–Petro prices, Transport fares, Police vehicle Inspection spark Grave concerns
For the first time in several decades, the value of the Liberian dollar against the US dollar has plummeted, with the exchange rate reaching an all-time high.
Liberians from all indications are shocked, outrage, frustrated and angry at level of silence being allegedly demonstrated by the Liberian Government and its financial institutions on the unbearable socioeconomic hardships as a result of the exchange rate of American dollar against the weak Liberian dollar.
Liberians and business people caught in the dragnet of the current socioeconomic hardships want the Liberian Government to wake up and issue practical solutions to the current socioeconomic endless nightmare being encountered by financially starved Liberians.
A two week survey of the foreign exchange market in several business districts of Monrovia, Paynesville, Kakata, Gbarnga and Voinjama and many other commercial hubs, exchange rate is gravely bitting every sector of the Liberian economy.
Liberians in the above mentioned cities in urban and rural Liberia were contacted through multiple mobile phone contacts in obtaining some comments and feel backs on the socioeconomic conditions in their respective areas in the country.
Currently in Monrovia and the cities of Buchanan, Ganta, Kakata and Tubmanburg, the Liberian dollar exchange against the all-powerful American dollar is LD$150.00 to one United States dollar.
Basically, the facial expressions of Liberians can be described as grim, gloomy and outright indignation due to the unending socioeconomic hardships throughout the length and breadth of the country.
As a result of such staggering and uncontrollable exchange rate, majority of Liberians in many parts of the country are encountering unbearable hardships at the corresponding price hikes in critically needed commodities including locally produce commodities such as vegetables of all kinds.
Economic and financial analysts told the Daily Observer that the immediate intervention of the Central Bank of Liberia (CBL), Ministry of Finance and Development Planning (MFDP) and key financial institutions in the current escalation of the exchange in the country.
Owing to the sharp increase in the pump prices of gas and fuel oil to LD$500.00 at the moment, transport fares have dramatically been stepped up to all destinations in Monrovia, Buchanan, Kakata, Gbarnga and Harper, Greenville, Barclayville as well as Sanniquellie, Voinjama, Bopolu and Robertsport.
Further making the fragile socioeconomic situation complex, the recent police vehicle inspection continues to leave many Liberians stranded at various parking stations and street corners of many urban and rural cities in several parts of the country.
Accordingly, when the police vehicle inspection started on Monday June 11, 2018, several commercial and privately owned vehicles were impounded for the not processing their registration and insurance documents on the stipulated deadlines set by the revenue and finance agencies.
However, due to the fact that many Liberians are not known for being regular taxpayers, hundreds of the commercial and privately owned vehicles are not registered and covered with third party insurance as stipulated by the revenue laws of Liberia.
In several interviews with some stranded and affected business people in Paynesville and Monrovia, the various reactions were mixed as there pros and cons to the exchange rate, petroleum products prices and transport fares.
Latest transport fares from Paynesville Red-Light Market to Central Monrovia Broad Street are LD$150.00 to LD$200.00 in taxi cabs and LD$90.00 to LD$100.00 in mini buses.
Prior to the sharp increment in petroleum products, commuters and business people were paying in taxi cabs LD$100.00 and LD$70.00 in mini buses from Red-Light Market to Central Monrovia Broad Street.
Civil servant Darlington B. Thomas, 45, of Paynesville Weaver Street noted that the CBL needs to really work meticulously with the various foreign exchange bureaux to structure a single exchange rate and the law enforcement agencies monitor the transactions in all parts of the country.
On the hikes in transport fares, Mr. Thomas pointed out that there are some unscrupulous commercial drivers that are allegedly taking advantage of the current socioeconomic challenges to exploit and destroy the image of the Liberian Government.
Businessman Clarence B. Sackie Sr. intimated that the Liberian Government needs to take proactive steps to work with well-seasoned financial experts on the financial management aspects in order to rescue the business sector from the current socioeconomic nightmare in the country.
“I personally want the CBL and other financial stakeholders to take a critical economic look at our foreign sector and come out with genuine and durable solutions to our nightmare and hardships in our own country,” Mr. Sackie stressed.
Madam Caroline George Cooper, 48, general merchandise dealer of the Waterside General Market in Monrovia stated that every efforts should be exerted by the CBL and MFDP officials to find permanent solutions to the unusual escalation of the foreign exchange in the country.
Besides, she added, the Ministry of Commerce and Industry (MOCI) must double or triple efforts aimed at regulating transport fares and enforce all laws on would be violators caught in the acts of price hikes and commodity hoardings in all parts of the country.
Madam Cooper also stressed that the Liberia Petroleum Refining Company (LPRC) must exert all efforts to regularly brief Liberians on global trend of oil prices in order to checkmate the tendencies of unscrupulous commercial gas station owners, drivers and privately owned vehicles that are sometimes involved commercial activities.