-To make clarity on government’s reserve
By Jerromie S. Walters
Amid concerns over the exact amount of funds left in the government’s consolidated account by the former administration, the Plenary of the House of Representatives has cited the Governor of the Central Bank of Liberia and Deputies to appear before the full body on this Thursday, February 1, 2024, to address circumstances regarding how much was left in the CBL reserve by the immediate past government.
President Joseph N. Boakai on Monday during the State of the Nation Address (SONA) disagreed with former President George Weah that he left US$40 Million in the country’s reserve. President Boakai stated in his annual message that he met US$20.5 Million in the CBL reserve instead of the US$40 Million announced by former President Weah.
The decision to have the CBL Governor invited was based on a communication written by Margibi County District#2 Representative lvar Jones seeking the indulgence of his colleagues to probe as to how much was left into the consolidated account by the past government.
Representative Jones: “Dear Speaker Koffa:
With compliments I herein write to crave the indulgence of the Honorable
House of Representatives to invite the Governor of the Central Bank of
Liberia to address the actual status of the Government of Liberia Nect
International Reserves and Government of Liberia Consolidated Account
balances as of December 31, 2023, January 19, 2024, and January 22, 2024
respectively.”
As many have observed, the Lawmaker says this statement is not being concurred with by his successor, President Joseph Nyuma Boakai Sr.. “Honorable Speaker, in President Boakai’s First State of the Nation Address on January 29, 2024, he said, “the net international reserves position reported at the end of December 2023 was USS220 million.
He noted that 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.”
Representative Jones- “Honorable Speaker, it is the Fundamental Right of the Public to be informed about 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.”
With the aforementioned, he prayed 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 Net International Reserves and Government
of Liberia Consolidated Account balances as at December 31, 2023, January I9, 2024 and January 22, 2024 respectively.
Following the reading of the communication, a motion was proffered by Representative P. Mike Jury of Maryland County to have the Governor invited on Thursday.
As he bided Liberians farewell, President George Weah told Liberians that his administration was leaving behind a better economy than the one he inherited in 2018.
In his farewell speech, late Sunday, January 21, 2024, the outgoing President emphasized that President-elect Joseph Nyuma Boakai will be taking over a stronger economy with a significantly larger net international reserve and more.
“I must report to you that we are leaving behind a better economy than we inherited. Today, President-elect Joseph Nyuma Boakai will inherit a stronger economy than I inherited. There is a bigger net international reserve positioned than was handed me in 2018.”
But during his first State of the Nation address, President Boakai said he met 20.5 million in the government consolidated account and not US $40 million as announced by the former president.
“The report of US $40 million as the GoL’s consolidated account balance as of 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.
With this, he articulates: “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.
