Monrovia – Late January when President George Manneh Weah delivered his annual message before the joint session of the national legislature, it was clear that his administration was aware about the anxiety hovering over the nation, still in shock over the missing LD16 Billion and US$25 million respectively.

Report by Rodney D. Sieh, rodney [email protected]

The President acknowledged that during the year 2018 under review, the news media was saturated with stories alleging that containers of Liberian dollars imported by the Central Bank were missing. Given the gravity of the allegations, the President declared, his administration took several actions in response, including setting up a Special Presidential Technical Committee to investigate.

In addition, the President said, the government requested the assistance of the European Union, the African Union, the United States Government and the Economic Community of West African States (ECOWAS) to help in conducting a separate external investigation into the alleged missing money. “With the assistance and support of USAID, an audit team from Kroll of London, England, was invited to independently investigate and report findings. The Report from the Kroll Audit Team is expected at the end of February 2019, and will be released to the public by USAID. If it is established that there has been any willful act of criminality, negligence, or malfeasance by anyone implicated in the reports, the full weight of the law will be brought to bear.”

The month of February is now down to its last three days and the expectations are high about the findings in those reports which have until now been mired in secrecy and void of leaks although murmurs about bits and pieces have been floating in the air.

US ‘Information Phase’ Long Completed

FrontPageAfrica has learned that versions of both the report by the Special Presidential Technical Committee and the USAID-funded one from the Kroll Audit Firm have been making the internal rounds of the diplomatic and government circles since last November – or at least details from them, but concerns over how Liberians would react to the reports have kept them from the glare of the public eye.

U.S. Ambassador to Liberia, Christine Elder revealed in December 2018 that a USAID-hired international forensic team had completed the “information gathering phase” which involved meeting with number of relevant persons in Monrovia, including those who are involved with domestic investigation.

The envoy explained that the Liberian government provided full cooperation during the exercise, adding that the international forensic team has returned to where it came from and was in the process of analyzing and compiling its findings to be made public. Although the ambassador failed to mention how soon the report would be out, some diplomatic circles suggested that the report would be made public after the Christmas and New Year’s holidays of 2018.

Even when FrontPageAfrica sought clarity from the embassy in the new year on its pledge to release the report after the holidays, the embassy was mum, telling FPA through a spokesperson that it could not provide any further update either than what was provided by the Ambassador last December.

The interest from the US and other international stakeholders was triggered by a massive protest organized by aggrieved and disenchanted citizens under the banners, Concern Citizens United to Bring Back our Money (COCUBBOM), and Economic Freedom Fighters of Liberia (EFFL) for international partners to help with investigators to ascertain the fate of their “missing L$16 billion.”

Protesters, last September made appeals to the US Embassy, the European Union, the Economic Community of West African States (ECOWAS) and the United Nations to intervene by embarking on the Liberian government to account for the “missing money.”

The protesters also called on international stakeholders to provide technicians to investigate the matter as they do not trust the Liberian government on accounts that officials have been providing conflicting information surrounding the issue, and that most of the people on the presidential investigative team are related to people who are to be investigated.

The US Embassy, in a release, issued on October 10, stated that it was its assessment that such a report would be the most credible and effective means to determine quickly the scale of the problem, and would be an appropriate means for the United States to support the Liberian government’s and citizens’ desire to understand the allegations and facts. “If a broader and longer investigation were found to be needed after the scoping mission has concluded, the government could discuss next steps with international partners,” the release said.

Missing Money’s Economic Implications

It’s been a long and dreary past few months of uncertainty. The fear of the unknown and the mystery surrounding the missing money cast a dominant shadow over the first year of the Weah-led government, now swirling in the midst of a serious economic and political crisis.

Complicating matters are numerous reports of fiscal indiscipline that have overwhelmed the economy causing a strain on the Central Bank of Liberia (CBL) that is now in serious financial turmoil.

The lack of enough local currency on the market has been dampened by a previous year in which the government spent 25% (over a hundred million dollars than what was collected in revenue) more than its revenue generated.



Economists say due to the current fiscal indiscipline, the country’s Foreign currency reserves to the tone of US $150m (one hundred and fifty million) that was left by the previous Unity Party led government have been knowingly or unknowingly depleted.

As a result, foreign currency reserves have dropped from US$150 million (One hundred and fifty million) to US$25 million (twenty-five million).

FrontPageAfrica has learned that the strains have put the government in the red with debts to the Central Banks of Liberia in the tone of US$125 million (one hundred and twenty-five million) and many economists expressing fears that the government may not be able to repay the loan owed the CBL.

Additionally, the government reportedly owes the CBL close to LD$3 billion (three billion Liberian dollars). To be exact LD$2.8billions (two billion, eight hundred million Liberian dollars), according to a highly-placed CBL source. Knowing this, the source says, the Ministry of Finance continues to write bounced checks which is making it difficult for the CBL to make good from its Currency reserves.



For the past year, the CBL has been bailing the government out of its payroll difficulties by financing the payroll but due to low liquidity problems, the CBL could only manage to pay some government ministries and agencies for Christmas while other Ministries and Agencies were not paid for the Christmas and New Year holidays. The continued intervention by the CBL to finance the payroll to minimize chaos and stress protests has not only depleted the country’s reserves but stands out as the root cause of the unfolding economic crisis.

