Doloquee
A controversial debate has emerged over conflicting claims regarding Liberia’s financial status, with former President George Weah and newly inaugurated President Joseph N. Boakai presenting contrasting figures. As the nation grapples with these conflicting narratives, the question on everyone’s mind is: Who is telling the truth?
In a recent address before leaving office, former President Weah asserted that his administration was endowing a stronger economy to his successor, President Boakai. Weah claimed a significant increase in Liberia’s net international reserve position, stating that he was leaving behind a reserve of $222 million, a 136 percent increase from the reserve he inherited in 2018. Additionally, he cited a consolidated cash balance of $40.44 million in the government’s accounts, significantly higher than the $7 million balance inherited by his administration.
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“There is a bigger net international reserve position than was handed me in 2018. I inherited about NINETY-FOUR MILLION, NINE HUNDRED AND NINETY-NINE THOUSAND United States dollars in net international reserves, and I am handing over to the next administration a net international reserve position of TWO HUNDRED TWENTY-TWO MILLION, SEVEN HUNDRED THOUSAND United States dollars,” Ex-President Weah said.
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However, President Boakai has challenged these assertions, casting doubt on the accuracy of the figures provided by his predecessor. Boakai refuted Weah’s claim of a $40 million cash balance in the government’s consolidated accounts, stating that the actual balance, as reported by the Central Bank of Liberia (CBL), was $20.5 million, and it was highly encumbered. Boakai reiterated his commitment to conducting thorough audits across all branches of government to ensure transparency and accountability.
“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 in his State of the Nation Address.
The disparity between Weah and Boakai’s claims has sparked skepticism and raised concerns about the accuracy of financial reporting under the previous administration. As the new government under President Boakai takes steps to verify the country’s financial status, Liberians await further clarification on the matter.
With the stakes high and public trust at risk, the need for transparency and accountability in financial reporting has never been more critical. As the nation navigates this period of transition, all eyes are on President Boakai’s administration to uphold its commitment to fiscal responsibility and provide clarity on Liberia’s true financial standing. Only time will tell whose version of the truth prevails in this ongoing saga of economic uncertainty.
