Liberia Government (Monrovia)

Liberia: Government Hosts Economic Roundtable

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.

Relevant Links

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.

More News on allAfrica.com

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.

AllAfrica - All the Time
Author: Cautious
Mon Nov 24 22:52:03 2008

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. If the country cannot increase its export earnings, then Foreign Direct Investments fill its Private Investment needs. In the case of Liberia, there is this elongated pause for donor intervention that is deafening. The government itself must at least be accountable for something. If not to deliver on its promise of development, then for the blueprint of how Liberia plans to achieve its development goals.

The Round Table Discussions should be discussing and reviewing where Liberia’s is in the current mix in the World’s economy. The current TARP contagion affecting the developed economies will impact developing countries sooner than expected. To assume that Liberia will be given an opportunity to re-start its economic and business cycles whenever it wants to, is not only habit-forming, but also, dangerous. Static solution for a dynamic process is irrational.

It is rife for leaders of the various sectors to draw up a blueprint that is understandable, achievable, sectorally “complementable” and reviewable.

From my cursory review, I believe that as each sector works in isolation of others, development targets and gains will never impact the people. It not unusual to hear: “it would take time to feel the effects of our work”. Yes, more time … until a common workable model is developed and followed.

Is there more time for Liberia?

Author: fisherperry
Mon Nov 24 00:09:56 2008

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.

Author: ebbalex
Mon Nov 24 01:55:37 2008

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 don't have love for this country. They only pretend at it so that the donor partners can continue to shove in money with which they continue to fill their personal accounts and live bigger than their income can afford. Hence, economic roundtable or not this country can never be saved from the claws of these vulture politicians who only pretend to be solving problems but are in essence creating loopholes for more corruption. We have to get more serious about our problems. They are many and clearly identifiable. There is no need to look for them. The roads are still broken down, schools are still substandard, jobs can only found through corruption, 85% of people are still illiterate, poverty cleaves to us like a second skin. What can economic roundtables do for us? Let the Ghanaians and others talk about it, not us. Because it is all a smokescreen tactic to prepare opportunity for guzzling down more of our money. We must begin by getting away from our flashy lifestyle when we are going panhandle other to help better our condition.

Author: Varney
Mon Nov 24 18:58:51 2008

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.

Author: ebbalex
Tue Nov 25 14:22:25 2008

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 baffling problems. Outlining solutions that have only become imprisoned slaves of non-fulfillment. They remained still screaming in the dark recesses of those talk-shops. Forgotten and abandoned. Yes I am narrow-minded.

We have pretty good economists here, too, you know. Even our much endeared President is esteemed as one with great abilities in that field of study. "A Harvard-trained economist". Wow! Liberia is certainly blessed. Both in knowledge of various studies and natural resources. And I guess the likes of the Togbah-Nah Tepoteh have been trumpeting economic forebodings of great many forms in the way they know to do it. Maybe we should just listen to some of the recommendations they have been proffering. Like holding a national forum that provides the space for holistic discussion of our many problems. The kind of forum that involves the participation and input of people from the entire national gamut. These people have great ideas, and they have contributed splendid suggestions for way forward. Even before she became President, Madam President knew well how to do it. She always wanted to suggest ways how to do it. Why can't she do it now? Do we need round-tables to teach us the way. Well, I am narrow-minded.

Let me post to you a question. Do you honestly think there are no available solutions? Do you think there is nobody here who knows how to do it? I understand that this is a global phenomenon. That there is not a single country that has control over it in terms of it insidious attack. That each is frantically trying to adopt ways while improving existing ones to tackle the approaching economic fear. But do you honestly believe that we are now sincere about these thinks in our country? Do you believe these round-tables means anything to the holistic approach to solving our national dilemma? Well, I am not economist. I may not suggest anything as professional as what are suggested on the round-tables. But at least I can signal admonitions that might make policymakers to materialize discussions emanating from the round-tables. You approach it the way you see fit. You got suggestions or anything worthy of consideration, proffer it, Varney my friend. My God! I am narrow-minded.

I am an anti-corruption and good governance advocate; am a human being with tendencies to get frustrated about Africa's unfortunate situation no less Liberia. I know the difference between what exists on the round-table and what exists in actuality. you may not know the difference perhaps because you are not cognizant of unfolding developments here in Liberia.

Varney, I think we should keep networking, perhaps that will help solve my narrow- minded problem. let me stop now till later.

Author: keno_san
Sun Nov 30 19:52:36 2008

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 Liberians?

Author: ebbalex
Mon Nov 24 02:01:42 2008

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 don't have love for this country. They only pretend at it so that the donor partners can continue to shove in money with which they continue to fill their personal accounts and live bigger than their income can afford. Hence, economic roundtable or not this country can never be saved from the claws of these vulture politicians who only pretend to be solving problems but are in essence creating loopholes for more corruption. We have to get more serious about our problems. They are many and clearly identifiable. There is no need to look for them. The roads are still broken down, schools are still substandard, jobs can only be found through corruption, 85% of people are still illiterate, poverty cleaves to us like a second skin. What can economic roundtables do for us? Let the Ghanaians and others talk about it, not us. Because it is all a smokescreen tactic to prepare opportunity for guzzling down more of our money. We must begin by getting away from our flashy lifestyle when we are going to panhandle others to help better our condition.

Author: orandall
Mon Nov 24 15:48:27 2008

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...


SELECT
SELECT

Topics