HOR Summons CBL over Inconsistencies in Country’s Consolidated Account

Capitol Hill: The Plenary of the House of Representatives has taken a decisive step to address the conflicting reports regarding the country’s consolidated account and reserve. This move comes after former President George Weah and current President Joseph Boakai presented contrasting figures, sparking confusion and concern among the public.

The controversy began when former President George Weah stated that there was a total of 40 million left in the country’s coffers, only for President Joseph Boakai to later claim that the actual amount was 20.5 million. This stark disparity in the reported figures has raised questions about the transparency and accuracy of financial information pertaining to Liberia’s central bank.

In response to this discrepancy, a motion was put forward by Rep. P. Mike Jury to invite the Governor of the Central Bank of Liberia and senior deputies to address the matter. The motion, which was tabled on Tuesday January 30, 2024, aims to seek clarification and validation of the actual balances as reported by President Joseph Boakai in his State of the Nation address.

As a result of the motion, the Plenary of the House of Representatives has officially summoned the governor of the Central Bank of Liberia and his deputies to provide clarity on the reported figures on Thursday February 1, 2024.

The discrepancies in the reported figures have significant implications for Liberia’s financial stability and public trust in governmental institutions. The summoning of the CBL governor and senior deputies reflects a concerted effort to address these concerns and restore confidence in the country’s financial management.

The conflicting reports regarding Liberia’s consolidated account and reserve have prompted swift action from the House of Representatives, culminating in the summoning of key officials from the Central Bank of Liberia. As this situation unfolds, it remains to be seen how this development will impact public perception and financial governance in Liberia.

Below is the Full text of the Communication to the HOR:

COMMUNICATION 
Dear Speaker Koffa:
With compliments I herein write to crave the indulgence of the Honorable
House of Representatives to invite the Governor of the Central Bank of
Liberia to address the actual status of the Government of Liberia Nect
International Reserves and Government of Liberia Consolidated Account
balances as of December 31, 2023, January 19, 2024 and January 22, 2024
respectively.

Honorable Speaker, my communication is induced by the Former President of the Republic of Liberia, H.E. George Manneh Weah last address to the nation on. January 21, 2024 in which he said, "and I am handing over to the next administration net international reserve position ofTwo Hundred Twenty-Two Million, Seven Hundred Thousand United
States dollars. The total cảsh balance in the Government's Consolidated
Accounts is United States Forty Million, Forty-Four Thousand, Three
Hundred Sixty-Five Dollars and Ninety Cent." 

This statement is not being concurred with by his successor, President Joseph Nyuma Boakai Sr..
Honorable Speaker, in President Boakai's First State of the Nation Address on January 29, 2024, he said, "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 at
January 19, 2024 is not supported by the fact. The balance reported by the
CBL as ofthe same date was US$20.5 million, highly encumbered, NOT
US$40 million."
Honorable Speaker, it is the Fundamental Rights 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.

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

With the aforementioned, I pray the indulgence of the plenary of the
House of Representatives to invite the Governor of the Central Bank to
address this serious national issue regarding the accuracy and consistency
of the Government of Liberia Net International Reserves and Government
of Liberia Consolidated Account balances as of December 31, 2023.
January I9, 2024 and January 22, 2024 respectively.
Thanks for your usual cooperation.
Truly,
Hon Aar K. Jones
Representative
District 2, Margibi County