Massive losses hit Liberia as "Weah economy" goes into recession | General news

A total of 800 rubber plantation workers in Liberia are expected to lose their jobs in the second quarter of 2019, while Liberia's economy under President George Weah is quickly facing recession.

This follows the announcement by Firestone Natural Rubber Company, Liberia's largest private sector subcontractor, that it will significantly reduce its workforce in Liberia, affecting 800 employees, or 13 percent of its workforce.

Firestone made this announcement in a statement released on Monday, March 18, 2019.

Many more Liberians risk losing their jobs if the precarious economic situation under the Weah administration is not revised.

Earlier this month, the International Monetary Fund (IMF) raised Liberia's growth rate to 0.4 percent, down from the forecast of 4.7 percent for 2019.

The whole economy would be in a messy state with the former president of football and president visibly unaware of the steps to be taken to remedy the situation.

Firestone, in its statement viewed by DGN Online, said the decision to fire workers had been made after a thorough strategic review of its current operations, coupled with unsustainable losses resulting from high overhead costs related to the deal. concession of the company between the Liberian government, low natural rubber production due to protracted civil wars in the country and persistent weakness in world prices of natural rubber.

The downsizing would include retirements, the abolition of certain employment contracts and layoffs.

According to the statement, "Firestone Liberia has worked closely with the Ministry of Labor and the Liberia Agribusiness Workers' Union (AAIWUL) to ensure that employees fired as part of this action will be in accordance with all applicable Liberian labor laws, company policies and the collective bargaining agreement of the company with AAIWUL. "

The natural rubber company explained that the measures alone would not be enough to restore the profitability of Firestone Liberia.

As a result, the Company will continue to evaluate all aspects of its business to ensure its long-term competitiveness and determine the best allocation of its resources to optimize its portfolio, processes and culture.