Liberia: Boakai Reduces Costs Of Living

Liberia: Boakai Reduces Costs Of Living

Thursday, March 28, 2024 2:48 pm


 President Joseph Boakai


Abubakar Hashim

President Joseph Boakai has been pursuing pro poor policies since he assumed office on 22 January 2024.
After issuing Executive Order 126, establishing Asset Recovery Commission last month, to retrieve stolen assets, both fixed and liquid, he has also issued another Executive Order EO 128, few days ago, suspending, with immediate effect, surcharges on petroleum pricing structure, to alleviate and reduce cost of living that is excruciatingly biting hard on Liberians.
EO 128, aims to lower costs of petroleum products by a swift suspension of $ 0.20 surcharge on petroleum pricing formula in the country.
In the estimation of authorities in the Boakai government, the suspension of the surcharge will impact positively on costs of living.
It will lower cost of petroleum products, particularly Petroleum Moror Spirit PMS, otherwise called petrol, Diesel and Kerosene.
The reduction will drastically reduce costs of goods and services, increase productivity and ultimately boost government revenues through increased purchasing power of the people.
During his campaign trail, Boakai embarked on a “ rescue “ mission, to restore Liberia back to the trajectory of growth and development.
EO 128 is positioned to align to the “ rescue “ campaign slogan of Boakai’s team.
The Liberian constitution empowers the President to issue Executive Order in public interest, to address issues of grave proportions that are critical to development.
Liberia is Africa’s oldest republic, rich in subsoil resources, with thick tropical forests. It’s people are descendants of American heritage. It is the only country in Africa that uses dual currencies, the USD and the local Liberty Dollar, for domestic transactions.

*Abubakar Hashim is the West Africa Bureau Chief of the NEWS Magazine

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