Author: Lawrence Kennedy

NEDC Liberia: Solving the Depreciating LD – the Fall in Personal Remittances by more than 70%

According to the December 21, 2017’s edition of FrontPage Africa (https://frontpageafricaonline.com/business/central-bank-of-liberia-over-us-449m-remitted-out-of-liberia/) the former governor of the Central Bank of Liberia, Mr. Milton Weeks stated at a press conference that despite the challenges in Liberia, the economy was on a “path of a rebound.” Additionally, the former CBL governor indicated, “The CBL will continue its periodic intervention in the Forex market on a regular basis to enhance market predictability and help to meet the Forex demand of importers…” Perhaps the Liberian people, particularly the Legislators, should be curious in having the former governor explain what intervention policies the CBL implemented....

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Economic troubles: Why the Liberian Dollar is Depreciating?

THE CENTRAL BANK OF LIBERIA LACKS THE RESOURCES TO STOP THE FALL OF THE LIBERIAN DOLLAR MONROVIA, Since the end of 2017, the Liberian Dollar (LD) has been free-falling like an empty barrel down a very steep hill. The quickened depreciation of the LD and weaknesses in Liberia’s economy were foreseen in an article I published on Globe Afrique back in January 2018, in which I listed the economy as a significant challenge facing the new administration. My concerns were based on a review of the Central Bank of Liberia’s economic data and the rising strength of the United...

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Guinean Couple Charged with Forced labor of a young Guinean girl

FORT WORTH, TX – A Guinean couple, Mohamed Toure, 57, and Denise Cros-Toure, 57, of Ft. Worth, Texas, appeared in federal court in the Northern District of Texas on a criminal complaint charging them with arranging for a 5-year old West African girl to work in their home for over 16 years without pay and without any education. While these types of indentured servant arrangements are prevalent in Africa, the Thirteenth Amendment to the United States Constitution specifically prohibits both slavery and involuntary servitude. It is, perhaps, the only Constitutional amendment that dictates the behavior of private citizens as...

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What Trump’s new steel and iron ore tariffs mean for Liberia

Despite protests and cautions from businesses, U.S. allies, politicians, and his own political party, on Thursday, March 8, 2018, President Donald J. Trump signed orders imposing excessive tariffs on aluminum and steel imported into the United States. President Trump is imposing a 25% tariff on steel imports and 10% tariff on aluminum imports. Should President Weah’s administration be concerned? Well, for now, the answer is yes and no. First, let’s put it all in context, then we can expand on why President Weah shouldn’t be too concerned. What is a tariff? A tariff is a tax or duty that...

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