The Government of Liberia through its Economic Management Team (EMT) has announced plans to recalibrate Liberia's economy, believing that robust economic measures in tax collection, investment opportunities and enhanced monetary and fiscal policies, among other measures, are needed to drive the nation's economy towards prosperity.
Apart from this effort to reset the nation's economy, Finance and Development Planning Minister, Samuel D. Tweah, disclosed that the government will subscribe to a significant fiscal adjustment which entails a reduction in expenditure so as to align it with the country's revenue potentials.
Amidst a recent World Bank Africa's Pulse report, which named Liberia among six countries in Sub-Saharan Africa experiencing an unchanged inflation rate, Tweah, who spoke at the Ministry of Information regular press conference in Monrovia on Thursday, said the government will institute measures to thaw inflation by identifying challenges and possibilities of bringing it under control.
In addressing the inflationary impact on the nation's economy, the government will take steps to ensure that the Central Bank of Liberia (CBL) reviews all monetary measures being pursued to use a platform to markets, including auctions, remittance split as well as discussions on CBL Bills and its returns.
Tweah, who is Chairman of the Technical Economic Management Team (TEMT), told journalists that the government will seek to discuss fiscal instruments, to include T-bonds as well as possibilities of adopting a contractionary fiscal policy to ensure fiscal tightening and the effective management of Liberian Dollar (LD) liquidity.
The government, according to the Finance Minister, will also ensure that it adopts a strong monetary and fiscal coordination, employing a government and banking sector dialogue and framework on LD banking.
This, he said, will look more to discussing how banks can increase their efforts to attract LD into commercial banks, identify innovative fiscal instruments as well as the enhancement of local currency bond market programs.
Liberia has been faced with an economic decline occasioned mainly by the global economic outturns as well as fiscal and economic declines which plummeted the nation's growth rate.
A sharp decline in the prices of two of the nation's major exports of iron ore and rubber, as well as the 2014 Ebola outbreak in the West African region, have since left the nation to grapple with mountains of economic challenges.
With only a year in power, the George Manneh Weah government has since struggled to overturn the nation's current economic woes, and Tweah told journalists that it will require great efforts from all Liberians as well as strategies such as the planned resetting of the economic narratives.