By Mark N. Mengonfia,mmenginfia@gmail.com
A Professor at the University of Liberia’s Graduate School of Business, David Farhat says government does not need to look for investors, but should employ the right mechanisms to attract them.
Farhat, a former Finance Minister, contested Liberia’s highest political seat during the 2005 elections. And until recently, he was a member of the Board at the Central Bank of Liberia (CBL).
In an interview at the University of Liberia, Prof. Farhat said “investors are like mouse, it disappears when there are movements and appear when things are settled.”
Liberia is ranked 174 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings. The rank of Liberia deteriorated to 174 in 2018 from 172 in 2017. Ease of Doing Business in Liberia averaged 161.91 from 2008 until 2018, reaching an all time high of 180 in 2014 and a record low of 144 in 2013.
Prof. Farhat said that “investors are people who want to look for place to plant their money and if a country is not stable, they will not invest their money in such a country.”
According to the Liberian financial expert, if investors are to come into Liberia with huge investments, the Liberian government needs to put the right people in the right places and stabilize the state security wise.
Prof. Farhat also indicated that if those who have money to invest always hear about violence, demonstrations and high tariff among others, they are not encourage going to come in with any investment.
He said Liberia is not the only country that is facing problem with her economy but said it is a global crisis which each country is helping to fix.
Prof. Farhat recommended that it is important for this current government to ensure that people of experience are brought on board to help fax things.
The UL Prof.also said disadvantage youths also referred to as “zogos” are one of the problems that this government has to settle. “Somebody needs to rescue the zogos. Those Liberians are hopeless” he said.
The one time presidential candidate said the people now call zogos are serious threats to the society. “The worst person to deal with is a hopeless person. Anyone can give these zogos guns and they will cause serious problem for the society” he added. In indicated that those Liberians are hopeless adding that such people are easily use by selfish individuals to create instability.”
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