Monrovia, Liberia – The General Auditing Commission (GAC) found differences in the numbers that former President George Weah had claimed during an audit aimed at balancing the net account balances of the government’s consolidated accounts as of January 17 and 19, 2024. The audit discovered that on January 17 and 19, 2024, respectively, he actually left US$3,378,848.89 and US$6,918,142.97, despite his claim that he left US$40,044,305.90.
In his departure speech, former president Weah stated that there was a balance of US$40,044,305.90, however President Boakai stated in his State of the Nation Address that there was a balance of US$20.5 million.
Due to this, the Public Accounts Audits and Expenditure Committee (PAC), Banking and Currency Committee, and Joint Committees of the Liberian Senate requested that the Auditor General conduct a Special Reconciliation Audit on the net account balances of the Consolidated Fund Accounts as of January 17 and 19, 2024.
The audit found liabilities totaling US$16,526,121.90 and US$16,526,842.58 on the same dates, indicating a net commitment left by the previous administration for President Boakai to finance, in addition to the enormous discrepancies in the amounts mentioned by both the current and former Presidents as balances in the consolidated accounts. As of the end of the budget year 2023, these monies were due and payable within ninety days.
Weah said he left US$40,044,305.90 in the national coffers, but the audit revealed that the old administration left net commitments of US$9,608,699.61 for President Boakai to finance.
“An undertaking to make an expenditure following the conclusion of a binding agreement that will result in public outlays/payments” is the definition of commitment given in Section 4, count 10 of the Public Finance Management Act of 2009 as Amended and Restated 2019. Additionally, revenues and expenses are recorded at the time cash is received or disbursed under the cash basis of accounting. As opposed to accrual accounting, which records liabilities as soon as they arise and income as soon as it is earned, regardless of when cash is received or paid.
Furthermore, as of January 17, 2024, and January 19, 2024, respectively, the GAC found that checks totaling US$9,144,138.95 and L$457,680,522.71 had been issued beyond the legally mandated six-month period. Such behavior contravenes PFM Act of 2009 Regulation R.6.
According to Regulation R.6 of the PFM Act of 2009 as Amended and Restated 2019, checks made payable to the Republic of Liberia are good for six months after the date of issuance. The legend “Every government check must be cashed within six months of the date of issue” may be printed or stamped by the Minister on government checks.
Also, there was no proof that the cash receipts in the transitory accounts were compared to the bills that the Liberia Revenue Authority (LRA) raised, the revenue sharing agreement with entities, or the amounts swept and remitted to the Consolidated Accounts. Moreover, the revenue collected in commercial banks’ transitory accounts was not promptly swept in compliance with Regulation H.9 of the PFM Act of 2009 as Amended and Restated 2019.
