Monrovia – Presidential Press Secretary Kula Fofana has clarified that President Joseph N. Boakai has not been engaged in any discussion regarding the controversial ETON and EBOMAF loan agreements, contrary to reports circulating in several media outlets.
By J.H. Webster Clayeh (0886729972) – [email protected]
According to Madam Fofana, while lawyers representing the two financing groups have reportedly contacted the Ministry of Justice, the matter has not reached the attention of the President.
“The conversation has not reached President Boakai as to the uplifting of the issues,” Madam Fofana stated. “The information available to us is that the lawyers of Ebomaf and Eton — I’m sure you know during the past administration they got into a contract — are in contact with the Ministry of Justice. But it has not reached the Office of the President.”
The Presidential Press Secretary emphasized that President Boakai remains uninvolved in any new talks or negotiations regarding the deals, which originated under former President George Weah’s administration.
“From our information, the lawyers have written to the Ministry of Justice that they have contracts with the Liberian government and they have come back for the conversation to continue,” she added. “But as it stands, the President has not been involved in any conversation relating to Ebomaf and Eton.”
Background of the Ebomaf and Eton Deals
The EBOMAF (US$420.8 million) and ETON (US$536.4 million) loan agreements were signed during the early period of the Weah-led administration and ratified by the Legislature in June 2018. The loans were intended to finance the construction of major road networks, including the much-talked-about coastal highway.
The ETON Financing loan, backed by a consortium of Asian investment firms, was expected to fund the construction of over 505 kilometers of roads, including the 316-kilometer coastal highway stretching from Buchanan, Grand Bassa County, through Rivercess, Sinoe, and Grand Kru Counties, extending to Maryland County.
In western Liberia, the project included road connections between Tubmanburg and Bopolu (52 km) as well as Medina and Robertsport (41.3 km).
However, despite legislative approval and widespread publicity, the projects never materialized. In 2020, then-Finance Minister Samuel Tweah admitted that the nearly US$1 billion in loan commitments failed because the companies lacked the financial capacity to deliver the promised funding.
“Government Is Continuity”
Madam Fofana acknowledged that the ETON and EBOMAF firms had existing agreements with the previous government and they have the right to follow up on their contractual claims.
“As normally happens when someone has an issue with your government before — government is continuity — they will want to do follow-up,” she noted. “But as it stands, the President has not been in any conversation as it relates to Ebomaf and Eton.”
She further clarified that the matter remains at a preliminary stage, pending review and advice from the Ministry of Justice.
“It is still in the early stage where the lawyers believe they have agreements with the Justice Ministry. If it reaches the President and he has an opinion on it, we will inform you,” Madam Fofana concluded.
The clarification comes amid growing speculation on social media about a possible revival of the controversial loan agreements — a move that had sparked significant debate during the Weah administration due to concerns over transparency and credibility.
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