What Do People In Bong County Want The Gov’t To Do?
By J. Peter S. Dennis, dennisrealone@gmail.com
GBARNGA, Liberia- Despite repeated notices to the Public that the deadline for the replacement of old Liberian dollar banknotes is March 3, 2024, many residents in the central Bong County have expressed disappointment in marketers refusing the country’s legal tender.
The Central Bank of Liberia (CBL) has since set March 31, 2024 as the deadline for what it calls “Liberia Series One and two or old money” which were printed between 2003-2009 and 2016-2017, with the latter carrying denominations of L$500 higher to be in circulation.
But as it stands, many businesspeople across the country have started refusing the money, thus causing serious embarrassment for the ordinary citizens.
There has also been report of fighting in some parts of the country while others are denied from transacting with the old money.
Speaking on our reporter, the Bong County residents described the actions of marketers and traders as unprecedented.
According to them, there should be no reason of rejection ahead of the deadline.
“We can’t understand what’s happening because the 31st has not reached, then people have started refusing the money. Why are they even behaving like this?” they told our reporter in anger.
They however, want President Joseph Nyumah Boakai take immediate actions to save his government.
“President Boakai should act now before things go out of control,” they emphasized.
If nothing is speedily done, the Bong County inhabitants feel “it will deface” Boakai’s government.
On May 6, 2021, the 54th National Legislature through a Joint Resolution agreed to print 48 Billion dollars and infuse it into the country’s economy in stages.
“As of March 31, 2024, in compliance with Section 25 of the Amended and Restated Act of the CBL of 2020, the Central of Bank of Liberia (CBL) will officially terminate from circulation all old Liberian dollar banknotes printed before 2021,” the Bank said in a press statement on October 3, 2023.
“This will allow only the new family of Liberian dollar currency in the amount of L$48.734 billion authorized by the 54th National Legislature in its Joint Resolution of May 2021, which is being gradually infused into the economy as the only valid legal tender after the deadline.”
According to the Bank, once the “old currency is phased out,” it will not be used for economic and financial transactions but can still be exchanged through the banking sector.
The exchange, the Central Bank of Liberia said, will not take into consideration the lack of legal tender status of the old families of banknotes but will retain the same value.
“People who will still be in possession of the aforementioned banknotes after the March 31, 2024, deadline will be able to exchange them with the same value at the nearest Central Bank facilities, commercial bank offices, branches and agents, as well as the rural community finance institutions,” the CBL release noted.