LIBERIA: Central Bank Of Liberia Refuses To Be Audited – PPCC Claims

The Public Procurement and Concessions Commission (PPCC) has disclosed that the Central Bank of Liberia (CBL) has rejected a request by it to be audited.

The PPCC made the disclosure in a letter to the Chief Clerk of the House of Representatives, Mildred Sayon, signed by the Commission’s Chief Executive Officer James Dorbor Jallah,, in response to a request by the House of Representatives on May 4, 2015 to the PPCC to conduct “a comprehensive audit of the Bank covering fiscal years 2010/2011 and 2013/2014.

In the letter dated August 4, 2015 read in Session Thursday, Jallah stated that it wrote the CBL on July 17, 2015, requesting an audit meeting with its senior management team on July 30, 2 015 to discuss the scope, objectives and methodology of the audit.

“The CBL however responded in a letter dated July 29, 2015 which was received on July 30, 2015, stating that as an institutions established with functional independence, it follows procurement and procedures as approved by its Board of Governors”, Jallah indicated.

He explained that citing the aforementioned assertions among others, the CBL informed the Commission that it could not honor its request for an audit engagement meeting with its senior management team.

“The Commission however wishes to inform the Honorable House that it has been engaged with the Central Bank of Liberia since 2010 regarding its non-compliance with the provisions of the Public Procurement and Concession Act of 2010, but that the CBL has persistently failed to subject itself to the applicability of the PPCA,” Jallah added.

Jallah further said, ‘We wish to bring the august body’s attention to one of the major assertions and reliance of the CBL is that the “PPCC law recognizes the Central Bank as the monetary authority responsible to formulate and implement monetary policy and thus the PPCC Act Part 1 Section 2(49) is very clear as to the extent of its audit”.

After reading the instrument, Plenary forwarded it to the House Committees on Procurement and Judiciary for review and recommendations with the mandate to report in two weeks.

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