As part of an ongoing audit commissioned by President Joseph Boakai, the General Auditing Commission (GAC) has uncovered significant financial irregularities during the tenure of former President George Weah. The audit, which covers the six-year period from 2018 to 2023, has revealed unapproved disbursements by the Central Bank of Liberia (CBL) for the 2019 Independence Day celebrations, totaling USD 580,000.
The GAC audit found that on July 24, 2019, the CBL disbursed USD 200,000 to the Liberia National Police as part of the Bank’s contribution to the July 26 celebrations. A day earlier, on July 23, 2019, USD 300,000 was disbursed to the Ministry of State for the same purpose. Additionally, the Bank allocated USD 80,000 to the National Security Agency (NSA) for “special security operations.”
These disbursements occurred during a transitional period at the CBL, with Deputy Governor Nyemadi D. Pearson overseeing operations and all financial transactions. According to the audit, the amounts were unsolicited by the receiving entities, raising concerns about potential financial malpractices.
“During the audit, we observed that without an approved policy, management made several material unsolicited payments to institutions and individuals in excess of approved amounts,” the audit report stated.
The findings suggest a lack of proper financial oversight and adherence to approved policies at the CBL during this period. The GAC’s report highlights the risk of financial malpractices when large sums of money are disbursed without prior requests or approvals from the intended recipients.
FrontPage Africa reports that these irregular disbursements took place while the Bank was under the interim management of Deputy Governor Pearson, who was responsible for the CBL’s operations and financial disbursements.
The audit’s revelations are part of a broader investigation into the financial management practices during the Weah administration, aiming to ensure transparency and accountability in Liberia’s public institutions. President Boakai’s administration has pledged to address any irregularities found and implement measures to prevent future occurrences.
As the audit continues, further details are expected to emerge, shedding light on the financial governance practices during the previous administration and providing recommendations for improving fiscal management within Liberia’s key institutions.