“We, through the SCM, are calling on all candidates vying for the presidency, vice presidency, and legislative seats to sign the Social Contract (SC) as a demonstration of good faith and commitment to the citizens of Liberia to lead a new day where the government will do better in terms of Governance, Performance, and Accountability.”

IPNEWS: Former Liberia’s Finance and Development Minister, Boima Kamara, has alarmed over threats of being targeted by figures of the George Weah government.

In a dispatch from the United States, former Minister Boakai Kamara claimed that contrary to a report by social media Spoon Talk that the government of Liberia sought extradition for him and his family on allegation of corruption, his wife is subject to target by elements of the Goerge Weah’s government over his recent utterances on national issues, especially calls for signing of a social contract by all presidential, and Legislative candidates on the safeguard of Liberia’s fiscal revenue.

Boima Kamara is a Liberian politician. He served as the country’s Minister of Finance and Development Planning, a position he held from April 2016 to 2018. Prior to this appointment, he served as the deputy governor of the Central Bank of Liberia.

Former Minister Kamara stated his call for all candidates vying for the presidency, vice presidency, and legislative seats to sign the Social Contract (SC) as a demonstration of good faith and commitment to the citizens of Liberia to lead a new day where the government will do better in terms of Governance, Performance, and Accountability has prompted this latest target.

“ It is not an extradition for corruption. Rather, my wife is one of Liberia’s diplomats assigned to the Liberian embassy in Washington DC. She received a letter of immediate recall without cause. She was targeted because people in government claimed that my recent utterances on national issues through the Social Contract Movement (SCM) pointed to a system problem as to how the national budget is administered such that under President Sirleaf, 90.4% of $4.8 billion generated true domestic revenue mobilization was on recurrent expenditure (RECEX) and less on CAPEX; the same picture seen under President George Weah where of $3.5 billion generated in revenue, the government spent $3.1 billion on RECEX, again leaving little for CAPEX.”

“We, through the SCM, are calling on all candidates vying for the presidency, vice presidency, and legislative seats to sign the Social Contract (SC) as a demonstration of good faith and commitment to the citizens of Liberia to lead a new day where the government will do better in terms of Governance, Performance, and Accountability. These are the things we are championing. My record at MFDP is clear and impeccable with no stain of corruption.” Former Minister Boima Kamara stated.

Former Minister Kamara told the authoritative Independent Probe Newspaper, that the claim that he sounded like an opposition spokesman was not true because he is on record of speaking on national issues and writing policy papers before 2023 to the extent of providing policy prescriptions as a way forward for better governance.

Kamara argued that the Social Contract Movement (SCM) started by him is now taking on an institutional setup, one not centring around him as the individual who birthed the SCM. The SCM is now being positioned to take a life of its own with a governing board, Strategic Plan, Article of Incorporation, and to be followed by business registration.

Boima Kamara: “This civic duty to the nation for better institutions of governance and improved quality of life for all Liberians remain sacred to us, and we will not know to the associated persecutions that usually come at you when you stand for Justice and Righteousness in the Land.”

There has been no immediate reaction by the government of Liberia or the Ministry of Foreign Affairs over this accusation of former Minister’s Kamara wife being a subject of target over comments he made. However, the United States Department of States recently ordered the vacating of some overstayed Liberian diplomats under new U.S. Foreign Services regulations.

The United States government stated that its action is in accordance with it’s the Department of State’s accreditation policy, first introduced in the Department’s diplomatic note No. 21-1262, dated August 2, 2021.

This new policy highlights the duration of accreditation acceptance of certain bilateral foreign mission members assigned to embassies, consular posts, and miscellaneous foreign government offices in the United States.

The Department of State further reminded the government of Liberia through its Embassy that this new policy does not apply to Chiefs of Mission, Deputy Chiefs of Mission, Charge d’Affaires, or individuals in A-2 nonimmigrant status, accepted by the Department of State as being “permanently resident in” the United States for purposes of the Vienna Conventions.

