It now seems that President George Manneh Weah has realized the urgency to examine what he confidently disclosed at his state of nation address, that US$25 million had been infused into the economy to mop-up excess liquidity in order to stabilize the rapid depreciation of the Liberian dollar against the US Dollar.
Finance and Development Planning Minister, Samuel Tweah has long since insisted that the money was used, as intended, for the mop-up exercise. And the Central Bank of Liberia(CBL) has meanwhile confirmed this narrative with paid adverts placed in various media outlets suggesting that the CBL, acted in close collaboration with the Samuel Tweah led Technical Economic Management Team (TEMT) during the mop-up exercise.
Now, however, it appears that sufficient due diligence was not done given President Weah’s most recent call for a GAC audit to further probe the matter.
According to the CBL, the mop-up exercise was necessary to stabilize the Liberian Dollar against the US Dollar. But it can be recalled that Finance Minister Tweah had publicly disclosed that he had opted to use money exchangers and other businesses, rather than the commercial banks because, according to him, use of the commercial banks would not have yielded the desired results. The Minister has since stoutly defended his actions, claiming that he did not do anything illegal although the PIT report suggests otherwise.
According to President Weah, the GAC is given a two-week mandate to report on their findings. However observers maintain that given the volume and scope of the work involved, two weeks would be insufficient to enable the GAC come up with a credible report. Of course, as President Weah told a BBC reporter that he is not a financial expert when he was asked on the matter after he had read his state of the nation address on the economy, the GAC would need more than two weeks to complete such a report.
Meanwhile public mounting concerns about what is seen as Finance Minister Tweah’s involvement in the affair and an apparent official attempt to shield him from public scrutiny has inundated radio talk shows and swamped public discourse. Sources say such concerns, according to observers, may have informed President Weah’s call for a GAC audit apparently in the hope that the results of the audit would serve to absolve his Finance Minister and members of the TEMT from blame.