As Liberians Murmur About ‘Missing Billions’ President Weah Requests Auditing Commission To Probe US$25m Mop-Up Exercise

President George Manneh Weah

The Ministry of Justice by directive of President George Manneh Weah has requested the General Auditing Commission (GAC) to conduct an investigative audit into how the US$25 million earmarked for an exercise to mop up excess liquidity from the local market was expended.

The GAC is given a two-week mandate to report its findings, said a press statement from the Executive Mansion issued on Thursday.

It said the directive is a result of the Presidential Investigative Team’s report, which calls for a ‘forensic investigation’ of the entire mop-up exercise carried out by the Central Bank of Liberia, and the report done by Kroll, an institution of international repute which was commissioned by the U.S. Government, that calls for ‘further understanding’ of how the exercise was conducted.

It can be recalled that in July 2018, the government approved the infusion of US$25 million into the Liberian economy in order to bring about stability on the market.

The exercise is widely believed to have reined in the runaway exchange rate for months now since it was carried out.

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About Cholo Brooks 14446 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.