MONROVIA – The political leader of the opposition Movement for Progressive Change (MPC), and business man has vowed to overhaul Liberia’s economy if elected president in the 2029 elections.
Simeon Freeman’s commitment comes on the heels of the MPC’s disappointing performance in the 2023 elections, where they secured only 0.72% of the votes, finishing in 8th place.
Freeman’s economic plan centers on drastically reducing interest rates from the current 20-25% to a more manageable 9%.
He argues that such a move is crucial for stimulating business growth and creating jobs in a country where high borrowing costs have stifled economic development.
“High lending costs undermine business competitiveness. Any serious government must tackle these costs at the heart of business failures and low private sector job creation,” Freeman stated.
He emphasized that the existing interest rates hinder the ability of Liberian businesses to compete, particularly when compared to lower rates in G7 nations, which range from 3% to 7%.
Freeman outlined a series of anticipated benefits from lowering interest rates, including increased borrowing for business expansion, job creation, and decreased costs of goods and services.
He believes that a shift to single-digit interest rates is essential for enhancing economic activity and improving the living conditions for Liberians.
Moreover, Freeman highlighted the need for increasing the capital requirement for banks to at least US$40 million, arguing that a strong financial sector is crucial for fostering economic stability and growth.
He intends to tackle not only borrowing costs but also taxation, which he claims contributes to the rising cost of living for citizens.
As the nation moves closer to the 2029 elections, Freeman’s promise to fix the economy positions him as a potential game-changer in Liberia’s political landscape, aiming to address the pressing economic challenges facing the nation and restore hope for a brighter future.