“The Embassy is referred to the enclosed list of its mission members whose accreditation has been terminated or will no longer be accepted by the end of 2023. Furthermore, the Embassy receives an email notice providing a 45-day reminder for those whose accreditation will be terminated. “

“To date, the Department has not received an exception request -2- from the Embassy regarding the individuals who have or will be terminated. As a reminder, the Embassy may submit requests for exception to the accreditation policy, via diplomatic note, from the date of this note through August 18, 2023. “

“At a minimum, each request must include the following information for each individual for whom an exception is sought: • Name and PID number for each individual • Requested duration of extension for each individual • Justification for each individual • If an individual is assuming a new bilateral position, please provide: o the proposed future assignment; and o the proposed future assignment tour length The Embassy may submit requests to OFM-Policy@state.gov.”  The Department of State statement read.

SOCIAL CONTRACT CONCEPT

EXPLANATION OF THE SOCIAL CONTRACT FACTSHEET

ONCE UPON A TIME. WE GEH 2 VILLAGES: THE LIBERIA VILLAGE AND THE PROSPERITY VILLAGE. DEH 2 OF DEM GEH 20 DALOR EACH. DEH PEOPLE IN THE LIBERIA VILLAGE USE 18 DALOR FROM THEIR 20 DALOR TO JEH EAT AND DRINK, HAVING PARTY THROUGHOUT THE YEAR. FROM YEARTO-YEAR. DEH 2 DALOR DAH LEE WAY DEH PEOPLE OF THE LIBERIA VILLAGE, DEY CAN CATCH HARD TIME TO SEND THEIR CHILDREN TO SCHOOL AND GEH BOOKS FOR DEM; HARD TIME TO BUILD GOOD GOOD ROADS AND HOSPITAL; BUY MEDICINE AND EQUIPTMENT FOR JFK, JACKSON F. DOE, PHEBE AND OTHER HOSPITORAND CLINICS AROUND DEH COUNTRY; AND CATCH HARD TIME TO PUT GOOD MONEY IN AGRICULTURE TO GROW THEIR OWN FOOD TO FEED DEMSEF, AND NA TO TALK ABOUT SOM LEE OVER TO SELL TO OTHER VILLAGES ALSAD LIBERIA.

