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Boakai disputes Weah’s US40M balance story

By Othello B. Garblah

President Joseph N. Boakai has disputed claim by outgoing President George M. Weah that he left USD40Million in the state’s Consolidated Account as balance for the year ending December 31, 2023, during his State of the Nation Address here on Monday, January 29, 2024.

Instead, President Boakai argued that only a little over half that amount was left in the Government of Liberia (GoL) Consolidated Account as balance-US$20.5 million.

“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,” President Boakai said.

The issue of balance being left in both the country’s international reserves and consolidated accounts has been a bone of contention between succeeding governments in the country’s most recent history.

In 2018, Weah argued that he met around US7million in GoL’s consolidated account as balance left behind by the Ellen Johnson-Sirleaf Government, and around US150M in the country’s international reserves, something the Ellen Johnson-Sirleaf administration refuted at the time.

Thus, the public awaits the Weah’s administration response to the latest revelation coming from President Boakai disputing Weah’s account.

President Boakai also re-emphasized his government’s commitment to periodic audits across all branches of government and not only the Executive.

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“To this end, 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.” President Boakai indicated. See full text below President Joseph N. Boakai has disputed claim by outgoing President George M. Weah that he left USD40Million in the state’s Consolidated Account as balance for the year ending December 31, 2023, during his State of the Nation Address here on Monday, January 29, 2024.

Instead, President Boakai argued that only little over half that amount was left in the Government of Liberia (GoL) Consolidated Account as balance.

“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 at 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,” President Boakai said.

The issue of balance being left in both the country’s international reserves and consolidated accounts has been a bone of contention between succeeding governments in the country’s most recent history.

In 2018, Weah argued that he met around US7million in GoL’s consolidated account as balance left behind by the Ellen Johnson-Sirleaf Government, and around US150M in the country’s international reserves, something the Ellen Johnson-Sirleaf administration refuted at the time.

Thus, the public awaits the Weah’s administration response to the latest revelation coming from President Boakai disputing Weah’s account.

President Boakai also re-emphasized his government’s commitment to periodic audits across all branches of government and not only the Executive.

“To this end, 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.” President Boakai indicated.

However, a document in the possession of the New Dawn purported to be that of the Central Bank data shows the balance as quoted by former President Weah in his speech. Below is the purported GoL consolidated account with balances

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