By Bill W. Cooper
The Liberian Senate has mandated the General Auditing Commission (GAC) to conduct a reconciliation audit to establish facts surrounding the country’s consolidated account.
The audit aims to determine the accurate financial status of the government’s consolidated account, amidst contradicting statements from the past and current administrations.
The Senate’s decision followed a recommendation from its Committee on Public Accounts and Audits, Banking and Currency, regarding the two figures.
Former President Weah, in his farewell message, stated that, regardless of the challenges, he was leaving over US$40 Million at the Central Bank of Liberia for the incoming administration.
He said, “I am pleased to announce that my government is leaving and turning over US$40 million to Joseph Boakai, unlike my predecessor Johnson-Sirleaf when I took over in 2018.”
But President Boakai, during his first State of the Nation Address on Monday, January 29, 2024, at the Legislature in Monrovia, countered the former President’s assertion.
Boakai said, “Distinguished lawmakers, report of US$40 million as the gov’ts consolidated account balance as at January 19, 2024 is not supported by the fact. The balance reported by the CBL as of the same date was US$20.5 million, highly encumbered, not US$40 million.”
Based on these conflicting figures, the Senate Plenary then instructed the Public Accounts and Audits, and Banking and Currency Committees to investigate due to a complaint from River Gee County Senator, Francis Dopoe.
But the committee, in its report, said, as mandated by the Senate Plenary, the Committees communicated with the CBL requesting its last transaction, bank statements, and date of interaction with the Joint Presidential Transitional Team (JPTT).
According to the committee, based on the documents as provided by the CBL, there is a need for a reconciliation audit to be conducted so as to reconcile the figures as provided by the bank authorities.
The committee maintained, “Colleagues, given the magnitude of the discrepancy, there is a need for a comprehensive reconciliation audit to be conducted by the GAC.”
“This, we believe, will help clearly explain and give us an update about the country’s fiscal policy, coupled with bolstering public trust in the government’s financial management system, and ensuring the accuracy and transparency.
The conflicting statements from two of our nation’s leaders has left rooms for doubt and mistrust among the public. So, it is imperative that we establish the real balance to restore faith in our financial system and ensure accountability,” the committee’s report added.
Meanwhile, to ensure the smooth execution of the audit, the GAC is expected to have full access to all financial records, documents, and transactions related to the consolidated account.
The commission is also expected to collaborate with key stakeholders, including the Ministry of Finance, CBL, and the JPTT, including other relevant government agencies, to establish the country’s accurate financial picture.
