this time officially written the plenary of the House of Representatives seeking their approbation to print new Liberian Dollar Banknotes.
In his letter to the body, President Weah informed them that he received communication from the Central Bank of Liberia (CBL) advising that the economy may be seriously affected due to the unaccounted local currency infused in the economy which according to them is causing high inflection.
The Liberian leader went on in the four- paragraph letter to the House of Rep. that the CBL has recommended the printing of new local currency to replace the existing one; although he did not say which type of the money—the one printed by former Liberian President Ellen Johnson Sirleaf or the legacy note.
Liberia currently has two local currencies which are concomitantly being used on the Liberian market as a medium of exchange for goods and services on local markets.
President Weah told the House of Rep. that the decision needs to be made now to address the issue that impacts the economy and reminded them that it is important for them to note that the printing of the Banknotes will require their approval in keeping with Article 34 (d) (II) of the 1986 constitution of Liberia.
President Weah said in the communication that he has advised the soon to be retired Executive Governor of the CBL to seek the opportunity to discuss the matter with the lawmaker and their appropriate committees as they will dictate.
“It is my fervent hope that you can agree on the way the forward to enable the CBL to move forward in a timely manner to conclude arrangement for the printing of the currency,” President Weah said as he sounded like former President Sirleaf when she was requesting for approbation to print new Banknotes which some billions cannot be accounted for until now.
Upon reading the communication from President Weah, the plenary of the House of Representatives agreed that the letter be sent to its committees on Banking & Finance and Ways, Means and Finance to give a preliminary report early next week.
But Nimba County District #8 Representative, Larry Younquoi said the time given them( lawmakers) to decide the possibility of printing new Banknotes is very short.
He pleaded with his colleagues to do due diligence to the matter by allowing it spent some times in their committee room until their return from their legislative recess next January, at which time they as lawmakers have gotten all the advantages and disadvantages of printing said money, this plead form Younquoi was note accepted.
The two committees are expected to make their first report early next week.
Up to date, the Liberian government has not given accounts of the alleged missing 16 billions Liberian Banknotes and the 25 USD millions that was given to Finance Minister Samuel Tweah for a mob up exercise.
The million dollar question Liberians have started asking is: since President Weah’s CDC government proposed printing of new local banknotes, who accounts for the “missing billions” and the discrepancies-prune USD$25 million, when in fact those who allegedly misdirected the monies are still in the cycle of the leadership?