Liberia President George Weah has with immediate effect announced slashing down his salary and benefits by 25 percent.

According to the president, the move was as part of an effort to confront his country's "broken economy."

Weah, a former professional soccer star in Europe, was sworn in as President of Liberia last week after he took office from Ellen Johnson Sirleaf.

"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%", Weah said on Monday in his first State of the Republic address.

Addressing the National Legislature on Monday, Weah stressed the dire economic situation facing Liberia.

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

Weah won 61.5 percent of the votes in December's election run-off, beating rival Joseph Boakai who garnered 38.5 percent of the ballot.

In his inauguration speech, Mr. Weah said he couldn't offer any "quick fixes" but rather steady progress towards the goals of Liberians.

Weah has promised to eradicate corruption in the country of four million people and bolster the weak economy.

Source: Ghanaguardian.com