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 (NIC) 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); the Planning, Finance, Agriculture, Commerce & Industry ministries; the National Investment Commission; and the Central Bank of Liberia (CBL).
Read comments. Write your own.
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.
Economic round table for what?There will be no effect of the global economic crises on Liberia because 90% of the people there are unemployed any way and the imports of food is the main factor sustaining the nation fortunately food is imported cost free,The UN and NGOS are supplyiong the basic food items to Liberia.People like those holding the so called round table on economic crises are the same ones or same type that supported Charles Taylor.Liberia has long ago been written off as a FAILED STATE.
Africa is really noted for holding roundtable meetings. All of which have only proved to charades. If these could solve problems, Africa would be certainly be purged of it many self-made problems. As a Liberian, I am one person who was never able to hold my head up among people when I was in places like Cote d'Ivoire and other countries during the war in my country. Liberia is particularly that African that has never left the conference tables. Its leaders have always left these conferences and donned their wolf-clothing ready to dagger the country right at the heart. They… [Read Full Text]
Ebbalex, to call you narrow minded or closed minded will be an understatement. Following your logic, the Liberian government shouod sit with their arms folded and allow this global recession to take us by surprise. We all know what the problems in Liberia are..but are you faulting the government for bringing together financial professionals and economists to craft a strategy to forestall the consequences of this global economic meltdown? I notice you didnot make any suggestions as to what should replace the roundtable...maybe you would like the government to do nothing and then you would complain again.
Okay, okay Varney, I give up. You got me there. right in the heart. Perhaps it is my profound frustration with the numerous, complicated intellectual strategies drawn from round-table talks that has got me into this narrow-minded/close-minded situation. Or my half education that has occluded my mental fluidity and affected my ability to think critically on some of these dire matters. Yes I am narrow-minded.
I was looking at how many of these talks and strategy plans have pick up dust on the record shelf. I must admit, all of them elaborate and fine. They speak earnestly to our many… [Read Full Text]
Ebbalex - Other comments posted on this site have applauded you for your wordy commentary. However, you've still failed to address the one question Varney asked and one of the main task of the conference. How do you address or avert the issues of the financial crisis as it pertains to Liberia? Could you present perhaps 5 substantive suggestions?
I agree with your assertion that Africa is well known for the many conferences held over the years with very little solutions.
So, rather than be part of the problem, what solutions could you offer to help your fellow… [Read Full Text]
Africa is really noted for holding roundtable meetings. All of which have only proved to be charades. If these meetingcould solve problems, Africa would certainly be purged of it many self-made problems. As a Liberian, I am one person who was never able to hold my head up among people when I was in places like Cote d'Ivoire and other countries during the war in my country. Liberia is particularly that African that has never left the conference tables. Its leaders have always left these conferences and donned their wolf-clothing ready to dagger the country right at the heart. They… [Read Full Text]
Well written Ebbalex. Liberia needs lots of help and people in power who generally cares for the country and the massive. The current adminstration along with the past haven't and isn't working for the people...
Perhaps I am wrong in that my own understanding that the exigencies of fundamental economic planning focus on a comprehensive model or system of equations that show the interactions of the component sectors of an economy – where movements in one sector preclude movements in other sectors. The main idea is to proffer positive movements that will have a substantial “echo” growth benefits to the rest of the sectors in the economy.
Nowhere is the benefit more evident than in the foreign sector – looking at net exports in the GDP equation, or in the Balance of Payments equation… [Read Full Text]