Liberia: House Summons CBL over US$40M Controversy

The Plenary of the House of Representatives has summoned the Governor of the Central Bank of Liberia (CBL) and his deputies to appear before the August Body Thursday, February 1, to address a controversy surrounding an alleged discrepancy of US$19.5 million in the national reserve.

The dispute arose after President Joseph N. Boakai questioned former President George Weah's claim that he left US$40 million in the government's consolidated account at the CBL, though the balance reported by the CBL, according to the newly inaugurated President, is actually US$20.5 million.

The conflicting figures have caused concerns in several quarters over the stewardship of the past regime—thus prompting the action from the Lower House to ascertain the facts of the matter.

Those summoned along with Governor Tarlue include Dr. Musa Dukuly, Deputy Governor for Economic Policy, and Madam Nyemadi D. Pearson, Deputy Governor for Operations.

The CBL governor and his deputies are expected to clarify (validate) the discrepancy between former President George Manneh Weah’s statement and‌ that of President Joseph N. Boakai, Sr on the international reserve in Central Bank of Liberia (CBL) to appear before

President Boakai, in his Monday's State of the Nation Address (SONA) to the 55th Legislature, indirectly termed former President George M. Weah, a liar — that his (former President Weah) report of US$40 million as the GoL’s consolidated account balance as at January 19, 2024 is not supported by the fact.

He stated that the balance reported by the CBL as of the same date was US$20.5 million, highly encumbered, NOT US$40 million — meaning there is a difference of US$19.5m.

Owing to the discrepancy, the President re-emphasized the Unity Party-led government’s commitment to audit and ensure that regular audits will be a culture across all branches of government, not only the Executive.

President Boakai said while standing before the House of Representatives and the Senate,” The net international reserves position reported at the end of December 2023 was US$220 million. 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. 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."

The President’s stern correction was triggered owing to former President George M. Weah’s farewell speech, two weeks ago, that he was leaving the presidency with US$45 million in the government’s consolidated account.

Former President Weah said: “…I inherited about US$94,999,000 in net international reserves, and I am handing over to the next administration a net international reserve position of US$222, 700,000.00. This is a 136 percent increase in net international reserve position. The total cash balance in the Government’s consolidated accounts is US$40,044,365. In 2018, my government inherited a consolidated cash position of about US$7,000,000.00.”

These inconsistent figures from former President Weah and the current President have been regarded as a “bad image” for the country and, if clarity isn’t sought, the rigmarole has the propensity to drive investors and have national security implications. It is against this backdrop that the House of Representatives decided to intervene, a lawmaker said after a session on Tuesday.

The decision of the House of Representatives came after separate communications from Montserrado County District #16 Representatives Dixon W.Seboe and Margibi County District #2 Representative Ivar Jones calling for an inquiry into the controversy.

“During the State of the Nation Address delivered by His Excellence, yesterday (Monday) January 29, 2024, President Boakia mentioned that the total amount in the consolidated account as at the time of the transition was 20.5 Million United States Dollars, which is a sharp contrast to what was reported by former President Weah,” Rep. Seboe wrote.

“Mr. Speaker, Deputy Speaker, colleagues, noting that this can be easily validated; I write that we invite the Central Bank of Liberia, which houses the consolidated account, to ascertain the facts surrounding the circumstances.”


Another lawmaker, Ivar K. Jones of Margibi County District #2 Representative also wrote, craving the indulgence of the House of Representatives to invite the Governor of the Central Bank of Liberia to address the actual status of the Government of Liberia International Reserves and Government of Liberia Consolidated Account balances as of December 31, 2023, January 19, 2024, and January 22, 2024, respectively.

“Honorable Speaker, the net international reserves position reported at the end of December 2023 was USS220 million. 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.”

“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,” Jones stated.

He noted that pursuant to the right of Liberians, there shall be no limitation on the public right to be informed and, as the information should be accurate and consistent. In the above-mentioned case, there is inaccuracy and inconsistency.