Liberian Economy Rides on Waves -Balance of Payment Improves as Remittance, Debt Rise

Critics of the Sirleaf Administration have so often blamed the lackluster performance of the Liberian economy on official corruption to the extent that the performance of the economy appears a sole function of corruption. But while the Central Bank of Liberia (CBL) wills not to be drawn into the political dogfight, it believes several other militating factors of external and natural sources are to blame. The bank believes also that while the fundamentals of the economy faces daunting challenges, they remain strong and promising. This prompts observers to suppose that the economy might actually be riding on waves: improvement here, deficit there.? The Analyst has been taking another bird's-eye view of the 2012 edition of the bank's annual report.

The Annual Report of the Central Bank of Liberia (CBL) says that to the extent that the nation's export earnings and remittances from private and other sources improved, its external and domestic debts rose over previous totals.

The bank said there was however, no reason for alarm, as the fundamentals of the economy remain strong and promising, thanks to improvements in the commodity market, the encouraging performance of the real gross domestic product (RGDP), and the sound monetary policies it initiated to instill confidence and fair play.

Commodity market: local and international

The bank said despite noticeable decline in crude oil production globally that triggered rise in oil prices, interventions in development and weak demands resulted in falling prices. For instance, the bank said, the per barrel price of crude oil plummeted to US $108.9 by the end of June from US $118.5 between January and March of 2012 before rising to about US $110.4 per barrel in October.

The hike, naturally, jacked up the pump prices of gasoline, kerosene, and fuel oil in Liberia and correspondingly, the costs of the transfer of goods and services ? mainly commuter fares and the prices of local threshold produce.

The report made no link between the fluctuation in oil prices and the performance of the nation's cash crops and minerals, but it said during the same time of the year under review, the prices of cocoa, gold, and cement spiked moderately as those of iron ore, diamond, round logs, and rubber took nosedives.

Source: http://allafrica.com/stories/201302190832.html

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