MONROVIA – What former President George Weah said he left in the government’s consolidated account and what President Joseph Boakai says he met in the consolidated accounts continue to create confusion among Liberians, yet the special reconciliation audit conducted by the General Auditing Commission Report appears to have deepened the confusion.
Former President George Weah’s farewell message on January 21st claimed a Consolidated Fund balance of US$40,044,305.90 on January 19, 2024 and President Boakai stated that the consolidated balance was US$20.5 Million on January 19, 2024 during his State of the Nation Address.
The purpose of the Special Reconciliation Audit on the net account balances of the Consolidated Fund Accounts as at January 17 and 19, 2024 was to establish the true balances of the Consolidated Fund amidst different values of the balances of the Consolidated Fund.
What the GAC Reported
The General Auditing Commission determined that as of January 19, 2024, the gross balance of the Consolidated Account at Central Bank of Liberia amounted to US$50,161,966.74. The book balance, according to the audit, stood at US$43,243,823.77. While there were several cheques amounting to US$9,144,138.95 and L$457,680,522.71 were issued beyond the statutory six months period and had not been cashed by the respective payees as at January 17, 2024. Similarly, the GAC also observed that several cheques amounting to US$11,836,676.49 and L$ 457,680,522.71 were issued beyond the statutory six months period and had not been cashed by the respective payees as at January 19, 2024.
In the GAC’s opinion, with the outstanding cheques factored in, while the Government of Liberia’s book balance stood at US$43,243,823.77, the reconciled cash balance totaled US$6,918,142.97, representing the Government’s cash position.
Both President’s Deceived – Amara Konneh
Gbarpolu County Senator, Amara Konneh, who heads the Senate Public Accounts and Audit Committee and played a key role in seeking the audit and reconciliation of the government’s consolidated accountants, stated in a Facebook post:
“…The Auditor General of the Republic of Liberia concludes that as of January 19, 2024, the gross balance of the Consolidated Account at CBL was US$50,161,966.74. The GOL book balance with outstanding cheques was US$43,243,823.77. Therefore, the reconciled Cash balance was US$6,918,142.97. This was the GoL’s cash position.
“The key message in this aspect of the report is that both leaders were misled by their respective teams due to their lack of due diligence on this important matter that dogged the 2017 transition between former Presidents Johnson Sirleaf and Weah.”
Ironically, the current Minister of Finance and Development Planning, Boima Kamara was the Minister of Finance at the end of Madam Ellen Johnson Sirleaf’s tenure.
Outstanding Cheques Vs. Commitments
In an attempt to provide some nuance to the GAC Report, the former Comptroller General, Janga Kowo, emphasized the importance of context in understanding the GAC findings.
Kowo asserts that the GAC report does not challenge the accuracy of the actual cash balance reported by the previous government as of January 17, 2024.
Kowo further pointed out a crucial distinction regarding outstanding checks and commitments. He argued that while these items may be listed as liabilities, their deduction from the reported cash balance is speculative since they do not necessarily result in immediate cash outflows. According to him, this distinction is particularly significant because the Government of Liberia operates on a cash basis accounting system, meaning transactions are recorded when cash is received or disbursed.
“Subtracting outstanding Checks and commitments, which may not necessarily result into cash deduction is hypothetical. Because the GOL operates a Cash Basis Accounting System, the Cash Reported by the former Government stands Confirmed by the report. The present Government will not make all the payments listed as Outstanding Checks or Commitment,” he stated.
Tweah: Controverting Figures for Political Purpose
Also arguing the interpretation of the GAC Report, the Weah era Finance Minister, Samuel D. Tweah, opined that the Unity Party-led government has been manipulating the figures relating to the balances of the consolidated accounts for political gains.
According to Tweah, the Unity Party’s denial of the US$43 million left by the former President in the consolidated accounts springs from the fact that the Unity Party left US$7 million in the accounts when the CDC government took over in 2018.
“Since CDC number was bigger than UP’s number, someone was not happy! This Is how low and cheap liberian politics has become,” Tweah stated.
Twea: “Did the GAC confirm US$46 million cash available on that day? Yes! Did President Weah say US$41 million cash was available on that day? Yes. Did President Weah say anything about Government obligations? NO. Should President Weah have reported ‘reconciled numbers’? Hell no. Cash balances on a daily basis are in real time. Reconciliation comes after so many things that may or may not happen over time. Reconciliation is done at the end of an accounting period. The political tradition since 2018 is you say how much you are leaving in cash and in reserve.”
