PHOTO: View of Barclayville general market
By Emmanuel S. Koffa
BARCLAYVILLE, Liberia- Marketers in the southeastern county of Grand Kru say they are feeling the economic pinch, as the exchange rate falls increasing the value of the Liberian dollar, but prices of consumer goods continue to remain high on the market.
Grand Kru, which is home town of President George Manneh Weah, is situated some 567 kilometers from Morovia.
With Liberian dollar banknotes, many of them mutilated, becoming very scarce and the inflation rate increasing, marketers here are calling on the government to arrest those refusing mutilated Liberian dollar banknotes on the market.
The abrupt decline in the exchange rate between the Liberian and the United States dollars is said to be worsening economic constraints and posing additional hardship on the vast majority of Liberians, most of who are impoverished.
For nearly two weeks now, the exchange rate between the US and Liberian dollars has declined drastically, but the prices of basic commodities remain high.
The unstable exchange rate has greatly affected commercial activities, including the sale and purchasing of basic goods and services.
In Barclayville city, the exchange rate stands at US$1 to 145 LD, while in some areas, the exchange rate is US$1 to below 145.
Earlier exchange rate stability
Last month, October 2021, the exchange rate between the two currencies experienced stability and stood between US1 to 180 or 190LD in other places. But the condition dramatically changed following increased scarcity of the local currency on the market.
In an interview with Joruanlsts at the Barclayville general market recently in Barclayville, scores of citizens including marketers, petty traders, vented out their anger over the current economic situation, something they say is happening because too much attention is given to the US currency in Liberia.
Barclayville general market warehouse Director, Sarwia Goe, who sells dry goods, believed that the current situation is impeding economic growth and development in the county.
Mr. Goe said he is in total support for the printing of the new Liberian banknotes, to reduce the US dollars circulation on the Liberian market. For him, this will bring total relief to the entire business community in Liberia.
The Barclayville general market warehouse Director claimed noted that the situation undermines the value of the Liberian currency.
According to him, some other local government officials and citizens refuse the mutilated Liberian dollars, but called on the government, through Justice actors, to urgently arrest the current situation.
In separate remarks, market women in Barclayville blamed the lack of companies and bad road conditions for the overall economic hardship people are facing today.
They explained that customers are no longer purchasing goods as they did before.
The market women said buyers are now constrained because of the current exchange US rate and refusal to accept the Liberian banknotes on the market.
“Business is really hard right now. Sometimes when you come, people can only buy one, two, three items for the whole day and as you are going home, your children need to eat. You have to buy soap and other things to take care of the home,” one of the market women told Journalists.
The market women fear that the situation will deteriorate, if concrete steps and stringent measures are not taken by the relevant authorities.