In US$40M Consolidated Bank Balance Saga… Who Reported The Wrong Figures?

By: Jeremiah Sackie Cooper
Capitol Hill-February 1, 2024: The House of Representatives has subjected the 2023 Transitional Team and the Central Bank of Liberia (CBL) to an investigation for reportedly conflicting figures of the total amount of monies in the government of Liberia consolidated accounts during the period of transition.

The House’s Plenary took the decision on Thursday February 1, 2024 during its 6th sitting through a motion proffered by Montserrado County District #16 Representative Dixon Seboe.

Hon. Sebox in his motion noted that that the amount of US $20.5 million being reported by President Joseph Boakai while delivering his state of the nation address is not supported by facts.

“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 as well as the the Transition Team to ascertain which “datas” were 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” he said.

President Boakai while delivering his first State of the Nation Address on Monday 29 January 2024, told members of the Legislature that there is no US$40 Million passed to his government by the Weah’s regime.

“The report of US$40 Million at the Government’s consolidated account balance as at January 19, 2024 is not supported by the fact. The balance reported by the Central Bank of Liberia as of the same date was US$20.5 million, highly encumbered, not US$40 Million”, President Boakai said.

This led to the appearance of the Governor of the Central Bank of Liberia before the honorable House of Representatives to provide clarity on controversies surrounding US$40 Million claimed to be left in government coffers by former president George Weah.

But now, the Transitional Team and the Central Bank of Liberia will appear before the house’s committee on Banking and Currency to address information regarding US$20.5m which President Joseph Boakai announced during the January 29’s State of the Nation Address (SONA).

From the testimonies of the Central Bank of Liberia during Thursday February 1, 2024 hearing, as of January 19, there were over L$2.4b in the Consolidated Account as well as more than US$27m.

As per the approved prevailing rate of US$1 to L$188.36; this clearly shows that there is was total amount of US$40 Million in government’s consolidated Account as of January 19 2024.

The Banking and Currency Committee is expected to report to the August Body on Tuesday, February 6, 2024.

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