DOCSLIB.ORG

W40160 LIBERIA Tfr °W Geogrophy Deportment IO 8 °W University of Pittsburgh of Johnstown I 1

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
W40160 LIBERIA Tfr °W Geogrophy Deportment IO 8 °W University of Pittsburgh of Johnstown I 1 VOLUME XIII 1988 NUMBER 2 LIBERIAN STUDIES JOURNAL 1 8°W LIBERIA 8 °N- -8 °N MONSERRADO MARGIN! 6 °N-, -6 N RIVER 1 111111 W40160 LIBERIA tfr °W Geogrophy Deportment IO 8 °W University of Pittsburgh of Johnstown i 1 Published by THE LIBERIAN STUDIES ASSOCIATION, INC. PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor Cover map: compiled by William Kory, cartography work by Jodie Molnar; Geography Department, University of Pittsburgh at Johnstown. PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor VOLUME XIII 1988 NUMBER 2 LIBERIAN STUDIES JOURNAL Editor D. Elwood Dunn The University of the South Associate Editor Similih M. Cordor Kennesaw College Book Review Editor Dalvan M. Coger Memphis State University EDITORIAL ADVISORY BOARD Bertha B. Azango Lawrence B. Breitborde University of Liberia Beloit College Christopher Clapham Warren L. d'Azevedo Lancaster University University of Nevada Reno Joseph S. Guannu Thomas E. Hayden Cuttington University College Africa Faith and Justice Network Svend E. Holsoe J. Gus Liebenow University of Delaware Indiana University Corann Okorodudu Glassboro State College Edited at the Department of Political Science, The University of the South PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor CONTENTS ECONOMIC ADJUSTMENT PROGRAMS UNDER STAND -BY ARRANGEMENTS WITH THE INTERNATIONAL MONETARY FUND: LIBERIA'S EXPERIENCE 1980 -85 ......... 153 by J. Mills Jones THE ELUSIVE TRIO IN QUALITY EDUCATION IN LIBERIA ....... 178 by Sakui W. G. Malakpa PUBLIC CHOICE APPLICATIONS TO GOVERNMENT SIZE IN LIBERIA 187 by Alfred B. Konuwa SETTING THE STAGE: HISTORICAL ANTECEDENTS TO THE APRIL 12, 1980 COUP D'ETAT IN LIBERIA ...................... 203 by George Klay Kieh, Jr. THE RESULTS OF THE 1985 LIBERIAN ELECTIONS ...................... 220 by Patrick L. N. Seyon LIBERIAN POLITICAL OPPOSITION IN THE POST- ELECTION PERIOD 240 by J. Gus Liebenow BOOK REVIEWS Kappel, Robert, Werner Korte, and R. Friedegund Mascher, Liberia: Underdevelopment and Political Rule in a Peripheral Society ...................................... ............................... 255 by Jo Sullivan Thomas, Lamont D., Rise to be a People: A Biography of Paul Cuffe .................. 259 by Svend E. Holsoe NEW BOOKS ON LIBERIA ..................................... ............................... 262 RECENT DISSERTATIONS ON LIBERIA 264 NEWS AND NOTES ................................................. ............................... 265 CONTRIBUTORS TO THIS ISSUE ......................... ............................... 268 INDEX ............................... .. ............................... 269 A referee journal that emphasizes the social sciences and humanities, the LIBERIAN STUDIES JOURNAL is a semiannual publication devoted to studies of Africa's oldest republic. The annual subscription rate is $20.00, $12.00 for students and $20.00 for institutions, and includes membership in the Liberian Studies Association, Inc. All manuscripts and related matters should be addressed to The Editor, Liberian Studies Journal, Department of Political Science, The University of the South, Sewanee, TN 37375. Subscriptions and other business matters should be directed to The Executive Secretary, Liberian Studies Association, P. O. Box 1043, Oak Park, Illionois 60304. The views expressed herein are those of the individual contributors and do not necessarily reflect those of the editor or the Liberian Studies Association, Inc. Copyright 1988 by the Liberian Studies Association, Inc. ISSN 0024 1989 PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor Economic Adjustment Programs Under Stand -By Arrangements With the International Monetary Fund: Liberia's Experience 1980-85 J. Mills Jones* This paper reviews Liberia's recent quest for economic stabilization in the context of Fund -supported adjustment programs during the period 1980 -85. The stabilization effort began shortly after the military seized power in April 1980, and the first stand -by arrangement with the International Monetary Fund (IMF) was concluded in September of that year. In all, five successive stand -by arrangements were approved by the Fund between September 1980 and December 1984. Most studies on Fund -supported stabilization programs in developing countries indicate that such programs have been largely unsuccessful, suggesting that adjustment is more difficult than conventional wisdom would lead to believe.' For instance, Diaz-Alejandro has suggested that stabilization programs were a case of "overkill" in Latin America in the sense that they led to a decline in economic activity far more than was necessary in terms of what could have been considered as reasonable objectives? Dell and Lawrence observed that in several countries pursuing adjustment programs the rates of decline in real wages were of the order of 20 to 40 percent, and that despite firm evidence there is a presumption that in many countries the decline was accompanied by a deterioration in the distribution of income? More recently, a study by Zulu and Nsouli on the African experience with Fund -supported adjustment programs showed that economic performance in many cases fell below target level; the target for the budgetary deficit (excluding grant) as a proportion of GDP was exceeded by substantial margin; and external debt for nearly all countries exceeded the target.' Table I contains