AY MEHN, DEH LEADER DEM IN GOVERNMENT JEH SPENDING DEH MONEY ANYHOW AND NOT PUTTING FIRST THING FIRST. IN THE LIBERIA VILLAGE DEY PUT ENJOYMENT BEFORE WORK FOR THEIR CITIZENS. BOR FOR DEH PEOPLE IN THE VILLAGE ACROSS THE ROAD FROM DEH LIBERIA VILLAGE, DEY PA, DEY TAY 18 DALOR FROM THEIR 20 DALOR AND PUT SOM IN FIXIN GOOD ROADS, HOSPITOR AND CLINICS; SEND THEIR CHIDREN TO BECOME GOOD DATORS DAT CAN TAKE CARE OF YOU WHEN YOU GEH EAR, NOSE, AND THROAT PROWEN; HEART PROWEN, EYE PROBLEM AND PLENTAY OTHER PROWEN PEOPLE CAN GEH WHEN DEY ARE SICK; PUT SOM MONEY TO TRAIN POLICE AND ARMY TO MAKE THEIR VILLAGE SAFE FOR EVERYBODY INSIDE AND THE ORLOR FROM ALSAD TO DO BISNEY WITH NO PROBLEM; PUT SOM MONEY TO TEACH YOUNG BOYS AND GIRLS TO KNOW TRADE AND DO BISNAY GOOD AND MAKE MORE WORK TO COME FOR PLENTAY PEOPLE; AND ALSO MAKE SURE DAH DEH PEOPLE DA NA IN GORWORMEN WILL PUT THEIR OWN MONEY, NA GORWORMEN MONEY OH, CAN DO ALL KINDA BISNAY AND GORWORMEN JEH MAKE SURE DEH COUNTRY IS OK FOR DEM TO DO THEIR BISNAY SO ALMOST ALL DEH PEOPLE IN DEH PROSPERITY VILLAGE CAN GEH JOBS TO DO ALSAD GORWORMEN AND NA DEPEND ON ONLY GORWORMEN TO FIND JOB FOR THEIR PEOPLE LEH DEH PEOPLE IN THE LIBERIA VILLAGE CAN DO. DEH PEOPLE IN THIS VILLAGE PA, DEY CAN PUT FIRST THING FIRST (DEH BOOK MAN CALLED IT PRIORITY SETTING) AND FOR DEM, THEIR BALAN 2 DALOR, DEY CAN TAKE IT AND ENJOY DEMSEF SMALL, NA PLENTAY PLENTAY LEH DEH LIBERIA VILLAGE. YOU CAN IMAGINE WEN DEH PEOPLE IN DEH LIBERIA VILLAGE GEH SICK AND GO TO JFK, DEY CAN’T FIND MEDICINE AND DEY GOT TO GO ACROSS DEH ROAD TO LUCKY PHAMACY BUY MEDICINE FROM THEIR OWN POCKET AND SOM MON DEM WILL RUN TO DEH PROSPERITY TO GEH TREATMENT DAH JFK AND ORLOR HOSPITOR DEM CAN’T DO WEN THE LIBERIA VILLAGE PEOPLE GEH SICK. SO, THIS STORY TELLS US HOW LIBERIA, IN 12 YEARS WEN MADAM SIRLEAF WOR IN DEH CHAIR AS PRESIDENT, SPENT US$4.3 BILLION OUT OF US$4.75 BILLION (AMERICA MONEY) DAH DEH GORWORMEN COLLECTED ON SALARIES, GOODS & SERVICES, TRANSFERS AND SUBSIDIES, AND GRANTS (I.E., RECURRENT EXPENDITURE). DEY ONLY LEAVE WITH ABOUT US$457 MILLION TO DO PLENTAY TIN LEH BUILD GOOD SCHOOLS AND SEND THEIR CHILDREN TO SCHOOL; BUILD ROADS 2 AND BRIDGES; FIX HOSPITAL AND TRAIN DATOR AND GEH MEDICINE AND MACHINES TO TAKE CARE OF SICK PEOPLEOR; GEH MACHINES AND SEEDS TO GROW PLENTY FOOD TO FEED THE LIBERIA VILLAGE AND MAY BE SELL THE BALANCE TO PEOPLE ALSAD LIBERIA VILLAGE. DEH BOOK PEOPLE CAN SAY THE AMOUNT GIVEN TO CAPITAL EXPENDITURE IS NOT SUFFICIENT ENOUGH TO SUPPORT PUBLIC SECTOR INVESTMENT PROJECTS (PSIPs), ESPECIALLY IN EDUCATION, HEALTH, AGRICULTURE, YOUTH AND WOMEN EMPOWERMENT, AND ROADS.

