MONROVIA, LIBERIA – The Ministry of Finance and Development Planning (MFDP), under the leadership of Hon. Augustine Kpehe Ngafuan, has announced a temporary adjustment to the salary processing rule for government employees. In a memo issued on Friday, December 6, 2024, and signed by Elwood T. Nettey, Comptroller and Accountant General, the government revealed that for December 2024, salaries will be processed with a new exchange of 70% in United States Dollars (USD) and 30% in Liberian Dollars (LD), a shift from the previous proportion of 80% USD and 20% LD.
The memo, addressed to all ministries, agencies, and commissions, states that the adjustment will remain in effect until further notice, with the Ministry thanking the recipients for their usual cooperation. However, the government’s decision has generated significant criticism from critics who view it as an indirect way of reducing salaries for public workers.
Randall Massaquoi Dobayou II, a member of the opposition Coalition for Democratic Change (CDC), criticized the adjustment, calling it a “criminal tactic” aimed at diminishing citizens’ purchasing power. He argued that the decrease in USD compensation, particularly in light of the fluctuating exchange rate between the USD and the weaker Liberian Dollar, would have a negative impact on the economic well-being of the people.
“This move will significantly decrease citizens’ purchasing power,” Dobayou stated. “The street rate differs greatly from the formal exchange rate, which means people will end up with less value for their salary. This is not a rescue; these are their tricks. Be wise, and don’t be moved!”
Meanwhile, the reduction in USD salaries is widely seen by some economic experts as a response to the ongoing economic struggles in the country, particularly the weakening value of the Liberian Dollar. However, concerns have been raised about the government’s transparency and the potential long-term consequences for civil servants who rely on stable USD income.