selected economic data on Liberia. The picture is one of an economy more removed from stabilization and with problems more acute than when the adjustment effort was initiated in 1980. Real GDP declined at an average annual rate of 3.6 percent during the period 1980-85, public sector finances remained in disarray, and the level of debt increased substantially. Meanwhile, Liberia faced a growing problem of large external payments arrears, including a sizeable amount owed to the Fund, a situation which further eroded its credit standing. Because of outstanding obligations, the Fund declared Liberia ineligible to use its resources in January 1986. Why is this so? Liberian Studies Journal, XIII, 2 (1988) 153 PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor 154 J. MILLS JONES Was the orthodox approach to stabilization appropriate to the circumstances in Liberia? Was it a mistake to assume that short-term credits from the Fund was suitable for financing the country's adjustment effort? To what extent did the international economic environment create problems for the Liberian economy? What role did institutional and political factors play in thwarting the adjustment process? This paper attempts to provide some answers to these questions. We begin with a discussion of economic and institutional weaknesses which antedate the economic crisis in the 1980s. Our contention is that it is not possible to understand the failure of the stabilization exercise except in a context which takes into account these basic problems. Then we outline a simplified analytical framework which underlies Fund -supported Programs. We argue that this approach, with its monetarist orientation, takes a narrow view to correcting economic disequilibrium and, hence, was not fully suited to dealing with Liberia's economic problems. This will be followed by a discussion of the main elements of the programs underpinning the stand -by arrangements with the Fund. The principal theme in this section is that the programs were flawed in assuming that Liberia could have achieved stability and a viable balance of payments position without directly addressing the question of economic growth. A related argument is that the early 1980s was a difficult time for Liberia, a small, open economy, to implement stabilization policies because of the prolonged global recession which adversely affected the country's terms of trade. Under these circumstances, it was inevitable that large scale, short-term borrowing from the Fund would create a debt servicing problem for the country. Next we attempt to show that, as in the past, Liberia's capacity to implement economic adjustment programs was severely constrained by the socio- political environment. We believe that it was important to incorporate this element in the adjustment matrix in order to have realistic expectations as to what the programs could have achieved over the medium term. The final section contains some conclusions and lessons which might be drawn from the Liberian experience. I. Background In the 1960s the Liberian economy grew at an average rate of 5.1 percent .5 However, by the mid 1970s the economy had virtually run out of steam. Between 1975 and 1979 the average growth rate was only about 1.8 percent, reflecting the impact of the first oil shock of the early 1970s and the slowdown of the global economy later in the decade. The economic expansion of the 1960s was built on a narrow productive base, with two primary export commodities (rubber and iron ore) accounting for the bulk of GDP. The modern enclave sector was developed primarily by foreign private investment, with minimal linkages with the rest of the economy.' The structure of the economy has remained virtually unchanged over the past two and a half decades, remaining highly vulnerable to external shocks as it was in PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor Table I Liberia: Selected
Load more

Recommended publications
  • Adult Authority, Social Conflict, and Youth Survival Strategies in Post Civil War Liberia
    ‘Listen, Politics is not for Children:’ Adult Authority, Social Conflict, and Youth Survival Strategies in Post Civil War Liberia. DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Henryatta Louise Ballah Graduate Program in History The Ohio State University 2012 Dissertation Committee: Drs. Ousman Kobo, Advisor Antoinette Errante Ahmad Sikianga i Copyright by Henryatta Louise Ballah 2012 ii Abstract This dissertation explores the historical causes of the Liberian civil war (1989- 2003), with a keen attention to the history of Liberian youth, since the beginning of the Republic in 1847. I carefully analyzed youth engagements in social and political change throughout the country’s history, including the ways by which the civil war impacted the youth and inspired them to create new social and economic spaces for themselves. As will be demonstrated in various chapters, despite their marginalization by the state, the youth have played a crucial role in the quest for democratization in the country, especially since the 1960s. I place my analysis of the youth in deep societal structures related to Liberia’s colonial past and neo-colonial status, as well as the impact of external factors, such as the financial and military support the regime of Samuel Doe received from the United States during the cold war and the influence of other African nations. I emphasize that the socio-economic and political policies implemented by the Americo- Liberians (freed slaves from the U.S.) who settled in the country beginning in 1822, helped lay the foundation for the civil war.