DA DEH SAME TINFOR ALMOST 6 YEARS IN PRESIDENT WEAH GORWORMEN. DEH GORWORMEN COLLECTED US$3.5 BILLION AND SPENT US$3.1 BILLION AGAIN ON SALARIES, GOODS & SERVICES, TRANSFERS AND SUBSIDIES, AND GRANTS; WHILE DEH MONEY DEY SPENT ON ROADS, SCHOOLS, HOSPITORS, AGRICULTURE AND ORLOR IMPORTIN AREAS WAS ONLY US$401 MILLION. DIS ONE, IT NA FINE AT ALL TO SOLVE DEH PLENTAY PROWEN IN HEALTH, EDUCATION, ROADS AND MANY OTHER GOOD TINGS. IT IS IMPORTANT TO STATE THAT PRESIDENT SIRLEAF TOOK OVER A NATION REELING OUT OF CIVIL UNREST WITH A BUDGET SIZE OF US$80 MILLION, DAMAGED MOUNT COFFEE POWER PLANT, POOR STATE OF ROAD INFRASTRUCTURE AND WATER AND SANITATION. HER ADMINISTRATION HAD TO DO A LOT OF HEAVY LIFTING INCLUDING REACHING THE HIPC COMPLETION POINT FOR LIBERIA TO RECEIVE A DEBT WAIVER OF OVER US$4.0 BILLION FROM EXTERNAL CREDITORS. THE WEAH ADMINISTRATION, WITH THE BUILDING BLOCKS LAID BY PRESIDENT SIRLEAF, BEGAN WITH A BUDGET SIZE OF OVER US$500 MILLION, RELATIVELY BETTER, ROADS, HOSPITALS, AND EDUCATIONAL INFRASTRUCTURE INCLUDING TVET INSTITUTIONS. WITH OUR FOCUS ON FEW AREAS OF SPENDING, UNDER PRESIDENT SIRLEAF, THE LEGISLATURE (103 INDIVIDUALS: SENATORS, 30 AND REPRESENTATIVES, 73) RECEIVED US$309. 59 MILLION (OF WHICH IN MILLIONS, OFFICE OF THE PRO-TEMP, US$10.08; HOUSE OF REPS, 194.65; SENATE, US$90.24; OFFICE OF THE SPEAKER, US$8.39; AND OFFICE OF THE DEPUTY SPEAKER, US$6.23. THE OFFICE OF THE VICE PRESIDENT RECEIVED US$17.42 MILLION. THE HEALTH SECTOR GOT US$400.08 MILLION WITH US$348.30 MILLION ON SALARIES, GOODS & SERVICES, TRANSFERS 0 1000 2000 3000 4000 5000 Nat’l Budget RECEX CAPEX Nat’l Budget RECEX CAPEX SIRLEAF 12 YEARS WEAH 6 YEARS N A T I O N A L B U D G E T P E R F O R M A N CE ( Billio n s U S $ ) 3 AND SUBSIDIES, WHILE A MEAGRE US$51.74 MILLION LEFT FOR CAPITAL EXPENDITURE. THE EDUCATION SECTOR GOT 496.17 MILLION WITH SALARIES, GOODS & SERVICES, TRANSFERS AND SUBSIDIES ACCOUNTING FOR US$483.66 MILLION. ON THE AGRICULTURE SECTOR FRONT, US$61.68 MILLION WAS RECEIVED— US$51.55 MILLION ON SALARIES, GOODS & SERVICES, TRANSFERS AND SUBSIDIES; AND US$10.13 MILLION ON CAPITAL EXPENDITURE (MORE ATTENTION SHOULD RATHER BE PLACED ON HOW SPENDING TAKES PLACE WITHIN THE SECTOR, WHILE ALLOCATIONS TO SECTORS SHOULD BE UNDERPINNED BY PROGRAM-BASED PRIORITY.

UNDER PRESIDENT WEAH, THE LEGISLATURE RECEIVED US$307.39 MILLION (OF WHICH IN MILLIONS, OFFICE OF THE PRO-TEMP, US$10.64; HOUSE OF REPS, 179.54; SENATE, US$100.35; OFFICE OF THE SPEAKER, US$9.58; AND OFFICE OF THE DEPUTY SPEAKER, US$7.28.

THE OFFICE OF THE VICE PRESIDENT RECEIVED US$16.16 MILLION. THE HEALTH SECTOR GOT US$329.46 MILLION WITH US$292.23 MILLION ON SALARIES, GOODS & SERVICES, TRANSFERS AND SUBSIDIES, WHILE US$37.21 MILLION LEFT FOR CAPITAL EXPENDITURE. THE EDUCATION SECTOR GOT 457.72 MILLION WITH SALARIES, GOODS & SERVICES, TRANSFERS AND SUBSIDIES ACCOUNTING FOR US$446.04 MILLION, WHILE CAPITAL EXPENDITURE GOT US$11.68 MILLION.

THE AGRICULTURE SECTOR SADLY ATTRACTED US$26.32 MILLION— US$25.27 MILLION ON SALARIES, GOODS & SERVICES, TRANSFERS AND SUBSIDIES; WHILE A VERY LOW AMOUNT, US$1.05 MILLION WAS LEFT FOR CAPITAL EXPENDITURE. PUBLIC DEBT DECLINED TO US$1,134.0 MILLION IN 2017 (DOMESTIC, US$398.0 MILLION; EXTERNAL, US$736.0 MILLION), FROM US$4,524.90 MILLION IN 2006 (DOMESTIC, US$882.10 MILLION; EXTERNAL, US$4,524.90).

