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.