    [Show full text]
  • A Short History of the First Liberian Republic
    Joseph Saye Guannu A Short History of the First Liberian Republic Third edition Star*Books Contents Preface viii About the author x The new state and its government Introduction The Declaration of Independence and Constitution Causes leading to the Declaration of Independence The Constitutional Convention The Constitution The kind of state and system of government 4 The kind of state Organization of government System of government The l1ag and seal of Liberia The exclusion and inclusion of ethnic Liberians The rulers and their administrations 10 Joseph Jenkins Roberts Stephen Allen Benson Daniel Bashiel Warner James Spriggs Payne Edward James Roye James Skirving Smith Anthony William Gardner Alfred Francis Russell Hilary Richard Wright Johnson JosephJames Cheeseman William David Coleman Garretson Wilmot Gibson Arthur Barclay Daniel Edward Howard Charles Dunbar Burgess King Edwin James Barclay William Vacanarat Shadrach Tubman William Richard Tolbert PresidentiaI succession in Liberian history 36 BeforeRoye After Roye iii A Short HIstory 01 the First lIberlJn Republlc The expansion of presidential powers 36 The socio-political factors The economic factors Abrief history of party politics 31 Before the True Whig Party The True Whig Party Interior policy of the True Whig Party Major oppositions to the True Whig Party The Election of 1927 The Election of 1951 The Election of 1955 The plot that failed Questions Activities 2 Territorial expansion of, and encroachment on, Liberia 4~ Introduction 41 Two major reasons for expansion 4' Economic
    [Show full text]
  • The Standard Bearer Madam Ellen Johnson Sirleaf at Unity Party (UP) National Convention
    Remarks By: The Standard Bearer Madam Ellen Johnson Sirleaf at Unity Party (UP) National Convention Gbarnga, Bong County July 7, 2016 Mr. Vice President Mr. Chairman and Members of the National Executive Committee Visiting Guests from the ANC-South Africa Invited Political Parties Fellow Partisans Civil Society Organizations Members of the Press Ladies and gentlemen We are present here today, looking forward to tomorrow’s event that will go down in the annals of history as we witness the passing of the torch. The history and formation of Unity Party is rich. Old Unity and New Unity have all combined to give us a good history, a history of hills and valleys, failures and successes, sorrows and joys. Where we were yesterday, when Gabriel Kpolleh formed the Liberia Unification Party (UP); Jackson Doe, the Liberia Action Party (LAP) and Jabaru Carlon, Joseph Koffa and Edward B Kesselly, the Unity Party (UP). It was over three decades ago and it seems like just yester years. In 1997, as the first post war elections were held to herald peace, Unity Party and Liberia Unification Party combined effort along with other- broadminded nationalists who to came together to make us runners up in the elections of 1997. Fellow partisans, we came close to the finish lines in spite of the odds of war because of courage and conviction of our leaders and the people who were united behind a cause. We did not have much money but what we boasted of then and now was the commitment to see democracy at the ballot box.
