By Bill W. Cooper
The Liberian Senate has mandated its joint Committee on Public Accounts and Audits, and Banking and Currency, to investigate circumstances surrounding Liberia’s reserve.
The Public Accounts and Audits Committee is headed by Gbarpolu County Senator, Amara Konneh, while the Banking and Currency Committee is headed by Lofa County Senator, Joseph Jallah.
The two committees are mandated to validate the actual balance of the country’s consolidated account, following conflicting statements from former President George Weah and President Joseph Boakai about the nation’s reserve.
The Senate’s decision was triggered as a result of a communication from River Gee County Senator, Francis Dopoe, pleading with his colleagues to ensure that the fact surrounding the figures is established.
It can be recalled that President Weah, in his farewell message to the nation, stated that, regardless of the challenges his government faced, he was leaving over US$40 million at the Central Bank of Liberia for the incoming administration.
He stated, “My fellow Liberians, I am pleased to announce that my government is leaving and turning over US$40m to the Joseph Boakai government, unlike my predecessor Ellen Johnson-Sirleaf when I took over in 2018.”
But the statement was however countered by President Boakai during his first State of the Nation Address Monday, January 29, 2024, at the Legislature in Monrovia.
The Liberian leader, giving the state of the country’s economy, said, “Distinguished lawmakers, the report of US$40m as the gov’t’s 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.”
But with the hullabaloo, Sen. Dopoe said, “Colleagues, I’m pleased to bring to your attention the conflicting statements that are coming from our former President and current President in regards to our Consolidated Account reserve.”
“Former President Weah informed the country that he was leaving US$40 million, but President Boakai has reacted saying said figure was inaccurate and that the reserve is US$20.5m.
In my mind, I think there is a need that we Senators, in line with our oversight responsibilities, ensure a thorough investigation is done into this matter so as to know our country’s reserve,” he stressed.
Sen. Dopoe maintained, “So, colleagues, based on the sensitive nature of this matter, I would like to crave your indulgence for this body to invite the CBL, Liberia Revenue Authority (LRA), and the acting Comptroller General to ascertain the facts surrounding this matter.”
He added that in addition to the consolidated account saga, the CBL, LRA, and Controller General, should also be made to address the actual status of the Government International Reserves as of December 31, 2023, January 19, 2024 and January 22, 2024.
Meanwhile, the committee is expected to submit its report to full plenary next Tuesday, February 6, 2024, for subsequent actions by that August body.
In a related development, the House of Representatives has cited the Governor of the Central Bank of Liberia and his deputies to appear before the full body on Thursday, February 1, to address circumstances regarding how much was left in the CBL reserve by the immediate past government.
