February 21, 2024

CDC Reacts to Boakai SONA

RAISES CONCERN ON CONSOLIDATED ACCOUNT

Monrovia, Liberia – Liberians are curious about who is speaking the truth given the tension that exists between the Unity Party Administration and the former ruling CDC party over the nation’s consolidated account. Former President George Manneh Weah revealed in his farewell speech that the economy under his administration was stronger than what the Ellen administration gave him in 2018.

President Weah reported that the government’s consolidated accounts hold forty million, forty-four thousand, three hundred, sixty-five dollars, and ninety cents of the United States currency.

However, in his first State of the Nation Address to the combined Chambers on Monday, January 29, 2023, President Boakai stated that the statement was untrue, pointing out that the net international reserves position as of the end of December 2023 was US$220 million.

“The report of US $40 million as the government consolidated account balance as of January 19, 2024, is not supported by the facts. The balance reported was US$20.5 million, highly encumbered, NOT US$40 million.”

In reaction, the Coalition for Democratic Change criticized the President Boakai report in a press conference on Monday, January 29, 2024, at the party’s offices. Mulbah Morlu, the chairman of the coalition, called the study deceptive.

“We challenge President Boakai to publish the statement of the consolidated account of the period within 48 hours, or the CDC will make public copies of the same.”

According to Chairman Morlu, at the end of 2017, the Unity Party government purposefully chose not to acknowledge a number of domestic loans, including USD 65 million from commercial banks and USD 107 million from the IMF through the CBL, and concealed them from the public.

He claimed that this is a glaring underestimation of the debt stock. Approximately 60% of the $2.2 billion in declared debt stock was incurred during the Unity Party government. The Chairman continued that, in regards to his purported remarks on the budget deficit, it is important to remember that the FY 2023 budget was revised following the achievement of actual revenue collection of USD 710 million.

“This actual collection represented the highest amount of revenue collected in contemporary Liberia. While serving as Vice President of this Republic, his government never got close to this amount of revenue actualized.”

Chairman Morluba, however, reaffirmed the party’s pledge to maintain peace, prosperity, and progress while in opposition and guaranteed a democratic Liberia.

The Central Bank of Liberia’s leadership is reportedly scheduled to appear before the House of Legislature on Thursday, February 1, 2024, to respond to inquiries concerning the consolidated account.

Reported by: Jenneh Borbor

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