    [Show full text]
  • 3 History of Dollarization in Liberia23 1. Dollarization Can
    3 History of Dollarization in Liberia23 1. Dollarization can be caused by a number of factors, including: (i) political instability and conflict; (ii) economic and financial instability; (iii) institutional arrangements, e.g. by according legal tender status to the foreign currency; and (iv) large donor flows. 2. The use of a foreign currency in an economy can lead to different types of dollarization. Bogetić (2000) defines full or official dollarization as a complete monetary union with a foreign country from which a country imports currency, making the foreign currency full legal tender and reducing its own currency, if any, to a subsidiary role. According to Baliño, Bennett, and Borensztein (1999), partial or unofficial dollarization occurs when residents hold a large share of their financial wealth in assets denominated in a foreign currency, even though that currency lacks the legal tender privileges of the domestic currency. Three types of dollarization are commonly identified: (i) financial dollarization: the substitution of local currency assets or liabilities for foreign currency assets or liabilities; (ii) transactions dollarization: the use of foreign currency for transactions; and (iii) real dollarization: the use of foreign currency for denominating prices and wages. All of these are present in Liberia, which is officially a dual currency regime with the Liberian dollar and U.S. dollar both being legal tender.4 While either currency can be used for any transaction, most economic activity takes place in U.S. dollars, including the payment of taxes and government expenditures. Currencies issued by other countries circulate freely in Liberia and bank accounts with Liberian banks can be maintained in them, but they are not legal tender.5 3.
    [Show full text]
  • Liberian Studies Journal
    VOLUME XIV 1989 NUMBER 2 LIBERIAN STUDIES JOURNAL r 8 °W LIBERIA -8 °N 8 °N- MONSERRADO MARGIBI MARYLAND Geography Department 10 °W University of Pittsburgh at Johnstown 8oW 1 Published by THE LIBERIAN STUDIES ASSOCIATION, INC. PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor Cover map: compiled by William Kory, cartography work by Jodie Molnar; Geography Department, University of Pittsburgh at Johnstown. PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor VOLUME XIV 1989 NUMBER 2 LIBERIAN STUDIES JOURNAL Editor D. Elwood Dunn The University of the South Associate Editor Similih M. Cordor Kennesaw College Book Review Editor Dalvan M. Coger Memphis State University EDITORIAL ADVISORY BOARD Bertha B. Azango Lawrence B. Breitborde University of Liberia Beloit College Christopher Clapham Warren L. d'Azevedo Lancaster University University of Nevada Reno Henrique F. Tokpa Thomas E. Hayden Cuttington University College Africa Faith and Justice Network Svend E. Holsoe J. Gus Liebenow University of Delaware Indiana University Corann Okorodudu Glassboro State College Edited at the Department of Political Science, The University of the South PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor CONTENTS THE LIBERIAN ECONOMY ON APRIL 1980: SOME REFLECTIONS 1 by Ellen Johnson Sirleaf COGNITIVE ASPECTS OF AGRICULTURE AMONG THE KPELLE: KPELLE FARMING THROUGH KPELLE EYES 23 by John Gay "PACIFICATION" UNDER PRESSURE: A POLITICAL ECONOMY OF LIBERIAN INTERVENTION IN NIMBA 1912 -1918 ............ 44 by Martin Ford BLACK, CHRISTIAN REPUBLICANS: DELEGATES TO THE 1847 LIBERIAN CONSTITUTIONAL CONVENTION ........................ 64 by Carl Patrick Burrowes TRIBE AND CHIEFDOM ON THE WINDWARD COAST 90 by Warren L.
