MONROVIA, Montserrado – In keeping with President George Weah’s mandate to infuse US$25 million into the economy, the government on Tuesday, July 18 announced that it had begun the exercise to buy back Liberian dollars.
An Executive Mansion press release said within two days of the president’s mandate, the Economic Management Team had been able to take away over L$239 million (US$1.48 million) in excess liquidity out of the market.
This, according to the Executive Mansion press release, signifies the president’s commitment to stabilizing the economy through the implementation of stringent regulatory measures and strong monetary policies, both in the short and long term. The government hopes these measures can address the current rapid depreciation of the Liberian dollar to the U.S. dollar.
“We cannot emphasize enough how resolved and committed the president is in addressing the current economic crisis we are confronted with,” the press release stressed.
While addressing the nation on the growing economic troubles on Monday, July 16, Weah said officials of his government were aware of these systemic problems when they decided to pursue the presidency.
“We are fully aware that we were elected with the expectation that we will solve these challenges,” he said.
The Liberian leader said the current decline in the economy is not a new development for Liberia, as the situation existed when he decided to run as president.
Featured photo by Zeze Ballah