-Capitol Building divided
By Mark N. Mengonfia, mmenginfia@gmail.com
The recent request by President George M. Weah to asking members of
Liberia’s Legislature to have some 4 billion Liberian dollars printed and infused in the economy has created huge debate among members of that body.
Critics says the head of the ruling CDC government, as he has repeatedly done since taking office nearly two years ago, “violated the Liberian constitution and overstepped his mark.”
Article 34 of the Liberia constitution of 1986 gives the power to authorize infusion of money into the economy to the Central Bank of Liberia and neither the Legislature nor the Executive.
This Article says the Legislature shall have the power “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,” but says it shall be subject to certain qualifications.
The communication from the Liberian leader in part says: “Honorable
President Pro-Tempore, while we are aware that the Legislature is
currently deliberating on pressing national issues, including
finalizing deliberations on authorization to the CBL to print a new
set of Liberian Dollar banknotes; the existing situation presents a
volatile financial environment such that the current Liberian dollar
vault cash position of the CBL is very inadequate to meet both current
and future Liberian dollar liquidity demand of commercial banks,
posing a potential security risk.
The president in his communication also had it that But speaking to
the president Communication “therefore, in the interest national
security and to enable our people celebrate the festive season in a
joyous way, I request the legislature, in accordance with Article
34(d) (ii) of the constitution of the Republic of Liberia, to
authorize the Central Ban of Liberia to infuse the amount of L$4.0
Billion into the Liberian economy to ease the current liquidity
pressure”.
This communication from the Liberian leader has not landed on a smooth
ground at the Capitol, as some members of that have given their
opposition to the printing or infusion of additional 4.0 billion
Liberian dollars on the Liberian market.
It has been interpreted in the public that the communication from the
Liberian Leader means that the money which the president is asking for
it infusion has already been printed and only needs to be infused as
requested by the president, while others have the views that the
president has requested to print the money and infused it into the
economy.
At a press conference, Montserrado County District #16 lawmaker,
Dixion Seboe who is also House of Representatives Chair on Banking and
Finance, said the president’s communication implies when he said “in
accordance with Article 34(d) (ii) of the constitution of the Republic
of Liberia, to authorize the Central Ban of Liberia to infuse the
amount of L$4.0 Billion into the Liberian economy to ease the current
liquidity pressure”.
Rep. Seboe indicated that the president is only seeking permission to
print the current Liberian dollar banknote to help alleviate the
current situation.
“You do not need permission to infusion money in the economy, the
president is requesting us to first give approval to print the money
before infusion” the House of Representatives Chair on Banking and
Finance intoned.
When he was asking if there was a procedure error for the president
first address such a request to the Liberian Senate rather than the
House of Rep., the District 16 lawmaker said “there is no procedure
error with that, the letter was send to us, but the speaker did not
put it on the flow for discussion. Even if the senate reaches a
decision and we at the House of Rep. do not agree, money will not be
printed”.
According to information from the corridors of the House of
Representatives, the speaker of that body identified the error in the
president communication something which made him to not place said
communication on the flow for deliberation.
It appears like members of the Liberian senate have also identify the
error thus describing the previous communication from the president as
the wrong letter indicating that the communication on social media is
not true.
Although, the letter on social media was read in plenary of the
Liberian senate, but the Senate Pro- Tempore, Albert T. Chie has
distanced the Senate from the Communication, which has reached the
public.