10/02/2024
The Public Accounts Committee has vindicated former President Weah once again.
Joseph Boakai fibbed and according to information some withdrawal was made under his instructions.
Read below the release from the Senate!
Joint Public Accounts and Audits and Banking and Currency Committee’s Report on GOL’s Consolidated Accounts to Plenary
February 6, 2024
Context
Former President Weah told the nation on January 21, 2024, that he left USD 40 million in the Consolidated Accounts while President Joseph Boakai told the Legislature and the public in his State of the Nation Address on January 29, 2024, that that was not true and that his predecessor left USD 20.5 million in the Consolidated Accounts at the CBL. Both failed to inform the public if their figures were gross or net account balances, to establish the true balance of Gol consolidated accounts, one needs to refer to the net balance to consider all outstanding checks issued against those accounts as of said date.
Senate Plenary Action
On January 30, 2024, the Senate Plenary voted to mandate the Public Accounts and Audits Committee (PAC) and the Banking and Currency Committee (BCC) to expeditiously investigate this matter and establish the true balances of the Consolidated Accounts with supported documentation, and report to Plenary by Tuesday February 6, 2024.
Joint PAC and BCC Committee’s Action
On January 30, 2024, the joint committee wrote the CB’sL Executive Governor a letter and requested that he provides the following information by end of day on Wednesday January 31, 2024:
1. 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).
2. GoL’s revenue account balances for the same period and for the Calendar Year ended December 31, 2023
CBL’s Response
CBL, responded on January 31, 2024, and provided the requested documents.
After careful review and analysis of the documents (Bank Statements), the following balances were established:
(1) GoL FY2023 Gross Accounts balance as of December 31, 2023: USD21,464,644.50 (USD15,967,236.86 and LD1,038,847,320.62) exchange rate of LD188.9704/USD1.00. See Table 1
(2) GoL FY2024 gross accounts balance as of January 17, 2024: USD37,798,931.96 which included both end of December FY2023 balances stated above in #1 and January FY2024 accounts balances (FY2023 USD21,484,256.91 and FY2024 USD16,314,675.05). See Table 2.
(3) GoL FY2024 gross accounts balance as of January 19, 2024: USD 40,550,089.77 that also includes both end of FY2023 and FY2024 accounts balances (FY2023 USD21,405,862.99 and FY2024 USD19,144,226.79). See Table 3.
Recommendation
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) of the Consolidated Accounts to clear any doubts about the true net position of the Consolidated Accounts that President Boakai inherited as of January 21, 2024.
Signed:
Amara KonnehCllr. Joseph Jallah
Chairman, PACChairman, BCC
Edwin M. Snowe, Jr.Nathaniel F. McGill
MemberMember
Momo CyrusGbehzongar Findley
MemberMember
Francis Dopoh IIAbraham Dillon
MemberMember
James P. BineyJ. Gbleh-Bo Brown
MemberMember
Dabah Mabande VapilahCrayton Duncan
MemberMember
Jonathan Boycharles Sogbie
Member Sekou Kalasco Damaro George Weah
