Two contradictory statements by Liberia's new president Joseph Boakai and former President George Weah about how much the Weah-government left in the nation's reserve have caught the attention of the 55th Legislature.
On Tuesday, Plenary, the highest decision-making body of the House of Representatives voted to invite the Governor of the Central Bank of Liberia (CBL) and deputies to appear before it this Thursday to set the record straight.
Plenary's action was prompted by requests made by two members of the House of Representatives, Ivar K. Jones (CDC, District #2, Margibi County) and Dixon W. Seibo (CDC, District #16, Montserrado County) in separate letters craving the indulgence of the House to invite the CBL Governor and his deputies to provide clarity over the conflicting statements of the two leaders.
"... I pray the indulgence of the plenary of the House of Representatives to invite the Governor of the Central Bank to address this serious national issue regarding the accuracy and consistency of the Government of Liberia's Net International Reserves and Government of Liberia Consolidated Account balances as of December 31, 2023. January I9, 2024 and January 22, 2024 respectively," and excerpt of the Rep. Jones' letter stated.
Delivering his annual message, otherwise known as the state of the nation address, President Boakai said, contrary to former President George Weah's claim that his administration left US$40 million in the country's reserve, his administration inherited just US$20.5 million.
In his farewell address to the nation, President Weah bragged that his administration was handling over a better economy to his successor than the one he inherited from his predecessor Ellen Johnson Sirleaf.
He said: "I inherited about NINETY-FOUR MILLION, NINE HUNDRED AND NINETY-NINE THOUSAND United States dollars in net international reserves, and I am handing over to the next administration a net international reserve position of TWO HUNDRED TWENTY-TWO MILLION, SEVEN HUNDRED THOUSAND United States dollars. This is a 136 percent increase in net international reserve position. The total cash balance in the Government's Consolidated accounts is UNITED STATES FORTY MILLION, FORTY-FOUR THOUSAND, THREE HUNDRED SIXTY-FIVE DOLLARS AND NINETY CENTS. In 2018, my Government inherited a Consolidated cash position of about SEVEN MILLION UNITED STATES DOLLARS."
However, countering Weah, President Boakai said: "The net international reserves position reported at the end of December 2023 was US$220 million. The report of US$40 million as the GoL's consolidated account balance as at 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."
Rep. Jones, in his communication pointed out that the contradictory statement did not only create confusion, but were in violation of the citizens' fundamental rights to be informed about the the government and its functionaries as enshrined in Article 15c of the 1986 Constitution of the Republic of Liberia.
"In pursuance of the right, there shall be no limitation on the public right to be informed and as such the information should be accurate and consistent. In the above-mentioned case, there is inaccuracy and inconsistency," Jones added.
Rep. Seibo, in his communication, noted that the CBL, as the institution that houses the consolidated account is in the position to validate these claims.
Following the deliberation, Plenary voted in favor of a motion proffered by Rep. P. Mike Jurry of Maryland County to invite the Governor and his deputies.
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Senate also steps in
At the Upper House, Senators also weighed in on the issue. The Senate Plenary voted to mandate its Public Accounts and Audits Committee (PAC) and the Banking and Currency Committee (BCC) to "expeditiously" investigate the inconsistencies and establish the true balances of the consolidated accounts with supported documentation, and report to Plenary by Tuesday February 6, 2024.
A communication sent by Senator Amara Konneh, chairman of the PAC on behalf of the joint committee, called on the CBL to "provide the Government of Liberia's (GoL) consolidated account balances in USD and Liberian Dollars (LRD) as of January 17, 2024, and January 19, 2024, at the Central Bank of Liberia (CBL), supported by appropriate bank statements and minutes of all meetings the CBL's held with the Joint Presidential Transition Team (JPTT)." The committee also mandated the CBL to state the GoL's revenue account balances for the same period and for the calendar year which ended December 31, 2023.
