Monrovia, Liberia – President Joseph Nyumah Boakai has refuted the report of the Weah administration leaving behind forty million United States dollars as the government’s Consolidated account balance.
“The report of US $40 million as the government consolidated account balance as of January 19, 2024, is not supported by the fact.”
According to records, former President George Weah said in his parting address that the economy under his government was better than the one under the Ellen administration in 2018. During his Monday, January 29, 2024, address to the nation, President Boakai declared that the balance recorded was US$20.5 million, not US$40 million, as former President George Weah had claimed.
President Boakai, pledging to tackle corruption, said he will audit and make sure that regular audits become the norm in all branches of government, not just the executive.
According to the Liberian Leader, economic changes that promote sustainable economic growth and job creation should be given priority in legislation because the current state of the economy is concerning. He added that, over the last six years, the economy has seen difficulties in terms of expansion, generating jobs, and reducing poverty; growth has slowed from 4.8 percent to 4.6 percent.
From 7.6 percent in 2022 to 10.1 percent at the end of December in 2023, inflation increased over time. According to reports, revenue collection for 2023 was $710.23 million, while expenses came to $796.32 million. This resulted in a significant budget imbalance above US$80 million, as stated by President Boakai in his State of the Nation address.
“Economic instability and long-term unemployment are problems for many of our countrymen. Together, we need to propose and enact laws that emphasize economic reforms that promote long-term economic growth and job creation in addition to acknowledging the suffering and annoyance that permeate our society.”
“We intend to change this state of the economy by thinking “outside the box”; a paradigm shift away from reliance on primary commodity exports to focusing on value addition with the private sector as the engine to drive the economy.”
President Boakai promised that under his administration, the empowerment of Liberian entrepreneurship through more support will help bring back the “made in Liberia” quest for inclusive and sustainable growth and jobs.
