Liberia's Weah Faces Protest as Economic Crisis Deepens
Liberian President George Weah is facing widespread discontent over high food and fuel prices and government corruption as his administration struggles to contain a deepening economic crisis.
Opposition supporters plan to take to the streets Friday for the first time since the former AC Milan soccer star won elections 18 months ago. While it’s impossible to predict how many people will turn out, the protest is expected to be significant.
What Are They Protesting About?
The economy is in bad shape. The International Monetary Fund in March revised its growth forecast for the year to 0.4% from an earlier projection of 4.7%. Inflation peaked at 28.5% in December. People are also frustrated about corruption. Weah’s close alliances with controversial figures who played key roles in the country’s devastating 1989-2003 civil war are angering many who believed he’d be different from establishment politicians.
Wasn’t The Economy Weak Already?
Liberia’s economy has yet to recover from the double blow of the worst-ever Ebola epidemic and a sharp drop in iron-ore prices that resulted in zero growth between 2014 and 2016. Last year’s withdrawal of the United Nations peacekeeping mission, which at its height had 15,000 troops stationed in the country, didn’t help. But Weah has made some crucial mistakes. A decision to mop up excess Liberian dollars with $25 million of reserves to curb inflation and stabilize the currency achieved the opposite. An investigation showed the central bank used only $17 million for the purpose and can’t account for all of the funds. Weah also exposed himself to criticism through his involvement in the construction of a luxury housing estate and costly renovations of his private homes.
Read more: https://www.bloomberg.com/news/articles/2019-06-07/liberia-s-weah-faces-protest-as-economic-crisis-deepens-q-a?srnd=premium
