27 May 2014

Liberia: 'Liberia Is Doomed'- Finance Minister

Photo: Liberia Government
Minister Konneh receiving the Finance Minister of the Year Award from a London-based magazine's Senior Editor Brian Caplen (file photo)

Liberia's Finance Minister Amara Konneh said the country is in a disaster over what he said is due to absence of new economic policy that will rescue the perishing and vulnerable economy in the country.

"Liberia is doomed, and there is no sign of huge growth, because the economy cannot sustain the growth of country," he maintained. Minister Konneh made the assertion in the wake of the incessant budget shortfalls causing a squeeze on every part of Liberia's economy.

The Information Technology (IT) specialist appointed Finance Minister noted that economic policy to accelerate economic growth and development is daunting, giving Liberia's huge dependency on export activities.

"The economy lacks the potential frameworks to support the national budget," he noted.

Minister Konneh stressed that the economic outlook of Liberia remains vulnerable by massive reduction in rubber production.

He pointed out that with bad result and unfavorable economic indicators, Liberia risks to sink deeply if the bottlenecks to economic growth are not fought.

Minister Konneh said owing to the poor economic outlook, growth in GDP is disgusting and unacceptable, because according to him, Liberia is the only country in Africa to be impaired in area of export and production activities.

The Treasury Boss indicated that it would be unacceptable for people, most especially the lawmakers, to demean and bring his professionalism into public disrepute.

He noted that no Liberian had suggested a new economic policy or strategy to overhaul the economy of Liberia.

Minister Konneh stressed that practical actions and steps are the essentials to revamping the economy of the country. He noted that Liberia runs a 12-hour economy as a result of the decimal growth in revenue, the economic growth and national development that would lift Liberians from the dungeon of destitution remains bleak.

"Unless the needed robust economic framework is put in place, Liberians will not comb from the economic wealth of the country" the treasury boss maintained.

The Minister indicated that Liberia runs a revenue-based budget that would face an adverse and excruciating effect if there is slow pace in the collection or actualization of revenue.

He said the Liberian economy is being seriously crippled by lack of manufacturing and exporting any material.

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