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George Weah to revise constitution and reduce his salary.

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Liberia’s newly sworn-in President George Weah pledged to cut his own salary by a quarter on Monday, in a nationwide address in which he warned of tough times ahead for a “broke” country.

“The state of the economy that my administration inherited leaves a lot to do and to be decided,” the former international soccer star working to meet the high expectations following his election victory at the end of last year.

Weah pointed out the ‘sorry’ state of the economy that his government inherited from his predecessor, Ellen Johnson Sirleaf.

“Our economy is broken; our government is broke. Our currency is in free fall; inflation is rising,” Weah said. “Unemployment is at an unprecedented high and our foreign reserves are at an all-time low”.

Weah had promised a crackdown on endemic corruption as he was sworn in a week ago to the cheers of thousands of exuberant supporters crammed into a stadium in the capital, Monrovia.

And since then , the president has taken steps to demonstrate to Liberians and officials in his government that it is not ‘business as usual’.

“In view of the very rapidly deteriorating situation of the economy, I am informing you today, with immediate effect, that I will reduce my salary and benefits by 25 percent,” Weah said, pledging the savings to a development fund for Liberia.

The announcement of a pay cut for himself is likely go down well on a continent long used to officials in high office awarding themselves fabulous pay rises and perks.

In addition to the pay cut, the new president seeks to change the country’s constitution to allow foreigners to apply for Liberian citizenship and all the benefits that come with it.

Liberia, Africa’s oldest republic, was established by freed slaves from the United States and declared independent in 1847.

The Liberian constitution provides that only “people of colour” can become Liberian and only Liberians can own property.

Weah described these clauses as “unnecessary, racist and inappropriate” for a Liberia in the 21st century. He said he would push to allow all races to apply for Liberian citizenship and for foreigners to be allowed to own property.

Nobel Peace Prize winner Johnson Sirleaf, barred from running again, was applauded for shoring up peace but criticised for failing to tackle graft or do much to spread economic gain beyond her elite circle to millions living in poverty.

Despite his avowedly grim outlook on the economy, Weah pledged a $3 billion coastal road project that would link the capital to its remote southeast.

“This is going to be very challenging,” he said. “But I am convinced that with the assistance of friendly governments and institutions this can be achieved before the end of my tenure.”

Liberia suffered civil wars from 1989-2003 that killed hundreds of thousands of people. Then, as it was recovering in the past decade, it was hit by low prices for its chief exports, iron ore and rubber, and a 2014-16 Ebola outbreak.

Business

Absa became the new competitor on the Ethiopia market.

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Absa Bank Of South Africa’s  has become the Latest Multinational Corporation to show Interest in Organizing the Ethiopia market.

Ethiopia has since Prevented Foreign Ownership in Economic Sectors that Includes Banking but Abiy Ahmed has began to take fast Action on the issue since he came to power in April.



Jason Quinn, the bank’s chief financial officer, told reporters that Absa was investigating on how and where to enter in a number of populating market, including Nigeria and Angola.

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Am Entrance made into the Ethiopia market of 100 million People, would be part of a Scheme made by Absa after it break from Britain’s Barclays in 2017.

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Ethiopia has plans to liberalise state-owned companies including Ethiopian Airlines, Ethio Telecom, Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Power, in order to attract foreign direct investment and stimulate growth.

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Motherland News

Black box of the Ethiopian Airline Crash recovered.

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The United Nations described the Sunday crash of the Ethiopia airline as disastrous saying it has cost them a great loss.



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Michael Moller, director-general of the U.N. European head garters said this was the worst loss suffered in years in Geneva in a statement where 150 people where gathered.

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Investigators in Ethiopia have recovered the black box from the ill-fated Ethiopian airline this Sunday.

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