Monrovia – When President George Manneh Weah delivers his second annual message Monday, in the backdrop of massive expectations regarding the report into the missing Liberian dollars and the infusion of US$25 million, trumpeted as a measure to mop up the excess liquidity, the stakes will no doubt be high as an antsy nation look to gauge and pounce on what the President will pronounce as some of the key achievements of the past year in hopes of projecting what to expect in the year in play.
Report by Rodney D. Sieh,
Just about a year ago this time, riding on the highs of his successful elections victory and inauguration, President Weah’s message sought to convince Liberians that the incoming ruling Coalition for Democratic Change had inherited a broken economy. “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,” the President declared.
The irony of millions of dollars gone missing from a “broken economy” kept Liberia busy on the international newswire for much of 2018.
A massive protest hashtag “Bring Back Our Money” coupled with concerns over the president’s reluctance to first declare his assets and then making them public plus the added controversy of unexplained construction, renovation and purchases of multiple properties by the president and some of his key lieutenants eclipsed much of the agenda on the government’s table in its first year.
A US-sanctioned report is yet to be released and many Liberians are keen to see how the President addresses the saga which dominated 2018 and drew his still- young administration in the firing line of critics.
The administration also came under fire from critics questioning two controversial loans – a US$536 million from the little-known Eton Financial Private Limited and a US420 million one dubbed Ebomaf. Ebomaf is headed by Mr. Mahamadou Bonkougou, a Burkinabe businessman friend of President Weah, who until late last year emerged as the owner of an airplane the President has been using for his presidential travel.
Much of those concerns were ignored as both houses of the national legislature sidestepped the obvious issues dogging both loan arrangements and fast-tracked a 4-G passage of the loans which have since fallen of the radar.
Article 58 of the Liberian Constitution places a duty on the President to present the administration’s legislative program for the ensuing session of the legislature and to report to the Liberian people, on the 4th Monday of January every year.
In this year’s address, the President will be expected to present the country’s overall economic condition, covering both expenditure and revenue.
A year ago, the President was guarded by the luxury of time. He had only been in office a week when he took the stage to deliver his first annual message.
The President did acknowledge his limitations when he said: “I have been President for only one week, I cannot be expected to report with authority on the expenditure and income of the Government of Liberia for the previous year, which was administered under my predecessor.”
This year, the President’s imprint is expected to be visible and taking ownership of both the highs and lows, the good the bad and the ugly could set the tone for what’s ahead after what many agree has been a rugged and turbulent first year.
The reported revenue of the year prior to the arrival of the Weah government amounted to 489.1 million US Dollars, which according to the President in his message last year, is a 13 percent decline over revenue collected in 2016, which was 565.1 million.
At the time, President Weah said he could not vouch for the accuracy or completeness of the inherited information, in the absence of verification by a full and proper audit conducted by a competent authority. The President did however say, that the highly unusual situation was caused by the delays in the electoral process of 2017, which had the effect of reducing the transition period from three months to three weeks. “Nevertheless, and in spite of the above-described situation, it is possible to inform you that the state of the economy that my administration has inherited, leaves a lot to be desired. This is plain for all to see, for we are all affected by it.”
While many were sympathetic to the President’s concerns regarding the economy, his supporters and some officials sought to lay the blame on the former government of President Ellen Johnson-Sirleaf.
House Speaker Bhofal Chambers, once a fierce critic of the former President even suggested that Sirleaf apologized to the Liberian people for not telling them the truth about her alleged involvement into the entire missing money saga.
The speaker went on to suggest that the former President be considered a person of interest into the missing money saga and held accountable for the printing of additional 10 billion which squarely contradicts the legislature July 19, 2017 communication that gives the Central Bank of Liberia (CBL) the approval to print.
The missing billions and the US$25 million put a strain on the economy and has dragged on in year two of the Weah presidency.
The US exchange rate to the Liberian dollar is slowly creeping up again muting the effectiveness of the infusion, prices of commodities continue to heighten and Liberians are beginning to demand answers. As President Weah takes to the podium Monday, many would be keen to see what new measures would be announced by the president to bring some relief to those languishing at the bottom of the economic ladder.
What remains certain is that the coming months could prove pivotal for the Weah-led government as the clock ticks on the honeymoon period and the unfolding realities begin to set in.