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General News of Saturday, June 1, 2019
Source: dailyguidenetwork.com
2019-06-01
President Akufo-Addo and Liberian President George Weah
Liberia's macroeconomic situation, George Weah has revealed.
The West African nation is grappling with severe economic challenges under the presidency of Mr. Weah, a former footballer and political novice.
Inflation appears to be skyrocketing every second, with the free fall of the Liberian dollar against major international trading currencies, a big concern for Liberians.
But addressing a nation in 'despair' from Liberia's capital, Monrovia on May 29, 2019, Mr. Wah partly blamed the current economic crisis in Liberia on the fall in emergency aid since the end of the Liberian civil war in the early 2000s.
The civil war started in 1999 and ended in 2003.
He admitted "and so, my fellow Liberians, I want you to know that I am aware of the difficulties and hardships that the rising exchange rate is causing you, and the effects of the market. "
He added that "I am deeply concerned about these issues, and I am working day and night to resolve them."
According to him, "Liberia is no longer receiving the help of those who have died in the past."
He said "the amount of remittances we have received from US dollars has also declined."
Mr. Weah added that "all of these realities complicate our macroeconomic situation."
The Liberian leader noted that "the sudden drop in US dollar inflows puts pressure on the economy, and devalues the Liberian dollar, moving prices upward."
Outdated Policies
According to him, "the macroeconomic policies we have today are in a state of flux that we have free inflows of United States dollars."
He added that "we are now changing these policies to reflect the economic realities of our time."
Beyond Aid
The leader of the Liberian leader at a time when Ghanaian President, Nana Akufo-Addo, is calling for Ghana.
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