Legislature to Reconvene Over CBL Missing Container If…

5
1786
Senator Nyonblee Karnga-Lawrence

The chair of the Senate Committee on Oder and Administration, Grand Bassa County Senator Nyonblee Karnga-Lawrence, has intimated that the Legislature will reconvene, if the Central Bank of Liberia (CBL) does not come up with a statement on the missing container by Friday. The Legislature officially closed for its annual break, to return in January, 2019.

“If the CBL does not come up with a statement on the missing container by Friday, the Legislature will have to reconvene and summon the Bank,” Senator Karnga-Lawrence noted in a Facebook post. “It is necessary that the CBL which is the institution in charge to come up with a statement, that’s what we need first to establish a case,” she said.

Senator Lawrence said that none of the Legislators was involved with the moving and receiving of money that should be in the vault of the CBL. “The only role of the Legislature is to authorize the printing of the currency; how much was authorized must be a part of the investigation,” she told the Daily Observer in a phone interview.

The Grand Bassa County Senator and political leader of the opposition Liberty Party said she has already started to lobby among her colleagues for their return; “I am sure we will get sufficient signatures we need for our return, because this is of high interest.” Like their just ended two-week extension, the Legislature will not demand nor receive any extra sitting fee.

It may be recalled that, after several deferments, the Senate and President George Weah’s Economic Management Team in mid-July held discussions behind closed doors in the Chambers of the Senate on Capitol Hill.

The Senators and their guests, that included Finance and Development Planning Minister Samuel Tweah, CBL Acting Executive Governor Charles Sirleaf, and Commerce Minister Wilson Tarpeh and others from the Liberia Revenue Authority, emerged from hours of meeting, though nothing was officially disclosed to the media.

However, in a very brief spontaneous chat, Minister Tweah confirmed then that indeed the US$25 million that President Weah spoke about would be infused on the local market to help address the rapid depreciation of the Liberian dollar.

Tweah reaffirmed President Weah’s promise to revitalize the economy through the encouragement of local entrepreneurs but, like the President, he emphasized that the solution is not going to be immediate.

The meeting on Capitol Hill came less than 24 hours following President Weah’s first address to the nation with emphasis on the state of the economy. It also coincided with the well publicized meeting between members of the local foreign exchange bureaus and the CBL authorities.

That meeting was prompted by a letter from Senator Lawrence to Senate plenary, in which she requested the appearance of heads of financial institutions to address the Senate on the state of the economy.

5 COMMENTS

  1. It is about time for, THIS FIRST BRANCH OF GOVERNMENT THE LEGISLATIVE BRANCH to return to work. They authorized the printing of 16 billion Liberian dollars which has gone MISSING they must return and INVITE FMR. PRESIDENT SIRLEAF AND HER CBL. PRESIDENT WEEKS to tell the Liberian People what happened to their MONEY!

  2. “The Federal Reserve is the central bank of the United States and is arguably the most influential economic institution in the world. One of the chief responsibilities set out in the Fed’s charter is the management of the total outstanding supply of U.S. dollars and dollar substitutes. The Fed is responsible for creating or destroying several billion dollars every single day.
    Despite being colloquially charged with running the printing press for dollar bills, the modern Federal Reserve no longer simply runs new paper bills off a machine. Some real dollar printing does still occur (with the help of the U.S. Department of the Treasury), but the vast majority of the American money supply is digitally debited and credited to major banks. The real money creation takes place after the banks loan out those new balances to the broader economy.”
    I would think that the Executive Mansion of Liberia has operated as a vault in supply of money to the economy since many eras. In this case, the new government of President George M. Weah had just begun and the strain of trusting some of those financial executives influence the overall cause for monitoring the money management by his new administration. In order to substantiate what is currently happening with the physical money, we must begin to research as to how in the previous administration money was controlled. There is no money missing from my level; the President, George M. Weah, is trying to find trusted people in managing the Liberia’s economy. President George M. Weah is the head of the federal and to authenticate our curiosity, reliable domestic and international firms could be engaged to conduct an audit for the past ten (10) years.

  3. The Legislature authorized and approved LD$ 5 Billion to be printed by the CBL under Weeks. He went ahead and printed LD$ 16 Billion. That’s Legislative contempt and he should be jailed for that because it is only the Legislature that can approve the amount of money to be printed. But besides, we want to know who authorized Weeks to print more than 200% of what he should have printed? And why would such amount of money disappear right in front of the current government without they knowing about it in March 2018? I smell a poisonous rat.

  4. Individuals associated with (directly or indirectly) CDC Government are behind this missing container. Just wait and see. Sirleaf is corrupt but she is not stupid to steal 100 million dollars outright. This was done by people who were desperate to get rich quick and were also clueless on how their spending of this money would impact the economy.

Leave a Reply