GANTA, Nimba – Business owners in and around the city of Ganta have expressed dismay over the high increase of the Liberian exchange rate to the U.S. Dollar.

Emmanuel Sonyah, a local businessman in Ganta, is one of them. Over the weekend, Sonyah told a group of journalists how frustrated he has been over the unfavorable exchange rates on the local market.

“My major problem about the business in Ganta and Liberia as a whole is the exchange rate,” Sonyah said. “We do all our retail selling to customers in Liberian Dollars but are compelled to pay in U.S. dollars when we go to buy from the Lebanese or [wholesellers]. As a result, we add the little profits we made to make up the money to buy the U.S. Dollars in order to go and get our goods.”

The businessman called upon the Central Bank of Liberia to do away with the dual currency on the local market and establish a single currency policy for economic growth and stability.

“I am appealing to the government of Liberia on behalf of the business people to see a reason to stop the dual currency and let us use one currency. If we are to use the U.S. dollars, let us use it. [If it is] the Liberian Dollars, let it be. Using the two currencies at this time is causing us to suffer,” Sonyah said.

The prices of local and imported goods on the local market increase daily due to the exchange rate that is rising. Currently, the buying rate is US$1 to LR$85; whereas, the selling rate of US$1, is LR$86. The rates are set by the Central Bank of Liberia, however, money changers often offer unfavorable rates to holders of Liberian Dollars.

The issue of moving towards a single currency is not a new topic of discussion. In February 2015, the Governance Commission convened a roundtable about the topic. Nimba’s Representative Jeremiah Koung also introduced a bill in May 2014 to modify the act creating the Central Bank of Liberia. He proposed to make the Liberian Dollar the single and official currency for all financial transactions in the country. That bill has not yet passed.

Experts and the public are generally in agreement that Liberia should move to a single currency. However, the government has not presented any concrete plan on moving to achieve that goal.

Featured image courtesy of  Teddy James