Four state-owned enterprises and agencies are graduating from the Governance and Economic Management Assistance Program (GEMAP), taking over total responsibility for financial management by the end of October 2009.

"The program improved internal controls and management systems, reduced corruption opportunities and increased public revenue to millions of United States dollars..., a statement from the United States Embassy near Monrovia said.

GEMAP, a multi-donor and Government of Liberia partnership, was designed in 2005 to build the Liberian government's capacity in financial management and accountability, procurement practices and granting of concessions, and effective processes to control corruption.

Co-signatory authority of the GEMAP internationally-recruited financial controllers has ended or is ending by the close of October.

The Forest Development Authority (PDA) completed the GEMAP program in June 2009; Roberts International Airport (RIA) in September 2009; the Liberia Petroleum Refinery Corporation (LPRC) and the National Port Authority (NPA) will complete the program this month.

USAID-sponsored controllers and advisors at the four graduating entities completed the development and testing of internal control procedures, the establishment of automated accounting systems, and the training of personnel as agreed in joint work plans with the Liberian government, the Statement said.

These accomplishments paved the way for the termination of co-signatory authority of the GEMAP Controllers.

"The improved internal controls and management systems reduced corruption opportunities and increased public revenue, for example: The Roberts International Airport increased net income from $0.5 million loss in 2005 to nearly $1 million gain in 2008," The US Embassy statement furthered.

The statement claimed that cash balances at Liberia Petroleum Refinery Corporation (LPRC) approach $10 million; less than three years ago, the institution depended on bank overdrafts for ready cash. The National Port Authority increased revenues from $9.6 million in 2004 to $19.7 million in 2008.

The FDA established protections against unqualified logging companies obtaining concessions and detected irregularities in several proposed concessions that could have cost government several tens of millions of dollars.

A public graduation ceremony recognizing the achievements of the participating institutions is planned for mid-November 2009.

This graduation, the statement noted, is not the end of donor technical assistance and training for the ten GEMAP-supported institutions. The World Bank, the International Monetary Fund, the European Commission, as well as USAID, will continue technical assistance and training through the year ahead.

The statement quotes USAID Mission Director Pamela White: "Openly counting how much government money is collected, tracking how it is spent, and preventing misuse by officials or cheating by taxpayers, are central to good governance, to earning the public trust, and to attracting foreign and local private investors to lift Liberia. GEMAP helps protect the money that belongs to all of Liberia. Making economic and social progress, and keeping the peace, is directly tied to Liberia's public integrity."

It says USAID will continue its contribution to the graduated state-owned enterprises through monitoring and capacity building to ensure the sustainability of the systems instituted over the past three years. The assistance will include certified training programs and continued on-the-job monitoring to maximize the impact of formal training.

The US Government through USAID, as well as the European Commission, the World Bank, and the International Monetary Fund support GEMAP, in cooperation with the Government of Liberia.

The Program has built financial management systems and strengthened technical capacity in the public sector since 2006.