Liberia is a country in the Western part of Africa that gained independence on July 26, 1847. The country which was an American colony has lagged in the economy for the longest time ever. This is because of some problems that never seem to come to an end. For instance, between the years 1999 and 2003, Liberia experienced a very severe Ebola attack. Consequently, all the country’s resources were used to at least save the situation. Then, later on, the civil wars between the neighbor ensued. Thus, all the infrastructure was destroyed leaving the country in a sorry state. Liberia has potential like other African countries but the problems are too many to overcome. Additionally, bad leadership has seen the economy take a downward troll. This article is about Liberia’s efforts against the economic crisis.
i) Plans to improve the transport sector
As mentioned earlier, the civil wars that hit Liberia some years back destroyed all the infrastructure. Therefore, more needs to be done to improve the transport sector. The government in partnership with the private sector have come up with ways to erect new roads. Ideally, improved roads will see to it that the regions are interconnected. As a result, they can carry out trade, agriculture and other businesses smoothly.
Currently, the construction of Polymer roads in Liberia is ongoing. This is a pilot project which will cost US$424,000. All the impassable roads will get repairs to facilitate business activities in the country. Liberia’s efforts against economic crisis goes beyond giving promises by the government. It involves swift action to change the situation.
ii) Revamping oil and gas exploration
After the Ebola attack, Liberia was unable to go back to oil exploration. So, the revenue from oil and gas was nowhere to be found. Thus, the economy continued dwindling. As a result, the government with the leadership of President George Weah, has embarked on reviving oil production. This will follow set up of nine offshore blocks so that international companies can bring their bids. Research shows that there are oil deposits in the western part of Liberia. Capturing this resource will be a relief to the government since the revenue will improve.
Alongside other minerals, oil is the main revenue earner in Liberia. Liberia’s efforts against economic crisis involve resurrecting the minerals that lost their glory. With the adequate infrastructure in place, oil exploration can do well in Liberia.
iii) Accountability in the use of public wealth
Recently, the minister for finance in Liberia was required to account for every coin that passed on his hands. Suspicion in how public wealth is used brings a crisis in economic growth. When those in positions of power abuse their power by embezzling funds, the economy must go down. For instance, the President’s prestigious life has always made the citizens raise eyebrows. Sometime back he was furnishing his private homes when the country’s economy was really bad. This is seen as incompetence at its best.
If the economic crisis in Liberia has to end, public wealth must be held by responsible people. Remember, it’s this wealth that is used to improve the livelihoods of the people. Liberia’s efforts against economic crisis is a move towards freedom. Leaders should never forget that the citizens have sent them to represent them in the offices. Personal gain at the expense of the masses should be abhorred.
iv) Measures against inflation and the high cost of living
In 2019, Liberia experienced a very high rise in prices and the cost of living in general. Hence, times were so hard for a common citizen for quite some months. In his senate address on matters of the country, President George Weah promised this will be looked into. The number one thing to at least end inflation is doing away with the wage bill. There’s no need to depress the country’s resources to an extent that the cost of living gets beyond them. At the same time, the country experienced a depreciation of the dollar that has never happened.
So one thing added to another in Liberia last year. Putting in place many revenue earners and having wise leadership will lower the cost of living for the people. Liberia’s efforts against economic crisis is a fight that needs hope and determination. The economic health of the country can only be restored if different players are ready to come together.
