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House orders another US$6.5m investigation at CBL

The Central Bank of Liberia (CBL) continue to find itself in the midst of financial controversies, as the House of Representatives orders a new investigation in relation to US$6.5m as the bank remains hook in two big financial scandals that have prompted a protest here.

Five ex-officials of the CBL are on facing an economic sabotage trial for their alleged roles in Liberia LRD$16bn scandals, as pressure mounts against President George MannehWeah’s government to take action on other officials at the bank over a controversial US$25m mop – up exercise.

As if that was not enough already, the House of Representatives has instructed its committees on Banking and Currency, Agriculture and Public Account Committee to investigate the CBL to explain why US$6.5 million intended to be infused within the agriculture sector has not been used.

Further, the House wants to know if the money has been expended, and if so, who the beneficiaries of the fund are.

According to a communication written by River Gee County District #2 Rep. Francis S. Young, the funds are intended to buttress the president’s Pro-Poor Agenda for the development of agriculture and to equally help citizens who have been incapacitated as a result of the destruction caused by the war.

“Whatever fund intended for the sector must be utilized to the fullest in order for Liberia to be on par with other nations within the sub – region of West Africa in terms of agriculture development,” Rep. Young says in the communication.

According to him, the transformation of the sector from subsistence to mechanized framing will ideally build the broken economy of the country.

The River Gee County lawmaker argues that the agriculture sector has the potential to provide substantial employment opportunities for the youths and income generation of the locals.

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He explains that the idea will support government’s development agenda, especially the smallholder sector, which has been directly affected as a result of the prolonged civil crisis in Liberia.

In keeping with the communication, the River Gee lawmaker is requesting plenary to invite the Governor of the Central Bank of Liberia Nathaniel Patray to appear before that August Body and give reasons why the US$6.5 million intended to be infused within the sector has not been used.

Rep. Young expresses hope that the issue relating to the development of the agriculture sector be given considerable attention by the government in order to transform the livelihood of those at the margin of society.By Bridgett Milton –Edited by Winston W. Parley

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