(Cub-Reporter)
The Unity Party National Youth Congress has expressed concern regarding the General Auditing Commission’s (GAC) audit of the Central Bank of Liberia (CBL).
The youth group recalled that, in 2019, during the Independence Day celebrations, the CBL allegedly disbursed a total of $730,000 to government agencies without any approved policy and these disbursements were made to the Liberia National Police, the National Security Agency, and the Ministry of State for Presidential Affairs.
Addressing a press conference on Thursday, May 24, the Spokesperson of the Youth Congress, Jusu Kamara, described the findings as damaging and indicative of broader issues of financial mismanagement and lack of accountability within the CBL during the previous administration.
According to him, President Joseph Boakai mandated a comprehensive audit of several key institutions, including the CBL, to ensure transparency and combat corruption and noted that this directive includes reviewing the financial activities from 2018 to 2023, aiming to establish accountability for the previous administration’s financial discrepancies.
“This initiative is part of President Boakai’s broader commitment to fostering a culture of regular audits across all government branches to promote transparency and integrity in public office,” he added.
He stated that, on July 24, 2019, US$200,000 was disbursed to the police as part of the Bank’s contribution to the July 26 celebration. This was followed by a disbursement of US$300,000 to the Ministry of State for the same purpose while the National Security Agency (NSA) received US$80,000 for special security operations.
“These transactions occurred during a transitional period at the Bank, with Deputy Governor Nyemadi D. Pearson overseeing operations, including all financial transactions and disbursements. The GAC noted that the receiving entities did not solicit these funds, which raises concerns about the transparency and propriety of the disbursement process,” the youth congress explained.
“The audit’s findings suggest that these unsolicited funds could facilitate financial malpractices, prompting calls for further investigation into the Bank’s financial management practices during the transition period. The GAC’s report underscores the need for stricter oversight and accountability within Liberia’s financial institutions to prevent potential misuse of funds,” he asserted
The leadership of the Unity Party National Youth Congress said it is deeply concerned about the damaging revelations from the GAC’s ongoing audit which uncovered extensive corruption and financial malpractices linked to the past administration, with the Deputy of Operations, Pearson, identified as the primary suspect and chief facilitator.
In a recent statement, a representative of the Youth Congress emphasized the importance of accountability, stating that they expect a decisive prosecution of Madam Pearson and all others involved in the corruption scandal.
He concluded, zero tolerance for corruption is a promise we made to the Liberian people, and we are uncompromising with this, underscoring the Unity Party’s commitment to combating corruption and ensuring justice.
