IPNews-Monrovia,Liberia-8 July 2018: The House Speaker Bhofal Chambers is calling for the legalization of a single currency regime for the Liberian commerce and trade.
According to a release from the Speaker Chambers office, the attainment of a single currency regime for Liberia will be a preferring adaption of the United States dollars amidst the excruciating challenges the economy is faced with.
At a news conference held at his Capitol Building Office in Monrovia, at the weekend, Speaker Chambers stated that the monetary control of the Liberian economy was seriously challenged by the lose availability of the two Liberian currencies in multiple styles and denominations value.
He says former President Sirleaf in the climaxing days of her presidency created “an economic gulag”, relating to a soviet style economic and militarily fashioned scenario, purpose for compel compliance on economic activities.
The Speaker said the Liberian dollars was printed in huge quantity by President Sirleaf regime and has flooded the economy chasing the few United States Dollars coming in the Liberian commerce and trade corridors.
He noted that the past government regardless of series of warns not to print new bank notes by the 53rd Legislature and other economic experts, yet former President Ellen Johnson-Sirleaf went ahead , thus contributing seriously to the present condition of the Liberian economy.
Another indicator the Speaker proffered is the low security features on the new bank notes printed by the Ellen’s regime, which has given rise to the wanton counterfeiting of the Liberian dollars by unscrupulous individuals.
Chambers further stated his cognizance of Liberia’s balance of trade deficit, but intoned that the country exports and imports imbalances cannot be singularly responsible for the current economic debacle.
He recommended that government move to withdraw the multiple local currency in circulation, and the United States Dollars , and ensure the introduction of highly sophisticated secured feature prone currency which will rescue the country from its current messy economy situation.
The Speaker told the media gathering that until some radical decisions are made to curve the economic situation in the country, like adapting a single currency, the economic woes would be made deeper.
The Maryland county lawmaker however assured the Liberian people that the economic issues the country is faced with will be overcome by the Weah’s Administration, as government is now finding a lasting solution to the situation.
He furthermore that the state of the country economy were still strong and secured and wish the Liberian people a happy and memorable observance of the 171st independence day, come the 26th July 2018.
Contrast to Speaker Bhofal Chambers’ comments and recommendation on the use of ‘single currency and doing away with the US dollar’ have sparked controversies across the country with some terming the speaker’s comment as’ below the belt’.
Some Liberians economist spoken to by this paper said that any attempt to begin taking and accepting Speaker Chambers recommendation on the economy will lead to a complete breakdown of the economy and spark unwarranted protest actions from ordinary Liberians who suffers the most.
Some attributed to the continue poor economic state of the economics of the lack of proper understanding of the market forces and trends of the economy and foreseeably answers to mitigating the forecast problem issues .
Others attributed the current economic conditions to lack export earnings to support the country’s reserved and stimulate grown at the micro finance levels of the economy.
With all this, ordinary Liberian spoken to by this paper continued to decried the continued living conditions and inflation in the exchange rate which continued to affect the prices of essential goods and commodities on the market.