    [Show full text]
  • Liberia - Researched and Compiled by the Refugee Documentation Centre of Ireland on 14 October 2010
    Liberia - Researched and compiled by the Refugee Documentation Centre of Ireland on 14 October 2010 Information on the National Patriotic Front of Liberia including activities In July 1999 a paper published by Writenet states: “Taylor’s National Patriotic Front of Liberia (NPFL) became the National Patriotic Party (NPP); Kromah’s ULIMO became the All Liberian Coalition Party (ALCOP), while George Boley lined up behind the late President Doe’s (his kinsman) National Democratic Party of Liberia (NDPL).” (Writenet (1 July 1999) Liberia, Can Peace Be Consolidated?,p.17) A publication in April 2006 by the United Kingdom Office includes the following outlines organisations: “National Patriotic Front of Liberia (NPFL) Formed in 1989, it began the civil war under the leadership of Charles Taylor, with an invasion into Nimba county that led to its control of large parts of Liberia. It acquired largely Gio and Mano support. Between 1990 and 1994, it controlled much of Liberian territory, but ceased to be active in January 1997. In 1990, a substantial faction of the NPFL split from Taylor, forming the Independent National Patriotic Front of Liberia, but this group collapsed in 1992… National Patriotic Party (NPP) Was led by Charles Taylor. Founded 1997 from the former armed faction the National Patriotic Front of Liberia; won the majority of seats in legislative elections in July 1997. Leader Roland Chris Yarkpah Massaquoi.” (United Kingdom (April 2006) Country of Origin Information Report, Liberia,p.55) A report by the Danish Immigration Service in January 1999 states: “The elections, both presidential and parliamentary, were held a few months behind schedule, on 19 July 1997.
    [Show full text]
  • Countries Codes and Currencies 2020.Xlsx
    World Bank Country Code Country Name WHO Region Currency Name Currency Code Income Group (2018) AFG Afghanistan EMR Low Afghanistan Afghani AFN ALB Albania EUR Upper‐middle Albanian Lek ALL DZA Algeria AFR Upper‐middle Algerian Dinar DZD AND Andorra EUR High Euro EUR AGO Angola AFR Lower‐middle Angolan Kwanza AON ATG Antigua and Barbuda AMR High Eastern Caribbean Dollar XCD ARG Argentina AMR Upper‐middle Argentine Peso ARS ARM Armenia EUR Upper‐middle Dram AMD AUS Australia WPR High Australian Dollar AUD AUT Austria EUR High Euro EUR AZE Azerbaijan EUR Upper‐middle Manat AZN BHS Bahamas AMR High Bahamian Dollar BSD BHR Bahrain EMR High Baharaini Dinar BHD BGD Bangladesh SEAR Lower‐middle Taka BDT BRB Barbados AMR High Barbados Dollar BBD BLR Belarus EUR Upper‐middle Belarusian Ruble BYN BEL Belgium EUR High Euro EUR BLZ Belize AMR Upper‐middle Belize Dollar BZD BEN Benin AFR Low CFA Franc XOF BTN Bhutan SEAR Lower‐middle Ngultrum BTN BOL Bolivia Plurinational States of AMR Lower‐middle Boliviano BOB BIH Bosnia and Herzegovina EUR Upper‐middle Convertible Mark BAM BWA Botswana AFR Upper‐middle Botswana Pula BWP BRA Brazil AMR Upper‐middle Brazilian Real BRL BRN Brunei Darussalam WPR High Brunei Dollar BND BGR Bulgaria EUR Upper‐middle Bulgarian Lev BGL BFA Burkina Faso AFR Low CFA Franc XOF BDI Burundi AFR Low Burundi Franc BIF CPV Cabo Verde Republic of AFR Lower‐middle Cape Verde Escudo CVE KHM Cambodia WPR Lower‐middle Riel KHR CMR Cameroon AFR Lower‐middle CFA Franc XAF CAN Canada AMR High Canadian Dollar CAD CAF Central African Republic
    [Show full text]
  • Liberian Studies Journal
    VOLUME VI 1975 NUMBER 1 LIBERIAN STUDIES JOURNAL (-011111Insea.,.... , .. o r r AFA A _ 2?-. FOR SALE 0.1+* CHARLIE No 4 PO ßox 419, MECNttt+ ST tR il LIBERIA C MONROVIA S.. ) J;1 MMNNIIN. il4j 1 Edited by: Svend E. Holsoe, Frederick D. McEvoy, University of Delaware Marshall University PUBLISHED AT THE DEPARTMENT OF ANTHROPOLOGY, UNIVERSITY OF DELAWARE PDF compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor African Art Stores, Monrovia. (Photo: Jane J. Martin) PDF compression, OCR, web optimizationi using a watermarked evaluation copy of CVISION PDFCompressor VOLUME VI 1975 NUMBER 1 LIBERIAN STUDIES JOURNAL EDITED BY Svend E. Holsoe Frederick D. McEvoy University of Delaware Marshall University EDITORIAL ADVISORY BOARD Igolima T. D. Amachree Western Illinois University J. Bernard Blamo Mary Antoinette Brown Sherman College of Liberal & Fine Arts William V. S. Tubman Teachers College University of Liberia University of Liberia George E. Brooks, Jr. Warren L. d'Azevedo Indiana University University of Nevada David Dalby Bohumil Holas School of Oriental and African Studies Centre des Science Humaines University of London Republique de Côte d'Ivoire James L. Gibbs, Jr. J. Gus Liebenow Stanford University Indiana University Bai T. Moore Ministry of Information, Cultural Affairs & Tourism Republic of Liberia Published at the Department of Anthropology, University of Delaware James E. Williams Business Manager PDFb compression, OCR, web optimization using a watermarked evaluation copy of CVISION PDFCompressor CONTENTS page THE LIBERIAN ECONOMY IN THE NINETEENTH CENTURY: THE STATE OF AGRICULTURE AND COMMERCE, by M. B. Akpan 1 THE RISE AND DECLINE OF KRU POWER: FERNANDO PO IN THE NINETEENTH CENTURY, by Ibrahim K.
