Liberia: Was Boakai Mistaken over Weah’s US$40M Claim?

The Central Bank of Liberia (CBL) has released the balances of the Government of Liberia (GOL) Consolidated Accounts at December 31, 2023, and January 19, 2024, respectively, in the Chamber of the House of Representatives on Capitol Hill, Monrovia. 

CBL Executive Governor J. Aloysius Tarlue and Madam Nyemadi D. Pearson, Deputy Governor for Operations, testified that the balances of GOL Consolidated Accounts in both Liberian and United States Dollars are being provided unalterably from the automated machine. 

Governor Tarlue said the total balance in the GOL consolidated account as at December 31, 2022 was LD1,001,747,090.35 and USD16,104,783.61, while the balance as of January 19 was LD1,433,139,906.53 and USD11,560,288.21, with the total as of January 19 as LD2,434,886,996.88 and USD 27,665,071.8, respectively. 

The CBL Governor specified the details of the balances as at December 31: GoL Revenue FY2023 - LD6,783,923.05, USD; GoL Expenditure FY2023 - LD392,240,760.42, USD7,939,039.16; GoL Operation FY2023 - LD93,651,750.71, USD12,437.42; GoL Payroll FY2023 - LD69,147,299.20, USD7,719,498.37; GoL Debt Service FY2023 - LD299,118,714.98, USD409,856.13; GoL HSSS FY2023 - LD140,804,641.99, 16,104,783.61; Total amount LD1,001,747,090.35, USD16,104,783.61. 

Governor Tarlue also gave details of the balances as of January 19: GoL Expenditure FY2024 - LD1,178,191,870.47, USD10,740,640.74; GoL Revenue FY2024 - LD239,816,951.09, USD699,647.47; GoL Operation FY2024 - LD15,131,084.97, USD120,000.00; GoL PayrollFY2024 - 0.00, 0.00; GoL Debt Service FY2024 - 0.00, 0.00; GoL HSSS FY2024 - 0.00, 0.00: Total Amount LD1,433,139,906.53, USD11,560,288.21. 

“The total in the balances as of January 19 is LD2,434,886,996.88 and USD 27,665,071.82,” Governor Tarlue said. When asked for the prevailing exchange rate on January 19, 2024, he said it was USD1 to LD188.3602. It is, however, reported that President Boakai was not briefed about the Liberian dollar component of the money in the consolidated account.

Amidst the Governor’s decline to announce the total amount in US dollars using the L$188.36 exchange rate, Nimba County District #9 Representative Taa Wongbe indicated that following the disclosure of the balances of the GOL consolidated account and the prevailing exchange rate of LD188.3602 to US$1, the conversion of the LD2,434,886,996.88 would be equivalent to US$12,815,194.72. 

“Adding the conversion of US$12,815,194.72 to that of US 27,665,071.82 will be US$40,480, 266.50; which speaks to the fact that former President George M. Weah was right when he said as of January 19, his government has left over US$40m in GOL consolidated account,” Rep. Wongbe said. 

Wongbe’s arithmetic was supported by over 30 lawmakers, as many wondered how President Boakai got wrongly informed.

It may be recalled that 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.

However, Governor Tarlue said documents of balances of the GOL consolidated accounts were given to the Former Finance Minister Samuel Tweah and the Transitional Team to make an informed decision.

Deputy CBL Governor for Operations, Madam Pearson said void of politics, the “numbers” are authentic and the CBL didn’t meet former President Weah and current President Boakai but were released to Tweah and the Transitional Team and they are responsible for their respective financial interpretations. 

Meanwhile, the House of Representatives voted Thursday for the Transitional Team and the Central Bank of Liberia (CBL) to be subjected to an investigation of the Banking and Currency Committee to address information regarding the data of US$20.5 million which President Joseph N. Boakai announced during his January 29 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 and the Transition Team to ascertain which “data” was 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 New Kru Town Lawmaker, in his motion, said the testimonies of the Central Bank of Liberia, indicated that as at January 19, there were over L$2.4 billion in the Consolidated Account and more than US$27 million; 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, 2024 was about US$40.4 million.  The motion said the Banking and Currency Committee will report to the August Body on Tuesday, February 6.