1 July 2014

Liberia: LEITI Launches Fifth Report On Liberia

The Liberia Extractive Industries Transparency Initiative-LEITI has released its fifth report on Liberia, highlighting key financial transactions made during certain periods.

During the launch of the reports, LEITI Deputy Head of Secretariat, Konah D. Karmo presented the report to the Deputy Minister of Planning and Human Resource Development at the Ministry of Lands, Mines and Energy, Stephen B. Dorbor who then launched the report.

Prior to the launch, LEITI Deputy Head of Secretariat, Konah D. Karmo, explained that the report also took into consideration key financial payments made by companies to the Government of Liberia, looking at key sectors, Agriculture, Forestry, Mining and Oil.

However, the Deputy Minister, Stephen B. Dorbor in launch of the report said that the report, being heavily loaded, about 150 pages, gave detailed information on financial transactions.

According to him, the Multi-Stakeholders Steering Group (MSG) of the Liberia Extractive Industries Initiative approved the 5th LEITI Report for Liberia on June 19, 2014, and subsequently launched it on June 30, 2014 in the Conference Room of the LEITI Secretariat on Capitol Hill, Monrovia.

He said, the report which was commissioned by LEITI and prepared by Ernst and Young and MGI-Monbo and Company, covered the Government's fiscal period from July 1, 2011 to June 30, 2012 and also contains several components, including amount paid , and amount due, revenue tracking and in Kind contribution.

Mr. Dorbor stated further that amount paid by companies to the Government of Liberia through its Agencies amounted to a total amount of USD110, 146,657 for July 1, 2011 to June 30, 2012 by Nine Government Agencies from the oil, mining, forestry and agriculture sectors for the period under review, while, payments data supplied by eighty (80) companies amounted to USD100, 809,819.

Meanwhile, the net difference of USD9, 336,838 or 8% of total amount received shows that the Government of Liberia reported more revenues than payments declared by the eighty companies., while, net discrepancy can be attributed below, that companies for which the Government reported receipts, but those companies did not submit payment data to the reconcilers, including Artisanal Mines and Pit Sawyers.

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