Liberia Government (Monrovia)
20 November 2008
Monrovia — An Economic Roundtable, spearheaded by the Government of Liberia, has taken place at the Ministry of Foreign Affairs in Monrovia. The Forum, chaired by President Ellen Johnson Sirleaf, was intended to share broad exchanges on the current global financial crisis and its impact on Liberia.
The interactive Roundtable, co-chaired by Vice President Joseph Boakai, also brought together international financial partners, representatives of the local business community, members of the diplomatic corps, a number of former Liberian Finance Ministers, and civil society organizations.
During Wednesday's session, members of President Johnson Sirleaf's Economic Management Team provided an overview of various sectors of Liberia's economy and mitigants to be employed to alleviate the impact of the global financial crisis.
Finance Minister Augustine Ngafuan opened the Roundtable by providing insight into the genesis of the global financial crisis. For his part, Central Bank Governor Dr. Mills Jones spoke about the impact of the crisis on the financial sector while Deputy Commerce Minister, Dr. Frederick Norkeh, spoke about the impact on commodity prices. National Investment Commission Chairman Richard Tolbert delved into the impact of the financial crisis on investment and remittances, while Deputy Planning Minister Sebastian Muah focused on its effect on aid and philanthropy.
Liberia's stakeholders also shared thoughts on key interventions related to the crisis. The Country Representative of the International Monetary Fund (IMF), Mr. Michael Tharkur, maintained that the global financial crisis could adversely impact the Liberian economy. He asserted, however, that the IMF does not have any indication Liberia will not be able to achieve its revenue targets. The Country Representative of the World Bank, Mr. Ohene Owusu Nyanin, emphasized that a slow down in Liberia's foreign direct investment is possible. He, however, commended the Liberian Government for taking the lead on discussing the crisis. Mr. Nyanin expressed the World Bank's concern that the crisis would hit the ordinary Liberian hardest. The Chief Executive Officer of Morris American Rubber, Inc., Mr. Keith Jubah, suggested that the Government should massively invest in cash crops and called on commercial banks in Liberia to invest in tree crops to further boost the economy.
The Economic Roundtable by the Liberian Government is the first in a series of deliberations to address the effects of the global economic slump. The exercise was spearheaded by the President's Economic Management Team, comprising the Ministry of State/Liberia Reconstruction & Development Committee (LRDC); Planning, Finance, Agriculture, Commerce & Industry ministries; the National Investment Commission; and the Central Bank of Liberia (CBL).
Be the first to Write a Comment!
Copyright © 2008 Liberia Government. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
