Liberia: GAC Audit Uncovers Massive Revenue Gaps, Faults LRA, MFDP, CBL Over Untraceable Transactions; Officials Insist 'Variances Are Common'

Monrovia, May 12 -- A damning compliance audit by the General Auditing Commission has uncovered sweeping irregularities in Liberia's government revenue collection system, with hundreds of millions of United States dollars and tens of billions of Liberian dollars either untraceable or improperly reconciled across key government financial institutions.

By Gerald C. Koinyeneh, [e-mail]

The report, signed by Auditor General P. Garswa Jackson Sr., presents an adverse conclusion on the management and reconciliation of tax revenues collected through government transitory bank accounts and the Consolidated Account between July 1, 2018, and December 31, 2024. The GAC noted that it derived an adverse conclusion b...