Monrovia — The Ministry of Finance and Development Planning, Liberia Revenue Authority, and the Central Bank of Liberia have announced sweeping reforms to Liberia's revenue collection and reconciliation systems following the release of a damning audit report by the General Auditing Commission that uncovered widespread discrepancies, unauthorized transactions, and operational weaknesses across government revenue channels.
Speaking Tuesday at a joint press conference in Monrovia, officials from the three institutions--Finance and Development Planning Minister Augustine Ngafuan, Central Bank of Liberia Executive Governor Henry F. Saamoi, and Liberia Revenue Authority Commissioner General James Dorbor Jallah--described the audit as a crucial step toward strengthening transparency, accountability, and public financial management in Liberia.
The report, titled "Compliance Audit Report on the Government of Liberia Revenue Collection and Reconciliation Processes for the Period July 1, 2018 to December 31, 2024," revealed multiple irregularities in the handling and reconciliation of government revenues over six years.
According to the Government, concerns first emerged in late 2024 when discrepancies were detected between revenues reported in the Tax Administration System (TAS) and deposits reflected in the Government's Consolidated Revenue Account at the Central Bank of Liberia.
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Authorities said they responded immediately by requesting an independent investigation.
"On January 6, 2025, with the full endorsement of the LRA and the CBL, I formally wrote the Auditor-General requesting an independent investigation into the variances between TAS-reported revenue and actual deposits as of December 31, 2024," the statement, read by Minister Ngafuan, noted.
Officials disclosed that the Auditor-General informed the government that the GAC was already conducting an extensive audit covering the period from 2018 to 2023, and later agreed to extend the review through 2024 to ensure a more comprehensive assessment.
The audit uncovered several alarming findings, including discrepancies between revenues recorded in Transitory Bank Accounts and the General Revenue Account, inconsistencies between TAS and the General Revenue Account, irregularities involving reversal transactions, unauthorized withdrawals from government accounts, and delays in remitting government revenues.
The report also identified gaps between the Automated System for Customs Data (ASYCUDA), the Liberia Integrated Tax Administration System (LITAS), and actual revenue deposits, exposing weaknesses in reconciliation and monitoring mechanisms.
Government officials acknowledged that the findings point to "systemic weaknesses, reconciliation gaps, and operational deficiencies" within Liberia's revenue collection framework.
In response, the Government says it has endorsed all recommendations contained in the audit report and briefed President Joseph Boakai on the findings.
According to the joint statement, President Boakai has authorized the forwarding of the audit report to the Ministry of Justice and the Liberia Anti-Corruption Commission to determine whether the findings suggest fraud and, if so, pursue legal action against anyone found culpable.
Even before the publication of the report, authorities said corrective measures had already begun.
Among the reforms announced are revised banking agreements governing transitory accounts and revenue sweep timelines, mandatory daily sweep reports from commercial banks to improve monitoring, expanded deployment of ASYCUDA at customs and border points, and the nationwide rollout of LITAS to strengthen domestic tax administration.
The Liberia Revenue Authority has also upgraded ASYCUDA to Version 4.4 to facilitate direct electronic integration with commercial banks and the Central Bank for automated transaction-level validation and reconciliation.
Officials further disclosed that quarterly reconciliation exercises among key revenue institutions are now underway and that efforts are advancing to integrate multiple financial management systems -- including LITAS, SIGTAS, ASYCUDA, IFMIS, transitory accounts, and the General Revenue Account -- to enable real-time reconciliation across government revenue systems.
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The Government also announced plans to engage private sector experts to help modernize and strengthen Liberia's revenue tracking and reconciliation systems.
Among the firms being considered is John S. Morlu LLC, headed by former Auditor General John S. Morlu II.
Officials said the engagements were intentionally delayed until the audit findings became available to ensure that any technological solutions developed would directly address the vulnerabilities identified in the report.
The Government commended the GAC audit team for what it described as professionalism, courage, and diligence in undertaking a sensitive and complex audit process.
Authorities reaffirmed their commitment to full cooperation as accountability, reconciliation, and institutional reform efforts continue.
