In an official statement shared with this paper, the Liberian People’s Party (LPP) is demanding Pres. Joseph N. Boakai administration to fully account for US$203 million that it borrowed from various creditors in 2024.
“The Boakai administration must account for the $203 million received in 2024 from Liberia’s creditors,” the statement read, accusing the government of bypassing proper financial reporting and transparency standards.
According to the LPP, Liberia’s total public debt jumped from US$2.337 billion at the end of 2023 to US$2.588 billion by the end of 2024, a net increase of US$251 million.
Of that increase, the party points out, only US$48 million was publicly budgeted for borrowing, leaving a US$203 million discrepancy unaccounted for.
Citing figures from the national budgets of both 2024 and 2025, the LPP provided a breakdown of government debt and questioned why the administration failed to reflect the full borrowing in the revised 2024 budget.
“The government did not include the $203 million in the recast budget to explain how it addressed the revenue shortfall or how it funded additional expenditures,” the statement continued.
LPP Chairman J. Yanqui Zaza urged the Boakai administration to revisit and clarify the government’s debt figures and loan disbursements, while also scrutinizing actual revenues and expenditures during the 2024 fiscal year.
Among several recommendations, the party called for:
A recalculation of the national debt using a clear formula: (old debt + penalties + interest + new borrowing – repayments = new debt).
An audit of the debt balances as stated in the national budgets.
A full review of government revenues and spending from January to December 2024
An explanation of why the administration projected borrowing of only US$48 million in 2024, significantly less than the US$134 million and US$187 million projected in 2022 and 2023 respectively.
The LPP warned that failure to account for the missing funds could seriously erode public trust and damage Liberia’s credibility with international financial institutions and development partners.
“The principles of accountability and transparency are on the line,” Zaza emphasized.
“Liberians and the international community deserve answers.”
