-Publishes his assets
By Jerromie S. Walters
Speaker of the House of Representatives of the 55th Legislature of the Republic of Liberia, J. Fonati Koffa, has joined other top government officials in publicly disclosing his assets. According to the published report, Speaker Koffa’s net worth stands at US$3.9 million dollars.
The disclosure, made on Wednesday, June 26, 2024, revealed a detailed breakdown of Speaker Koffa’s assets and liabilities. His total assets include cash on hand, bank accounts in Liberia and abroad, securities, real properties, and personal properties, totaling US$4.47 million plus L$76,568.15. However, Speaker Koffa also has debts amounting to US$577,000.
After subtracting his total liabilities from his total assets, Speaker Koffa’s net worth is calculated at US$3,900,729.47. Howbeit, his annual income of US$204.6k was not included in this calculation.
This disclosure follows the lead of other high-ranking government officials, including the President and Vice President, in a move towards transparency and accountability in public office.
Boakai and Koung
President Boakai’s asset disclosure, published on June 21, 2024, revealed that his net worth stands at US$970.4k. The total value of his assets amounts to US$1.17 million, while his total debt is US$201.5k. After subtracting his liabilities from his assets, President Boakai’s worth is calculated at US$970,419.60. His assets include cash on hand, bank accounts, real properties, personal properties, and other assets, totaling US$1,171,919.60.
Similarly, Vice President Jeremiah Koung disclosed his assets on Saturday, June 22, 2024, showing a net worth of US$6.83 million. His total assets amount to US$7.86 million, with a total debt of US$1.02 million. After deducting his liabilities, Vice President Koung’s worth is US$6,838,168.50. His assets include cash on hand, bank accounts, real properties, personal properties, and goods in stock, totaling US$7,864,270.
It is worth noting that Vice President Koung’s total annual income was included in his total assets, hence the difference in the asset value. However, excluding his annual income, Vice President Koung’s total assets would amount to US$7,110,270.
Liberians have hailed the public disclosure of assets by President Boakai, Vice President Koung, Speaker Koffa, and others even though some believe it is overdue. Calls have also mounted for Senate Pro Tempore Nyonblee Karnga Lawrence and others to publish their assets.
Assets declaration and publishing
Part 10.1 of the National Code of Conduct for all Public Officials and Employees of the Government of the Republic of Liberia captioned: Declaration of Assets and Performance Bonds provides that “Every Public Official and Employee of Government involved in making decisions affecting contracting, tendering or procurement, and issuance of licenses of various types shall sign performance or financial bonds and shall in addition declare his/her income, assets, and liabilities before taking office and thereafter.”
The use of ‘asset declaration’/wealth disclosure is a powerful preventive tool to help public officials avoid unwarranted accusations of conflicts of interest and illicit wealth accumulation. It is also used to increase the confidence level of the general public in their leaders and those occupying positions that are prone to conflict of interest and the use of discretionary power.
President Joseph Nyuma Boakai, in his inaugural address, outlined the ARREST agenda focusing on key sectors for Liberia’s development. Following public scrutiny, the President publicly declared his assets to the LACC on February 8, 2024, as he emphasized the need for transparency and accountability in governance.
Just a few days after President Joseph Nyuma Boakai’s inauguration, members of the 55th National Legislature of the House of Representatives agreed, authorizing the House’s Chief Clerk, to publish the assets declared by all members within one month. Consistent with the legal mandate to declare their assets, the plenary also granted, that the assets of individual lawmakers declared, be published into at least three local dailies exactly one month following the submission. However, this did not happen.
The deadline for annual asset declaration is the last working day in July, with the LACC regulation requiring public awareness two months prior. Unlike assets declaration, government officials don’t need to publish their assets. However, many believe it is important for the sake of transparency and accountability.
Legally required and verification
In fulfillment of the Article 90(c) mandate of the 1986 Constitution of the Republic of Liberia, on June 20, 2014, an “ACT OF LEGISLATURE PRESCRIBING A NATIONAL CODE OF CONDUCT FOR ALL PUBLIC OFFICIALS AND EMPLOYEES OF THE GOVERNMENT OF THE REPUBLIC OF LIBERIA” was enacted.
The National Code of Conduct, in Part 10, provides for the Declaration and Registration of Personal Interests, Assets, and Performance/Financial Bonds by all public officials and employees of the government.
The NCoC specifically states under 10.2 Repository and Contents of Declaration, inter alia, “…All such declarations shall be accessible to both the public employer and the general public upon court order; as well as to the Liberia Anti-Corruption Commission (LACC) for investigative purposes. …”. Hence, the ongoing Asset Declaration and Verification exercises initiated by the LACC are in fulfillment of her constitutional duties to ensure accountability and transparency in public governance.
Asset declaration by public officials and employees of the government forms the basis for engaging with declarants. Whereas the verification process is a process of corroborating items listed against actuality.
Indications of the preponderance of discrepancies and cloudiness of declarations may warrant administrative punishment or gravitate to full-scale investigation and subsequent prosecution, as the case may be, under Part 10.3 Sanctions for False Declaration of the NCoC and PART IV – POWERS OF THE COMMISSION of the LACC Act.
The Liberia Anti-Corruption Commission (LACC) was established by an Act of Legislature on August 28, 2008, with the mandate to investigate and prosecute acts of corruption, as well as educate the public about the ills of corruption and the benefits of its eradication.
