MONROVIA — The Liberian Senate has partially established the facts surrounding conflicting accounts provided by ex-President George Manneh Weah and President Joseph Nyuma Boakai over the fiscal monetary balance of Liberia prior to the inception of the Unity Party (UP)-led government, with a call for the conduct of a reconciliation audit.
By Obediah Johnson
For sometimes now, Liberians have been caught in a state of dilemma over the total balance left in the country’s reserves by the Coalition for Democratic Change (CDC) government of former Liberian President Weah.
Mr. Weah reported the amount of US$40m as balance in the coffers of the Liberian government at the Central Bank of Liberia (CBL). But delivering his first Annual Message on January 22, President Boakai differed and reported that there were no facts available to support the amount pronounced by his predecessor.
“The report of US $40 million as the GoL’s Consolidated Account balance as of 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. To this end, we re-emphasize our earlier commitment to audit and ensure that regular audits will be a culture across all branches of government, not only the Executive.”
The conflicting accounts provided by Mr. Weah and Mr. Boakai prompted the Plenary of the Liberian Senate to mandate its Joint Committee on Public Accounts and Audit and Banking and Currency to “expeditiously investigate this matter and establish the true balances of the consolidated accounts with supported documentation” and report to Plenary following a communication addressed to that August Body by Senator Francis Dopoh of River Gee County last week.
Plenary is the highest decision making body of the Senate.
In its report submitted to the Plenary on Tuesday, February 6 during regular session, the Committee, headed by Senator Amara Konneh of Gbarpolu County, failed to shift blame on President Boakai or Mr. Weah for causing stirs in the public in relation to the fiscal financial balance of the country prior to the inception of the new government.
On January 30, the Committee wrote the CBL Executive Governor requesting the submission of GOL’s Consolidated Account balances in United States Dollars (USD) and Liberian Dollars (LD) of January 17, 2024 to January 19, 2024 at the CBL supported by appropriate bank statements and minutes of all meetings the CBL held with the Joint Presidential Transition Team (JPTT).
It also requested GOL’s revenue account balances for the same period and for the calendar year ended December 31, 2023.
According to the committee, the CBL responded on January 31, 2024 and provided the requested documents.
It pointed out that after the careful review and analysis of the documents (bank statements), it established that the GOL Fiscal Year 2023 Gross Accounts balance as of December 31, 2023 was US$21,464,644.50 ( US$15,967, US$15,967,236.86 and LD1, 038,847,320.62 at the exchange rate of 188.9704LD to US$).
The Committee also revealed that the gross accounts balance of the Liberian government as of January 17, 2024 was US$37,798, 931.96, which included both end of December FY2023 balances stated above and January FY2024 accounts balances (FY2023 21, 484, 256.91 and FY2024 USD16, 314, 675.05).
It disclosed that GOL FY2024 gross accounts balance as of January 19, 2024 was US$40, 550, 089.77 that also included both end of FY2023 and FY2024 accounts balances (FY2023 US$21, 405, 862.99 and FY2024 USD19, 144, 226.79).
In its recommendations, the Committee called for the conduct of a reconciliation audit of the consolidated accounts.
“In the interest of accountability and transparency, it would be better to call for a special reconciliation audit of the consolidated accounts to establish the facts and give them to the Liberian people. The purpose of this special audit (reconciliation) is to establish true balances (Gross and Net) Consolidated Accounts to clear any doubts about the true net position of the Consolidated Accounts that President Boakai inherited as of January 21, 2024.
Meanwhile, the Senate Plenary has fully endorsed the report from its Joint Committee on Public Accounts and Audit and Banking and Currency.
A motion for the endorsement of the committee’s report was filed by Senator Albert Chie of Grand Kru County.
The Senators also endorsed a recommendation mandating the General Auditing Commission (GAC) to conduct the audit.
With the latest report from the committee, it implies that President Boakai was ill-informed by the transitional fiscal management team of the exact money left in the coffers of the Liberian government prior to taking over from his predecessor.
However, it is not clear whether or not the Transitional Fiscal Management Team of President Boakai reconciled the balances at the CBL before informing the Liberian leader to pronounce the amount of US$20.5m as balance in the Consolidated Accounts of the Liberian government.
There have been mounting calls, especially from the former ruling CDC, for President Boakai to openly render an apology to President Weah for allegedly misrepresenting the facts.
However, the conduct of a reconciliation audit is prudent to finally clear the doubts, speculations, claims and counter claims among loyalists and supporters of both Mr. Weah and President Boakai.