    [Show full text]
  • UC Santa Barbara UC Santa Barbara Previously Published Works
    UC Santa Barbara UC Santa Barbara Previously Published Works Title HAS LIBERIA TURNED A CORNER? Permalink https://escholarship.org/uc/item/4394423f Journal JOURNAL OF DEMOCRACY, 29(3) ISSN 1045-5736 Authors Spatz, Benjamin J Thaler, Kai M Publication Date 2018-07-01 DOI 10.1353/jod.2018.0052 License https://creativecommons.org/licenses/by-nc-nd/4.0/ 4.0 Peer reviewed eScholarship.org Powered by the California Digital Library University of California Has Liberia Turned a Corner? Benjamin J. Spatz, Kai M. Thaler Journal of Democracy, Volume 29, Number 3, July 2018, pp. 156-170 (Article) Published by Johns Hopkins University Press DOI: https://doi.org/10.1353/jod.2018.0052 For additional information about this article https://muse.jhu.edu/article/698925 No institutional affiliation (16 Jul 2018 18:21 GMT) HAS LIBERIA TURNED A CORNER? Benjamin J. Spatz and Kai M. Thaler Benjamin J. Spatz is a doctoral candidate at the Fletcher School of Law and Diplomacy at Tufts University and a Jennings Randolph Peace Scholar at the U.S. Institute of Peace. He has worked on Liberia since 2005, including serving on the UN Panel of Experts on Liberia during 2012–15. Kai M. Thaler is assistant professor of global studies at the University of California, Santa Barbara. The January 2018 inauguration of Liberia’s newly elected president George Weah marked the small West African country’s first transfer of power between democratically elected leaders since its founding 171 years earlier. After an electoral process marred by charges of irregularities and court-ordered delays, Weah’s clear runoff victory was followed rapidly by the concession of his opponent, Unity Party (UP) candidate and incum- bent vice-president Joseph Boakai.
