Central Bank (CBL) declares former gov’t bank balance

CBL Executive Governor, Milton Weeks

The Central Bank of Liberia (CBL) has declared more than US 5million to the Ways Means and Finance Committee of the Legislature as amount left behind in the  former government’s account.

The Governor of the CBL, Milton Weeks said: “An amount of about US 5,637,000.00 was left in government’s account as of January 22, 2018; about LD 534million as aggregate balances, was left in the account”.

During the deliberations, the two bodies, CBL Governor Weeks, also made available the financial statements in plenary at the House of Representatives.

Upon the committee’s earlier request, the CBL and the Ministry of Finance, Development Planning appeared Thursday, March 1, 2018 to be cross examined and provide financial statements regarding bank balances left behind by former President Ellen Johnson-Sirleaf’s administration.

The Deputy Finance Minister for Finance, Development Planning, Samora Wolokollie in his deliberation to the committee, said: “As of January 31, 2018, the new government met in the account the total of US 11,835,000.00 from the reconciled account balances along with bank financial statements for two different periods”.

Minister Wolokollie said the reconciled account balances and bank financial statements for the two periods amounted to a total of more than LD 642million.

Mr. Wolokollie also pointed out to the lawmakers, that the grand total from all government accounts, as of January 31, 2018 is equivalent to more than US16 million.

He further clarified: “The financial statements provided speak of liquidity, including advances from the Central Bank and other financial institutions”, Minister Wolokollie declared.

The Ways Means and Finance Committee has henceforth, mandated the witnesses involved to provide copies of all financial statements to  the body for review within one week.

Source: ELBC

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About Cholo Brooks 11575 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.