CBL Source: Central Government Savings Depleting



To make matters worse, the Liberian Revenue Authority (LRA) is said to be under performing.

To meet up with government’s monthly payrolls, operations and demands, the LRA is tasked to collect US$1.5m (one million, five hundred thousand) daily but unfortunately, the daily revenues collections has dropped as low as US$500,000 (five hundred thousand) causing a deficit of 66,66% on the performance of the Government.

In the first quarter of the year, the government has been surviving mainly on revenues generated from real estate but that has not been forthcoming.

Some diplomatic observers say, the cause of the dropped in revenue has to be seriously investigated and immediate steps taken to remedy the situation.



A senior CBL official with knowledge of the situation, speaking strictly on condition of anonymity, explained to FPA that as of the date of reporting, the central government’s savings at the Central Bank (both consolidate and operational accounts) are below US$10m (ten million).



This situation presupposes that the central government would be incapacitated to meet up with the monthly civil servants’ salaries.

All this as the explanation surrounding the US$25 million intended as a stimulus package to aid the rising US exchange rate remains shrouded in mystery and uncertainty.

Muffled Explanation Over US$25M

Finance and Economic Development Planning Minister Samuel Tweah, responding to questions during a Senate budget hearing last year, suggested that while the intervention of the President, through the infusion of US$25 million stimulus package, has helped to thwart what was gradually becoming a looming financial crisis, following the alarming depreciation of the local currency, that the transaction, unlike others during the past government, was done exclusively outside the banking sector and distributed to money changers on the streets. The minister assured that the CBL, which was responsible for the process, has documents with the names, telephone numbers, and emails of all those who benefited although those names have not been made public.

The minister explained that of the US$25 million, US$17.1 million was used to mop up LD$2.3 billion from the market while claiming that the US$25 million was not intended to remain sustainable but a quick action intervention, which has helped to keep the exchange rate stable for some time and that currently, there is L$17.1 billion in circulation outside the banking sector.

In his inaugural address in January, President Weah explained that as of December 2018, a total of $17 million United States dollars was used for the intervention, which significantly contributed to the general stability in the exchange rate for the past six months (July to December 2018). “The balance $8 million United States dollars is reserved by the CBL as a precautionary intervention fund.”

Printing Authorization Under Scrutiny

FrontPageAfrica has learned from investigative sources that while much attention is being placed on the probe of the missing billions and the subsequent US$25 million, a key part of the findings is expected to address the issue of who authorized the printing of the billions in local currency and how much was actually printed.

That issue has landed journalist Philipbert S. Browne in hot water with the national legislature. Mr. Brown departed Monrovia last week. The newspaper had accused some current and former lawmakers from the 53rd National Legislature (House of Representatives), of taking bribe to the tone of US$1.2 million (one million two hundred thousand United States dollars) to give the Central Bank of Liberia (CBL) the authority to print the L$10 billion (ten billion Liberian dollars) are desperately trying to have him murdered.

Mr. Browne who says he has left the country for an unknown destination, says he has been struggling to validate bond in the wake of an arrest warrant out for him from the legislature.

Mr. Browne says while he has the financial ability to take care of his bond and legal defense team, he has realized that the lawmakers are not interested in going to court but to have him murdered. He said that since insurance companies cannot ensure that he obtains a bond, his only option, as was advised, was to flee Liberia into exile.

Source: Sirleaf, Weeks Likely Fall Guys

In the wake of the Browne flight, FPA has learned from investigative sources that two central current and former CBL figures, ex-governor J. Milton Weeks and the current deputy governor Mr. Charles Sirleaf, who happens to be the eldest son of former President Ellen Johnson-Sirleaf could face arrest over the printing of the money.

Both men are said to be aware of the looming action and are said to be preparing bonds in the event of an arrest order when the report is finally released.

The issue is being further compounded by the fact that investigators have reportedly uncover, while reconciling the two reports, that a little more than LD$2.5 billion (two billion five hundred million Liberian dollars) was printed in excess.

It is unclear how deep, from what FPA has gathered, how far both reports would go to address the issue of who ordered the printing of the excess money.

Crane, the Swedish-based company contracted to print the money, previously responding to a FrontPageAfrica inquiry said, it does not comment on clients’ work.

Since reports of the missing money began to surface, Liberians have been kept in the dark. What remains unclear is what happened to the missing containers on the night of March 31st, 2018. Who signed for the containers leaving the port and where did it go after? Who escorted the trucks carrying the money and why has it been difficult to find traces of the money anywhere on the market? More importantly, did the money reached the Central Bank of Liberia or were all taken to the old Housing and Savings Bank down Water Side as some have speculated?

In four days, bearing anymore prolonging of the release date, Liberians could finally get the answer to the lingering questions they have been yearning – and which have been dogging them all year. For those who braved the rain trumpeting “Bring Back Our Money” hashtags – and hoovering under lofty expectations, the revelation could once and for all allay their fears or redirect them on another adventurous journey in search of the truth.