By G. Watson Richards and Archie Boan
The Ministry of Finance and Development Planning (MFDP), the Liberia Revenue Authority (LRA), and the Central Bank of Liberia (CBL) had a joint press conference yesterday, May 19, 2026. The Minister of Finance Augustine Ngafuan said the government has detected serious financial discrepancies. Hence, the President, H.E. Joseph Nyuma Boakai has mandated the LACC and the Ministry of Justice to launch an independent investigation.
Why is the government investigating? The attached 3-page letter and the summary below explain it all.
1) Total Revenue amounting to US$257.5 million and L$23.6 billion recorded in the transitory bank accounts could not be traced to the General Revenue Accounts from July 1, 2018 to December 31, 2024.
2) Total revenue receipts recorded in the General Revenue Accounts amounting to US$1.37 billion and L$68.39 billion could not be traced to the Tax Administrative System from July 1, 2018 to December 31, 2024.
3) Total match and unmatched transactions per the General Revenue Accounts (GRA) resulted into variances of US$373.9 million and L$16.7 billion.
4) Bills reconciled to payments in ASYCUDA resulted into variances amounting to US$63.9 million. Some payments in ASYCUDA were not supported by receipts numbers.
5) Total revenue receipts amounting US$26.04 million recorded in ASYCUDA could not be traced to the Tax Administration System.
6) There were several unauthorized withdrawals amounting to US$59,786.14 and L$551,773.87 in the transitory accounts.
7) Several negative debits amounting to US$301,220.36 and L$67.25 million were posted to the transitory accounts.
8)Several transactions classified as reversals amounting to US$16.06 million and L$503.1 million that could not be traced to initial transactions.
9) Un-swept balances in the transitory accounts at commercial banks amounting to US$898,563.12 and L$60.76 million.
