-CBL Governors say they didn’t inform Pres. Boakai, Weah about $USD20, 40Million but!
By Jerromie S. Walters
Following his appearance before the plenary of the House of Representatives, to address circumstances regarding how much was left in the GoL’s consolidated account balance on December 31, 2023, and January 19, 2024, respectively, the Bank’s Governor, J. Aloysius Tarlue, struggled to disclose the actual amount, as he informed that body that the Bank didn’t give the amounts that were announced by former President George Weah and current President Joseph Boakai.
During his deliberation to the House of Representatives on Thursday, February 1, 2024, Mr. J. Aloysius Tarlue said as at January 19, 2024, the total balances in the government’s consolidated account in Liberian dollars is 2, 434,886,996.88 and $USD27,665,071.82. This grand total is a sum of the balance in the government’s consolidated account as at January 19, 2024, (from 2023 to January 19) which is $LD1,001,747,090.35 and $USD16,104,783.61.
It is also in addition to the report as at January 19, 2024, the balance in the government’s consolidated account in Liberian dollars at 1,433,139,906,53 and $USD11,560,288,21.
Though the Governor refused to disclose the actual balance, many have argued that when both figures are calculated, based on the CBl rate at the time, the will be reasons to believe that the former President was right. On the other hand, supporters of the UP say Mr. Boakai was only referring to the amount in United States dollars.
Amid concerns by lawmakers that the CBl Governor do the conversion of the two figures and give them the total, the Governor justified his refusal by the fact that the Finance Ministry did the conversion to get the total that was announced by former President Weah.
Accordingly, he says President Boakai received the amount he announced from the transitional team after figures in Liberian and United States dollars were given by the Central Bank but said figures weren’t interpreted by the bank.
“This Central Bank will not mislead our Leaders, Finance Minister has the Government’s everyday report and we did not give former President Weah the numbers, he (Finance Minister) gave it to the former President, he’s the Finance Minister, he’s the treasurer, he did the conversion and gave the total number, we only gave Liberian dollars and U.S. dollars.
He added, The need number, the 20.5 million, we didn’t give it to President Boakai. The transitional team worked with us and we gave them all the numbers.”
Like the Governor, Madam Nyemadi D. Pearson, the Deputy Governor for Operations
of the Central Bank of Liberia also acknowledged that they didn’t feed the former and current President with any of the figures they announced. “CBL doesn’t do conversion.” Madam Pearson added: “We never had any conversation with either of the President”
Following the Governors’ deliberations, members of the House of Representatives voted for the Transitional Team and the Central Bank of Liberia (CBL) to be subjected to an investigation by the Banking and Currency Committee to address information regarding the data of US$20.5m which President Joseph N. Boakai announced during the January 29’s State of the Nation Address (SONA).
According to the motion proffered by Montserrado County District #16 Representative Dixon Seboe, the House’s Banking and Currency Committee should probe the Central Bank of Liberia, including the Governor of the Central Bank of Liberia, J. Aloysius Tarlue and his deputies, Dr. Musa Dukuly, Deputy Governor for Economic Policy, and Madam Nyemadi D. Pearson, Deputy Governor for Operations as well as the Transition Team to ascertain which “data” were submitted to the President to have said that 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 District #16 Representative, in his motion, said the testimonies of the Central Bank of Liberia, indicated that as of January 19, there were over L$2.4b in the Consolidated Account as well as more than US$27m; and as per the approved prevailing rate of US$1 to L$188.36; that means the total amount in the Consolidated Account on January 19 was about US$40.4m.
The motion said the Banking and Currency Committee will report to the August Body on Tuesday, February 6. Following 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 on Tuesday, January 30, 2024, cited the Governor of the Central Bank of Liberia and Deputies to appear before the full body on today, 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.
