The economic problems affecting Liberia require immediate action according to Senator James Biney who demands President Joseph Boakai to show decisive leadership towards economic sustainability.
During a Senate meeting Biney demanded President Boakai exhibit the leadership required to revitalize Liberia by emphasizing self-sufficiency through proper natural resource governance.
The recent budgetary concerns regarding the Karpower funds prompted Senator Biney to press President Boakai to take prompt action in public fiscal policy.
An amount of US$374,000 disappeared from the 2024 budget only to return within the Liberia Electricity Corporation (LEC) section of the 2025 budget.
The government’s decision to move funds from Karpower Special Inc. toward LEC occurred due to the ongoing floating power plant agreement with the company sparking concerns about administrative transparency and previous Karpower deal rejection.
Through continued use of external companies such as Karpower Liberia faces potential barriers to its economic self-sustainability according to Senator Biney.
During his Senate speech, he explained that Liberia faces a dangerous situation when development revenue depends on foreign aid. The government should create sustainable homegrown revenue streams while dedicating its energy towards enduring solutions instead of immediate foreign help.
According to the Senator, the proper use of national resources deserved immediate focus from the government.
Senator Biney stressed that Liberia does not make proper use of its natural resources through its forests as a main focus. The country imports plywood even though it possesses extensive rainforest lands which he defined as a contradictory situation. He believed Liberia should develop its forestry sector to produce exports instead of allowing international companies to operate in the country.
According to him, we should send our forest logs abroad rather than importing foreign plywood so our country can create jobs and develop both the economy and the currency values.
Biney focuses his concerns on difficulties which extend beyond forestry industry matters. The country’s ongoing reliance on foreign aid has led him to criticize its impact on the economic independence of Liberia.
He advocates for the Liberian government to change its governance model by supporting domestic businesses and developing native industries which will build economic strength and national expansion.
Liberia’s citizens along with political figures such as Biney are awaiting major economic changes from President Boakai’s administration toward policies that give more power to local communities while lowering foreign aid dependence.
Biney intends to convey to President Boakai that his administration needs to adopt self-reliant leadership that leverages unexplored national resources.