    [Show full text]
  • (Keeling) Islands Australian Dollar AUD Colombia Colombian
    PAÍS MONEDA CÓDIGO PAÍS MONEDA CÓDIGO Christmas Island Australian Dollar AUD Macedonia, The Former Denar MKD Cocos (Keeling) Islands Australian Dollar AUD Yugoslav Republic Of Colombia Colombian Peso COP Madagascar Malagasy Franc MGF Comoros Comoro Franc KMF Malawi Kwacha MWK Congo CFA Franc BEAC XAF Malaysia Malaysian Ringgit MYR Congo, The Democratic Republic Of Franc Congolais CDF Maldives Rufiyaa MVR Cook Islands New Zealand Dollar NZD Mali CFA Franc BCEAO XOF Costa Rica Costa Rican Colon CRC Malta Maltese Lira MTL Cote D'ivoire CFA Franc BCEAO XOF Marshall Islands US Dollar USD Croatia Kuna HRK Martinique French Franc FRF Cuba Cuban Peso CUP Cyprus Cyprus Pound CYP Mauritania Ouguiya MRO Czech Republic Czech Koruna CZK Mauritius Mauritius Rupee MUR Mexican Peso MXN Denmark Danish Krone DKK Mexico Djibouti Djibouti Franc DJF Mexican Unidad de Inversion (UDI) MXV Dominica East Caribbean Dollar XCD Micronesia US Dollar USD Dominican Republic Dominican Peso DOP Moldova, Republic Of Moldovan Leu MDL East Timor Timor Escudo TPE Monaco French Franc FRF Rupiah IDR Mongolia Tugrik MNT Ecuador Sucre ECS Montserrat East Caribbean Dollar XCD Unidad de Valor Constante (UVC) ECV Morocco Moroccan Dirham MAD Egypt Egyptian Pound EGP Mozambique Metical MZM El Salvador El Salvador Colon SVC Myanmar Kyat MMK Equatorial Guinea CFA Franc BEAC XAF Namibia Rand ZAR Estonia Kroon EEK Namibia Dollar NAD Eritrea Nakfa ERN Nauru Australian Dollar AUD Ethiopia Ethiopian Birr ETB Nepal Nepalese Rupee NPR European Union EURO EUR Netherlands Netherlands Guilder
    [Show full text]
  • How a Depreciating Currency Is Subduing Liberia's Vegetable Trade
    How a depreciating currency is subduing Liberia’s vegetable trade With the fourth highest rate of inflation in Africa, consumer prices in Liberia are projected to increase by 24.5% this year.1 We explore how a rapidly depreciating Liberian dollar is driving up costs and compounding some of the problems already facing the people who make a living from the vegetable trade. Depreciation of the Liberian dollar (LRD) against the USD Beyan Zizivily’s cabbages are the only “Issues of liquidity, and a persistent decline in the value of our currency, constant between the compounded by reducing inflows of foreign exchange and secluded garden nestled investments…[have] placed upward pressure on inflation” – President into the hills of Lofa County and the hubbub George Weah, September 2019 of Monrovia’s (Source: xe.com) Gorbachop vegetable market. The birdsong and gentle thud of ripened bitter balls landing in buckets are a far cry from the loudspeaker blaring Hipco beats and the shouts of market traders attracting customers to their stalls. But Zizivily and the market traders share the same concern: the increasing cost of The LRD has depreciated sharply against the USD since mid-2017. The growing his cabbages, Central Bank of Liberia (CBL)’s depleted foreign exchange reserves and the depressed mean it has been unable to respond to economic shocks caused by low market conditions in export earnings (due to depressed iron ore and rubber prices), which they are sold. combined with a low level of foreign investment and capital inflows. Unaffordable inputs The CBL has also reported a growing demand for foreign currency for for farmers the import of basic commodities, such as rice, as domestic production remains low, further compounding the depreciation of the LRD.
    [Show full text]
  • African American Settlements in West Africa John Brown Russwurm and the American Civilizing Efforts
    01_Beyan_FM.qxd 20/6/05 8:24 PM Page i African American Settlements in West Africa John Brown Russwurm and the American Civilizing Efforts Amos J. Beyan 01_Beyan_FM.qxd 20/6/05 8:24 PM Page ii AFRICAN AMERICAN SETTLEMENTS IN WEST AFRICA © Amos J. Beyan, 2005. All rights reserved. No part of this book may be used or reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles or reviews. First published in 2005 by PALGRAVE MACMILLAN™ 175 Fifth Avenue, New York, N.Y. 10010 and Houndmills, Basingstoke, Hampshire, England RG21 6XS Companies and representatives throughout the world. PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin’s Press, LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries. ISBN 1–4039–6891–8 Library of Congress Cataloging-in-Publication Data Beyan, Amos Jones. African American settlements in West Africa : John Brown Russwurm and the American civilizing efforts / Amos J. Beyan. p. cm. Includes bibliographical references (p. ) and index. ISBN 1–4039–6891–8 1. Russwurm, John Brown, 1799–1851. 2. Liberia—History—To 1847. 3. African Americans—Colonization—Liberia—History—19th century. 4. African Americans—Liberia—Biography. 5. Governors—Liberia—Biography. I. Title. DT633.3.R87B49 2005 966 62Ј01Ј092—dc22 [B] 2005040546 A catalogue record for this book is available from the British Library. Design by Newgen Imaging Systems (P) Ltd., Chennai, India.
    [Show full text]