THE STOCK OF PUBLIC DEBT STOOD AT US$1,230.0 MILLION 0 100 200 300 400 500 TOTAL CGSTS CAPEX TOTAL CGSTS CAPEX TOTAL CGSTS CAPEX TOTAL CGSTS CAPEX TOTAL CGSTS CAPEX TOTAL CGSTS CAPEX TOTAL CGSTS CAPEX TOTAL CGSTS CAPEX TOTAL CGSTS CAPEX TOTAL CGSTS CAPEX LEG OVP MOH MOE MOA LEG OVP MOH MOE MOA SIRLEAF 12 YEARS WEAH 6 YEARS 307.39298.5 11.0917.4216.11.32 400.03 348.3 51.73 496.17483.66 12.51 61.6851.55 10.13 307.39286.39 2116.1614.981.18 329.46 292.24 37.22 457.72446.04 11.6826.325.271.05 National Budget Performance: Key Areas-Sirleaf_Weah (Millions US$) 4 IN 2018 (DOMESTIC, US$393.0 MILLION; EXTERNAL, US$847.0 MILLION) AND ROSE TO US$2,343.0 MILLION IN 2023 (DOMESTIC, US$634.0 MILLION; EXTERNAL, US$1,709.0 MILLION).

Liberia Dollar Circulation

** Following a request by the President on December 12, 2019, seeking authorization from the Legislature to print Liberian dollars, the HoR with concurrence from the Senate approved on March 19, 2021 the request to print L$48.7 billion to replace old notes in 3 years 2021, 2022, and 2023.
However, Liberia is the ONLY country within the sub-Regional, MRU, and Regional Bloc, ECOWAS, where the Central Bank Authorities go to the Parliament to seek Legislative Approval to Print. This decision was taken in 2015 on the grounds that the CBL Management was meddling in politics.

How could this be a sufficient order condition to penalize the entire nation, complicate monetary policy, and risk the stability of the Liberian dollar as we are seeing today? We are, therefore, calling on the Legislature to amend the CBL and return CBL’s Monetary Authority Independence in every respect, including the decision to print Liberian dollars to be domiciled exclusively with a MERIT-BASE COMPETENT MANAGEMENT AND BOARD OF GOVERNORS.

Also, Liberia is again the ONLY within ECOWAS with a Dual Currency Regime. All the rest of the 14 countries have a Single Currency Regime. Even ECOWAS is working towards a Single Currency Regime for ECOWAS: the currency to be called ECO. For Liberia, there have been discussions around moving to a Single Currency, especially between 2010 and 2014 with a roadmap sequencing de-dollarization measures such as moving towards paying all taxes in Liberian dollars; quoting all prices for goods and services in the domestic economy in Liberian dollars (this does have a real appreciation effect on the Liberian dollar through exports); and reporting all financial transactions in Liberian dollars. I must say, from anecdotal evidence, that the open-door dual currency regime is, in itself, influencing the depreciation of the Liberian dollar because Liberia continues to be used by business agents from neighbouring countries to siphon US dollars from the local economy through FX trading transactions.

That is, they come in with goods; sell the goods; open FX Bureau through the help of relatives and friends- legitimizing the transaction by obtaining a license from the CBL to operate an FX Bureau; and then, move the US dollars through the commercial banks and borders. The time is now to hold a National Dialogue agree on several reforms and implement them swiftly without delay. This analysis simply points to the fact that the current depreciation of the Liberian dollar cannot be put squarely on manipulation by individuals and businesses in the market. The problem is more on the ECONOMIC FUNDAMENTALS side of things than on individual and business 1 2023 1st Quarter Economic Bulletin.

manipulation of the exchange rate. For example, the justifications for the 2023 Recast Budget include a reduction in international trade volume, which by extension means a reduction in revenue inflows (i.e., reduction in foreign exchange earnings- low US dollar inflows into Liberia measured by the estimated US$23.53 million from the earlier USS782.94 million to US$759.42 being outpaced by Liberian dollars in circulation). Thus, according to international finance and trade theory, an exchange rate depreciation takes place when there exists an excess supply of one currency (i.e., more Liberian dollars in circulation) over the other currency (i.e., less US dollars in circulation).

Some Transparency and Accountability Concerns for the CBL:
1. Can the CBL make available to Banking and Currency the record for the last 3 years,
2021,2022, and 2023 showing the volume of Liberian dollars replacement, old notes/mutes
replaced with new notes with details of their serial numbers.
2. Where is the record of mutes (i.e., tear-tear money) destruction for at least the last 3 years since the authorization to print L$48.7 billion. This is important to know from the perspective of currency management. Can the CBL2

provide evidence-based research that talks about the lifespan of the Liberian dollar family banknotes: 5, 10,20, 50, 100, and 1000? See examples for a few countries below: