Cleaning Up Liberia’s Coffers

President George Weah announced an overhaul of the central bank’s leadership to restore confidence in an institution that has been beset by scandals and hampered efforts to deal with an economic crisis. The government will open nominations for a vetting committee to appoint the bank’s new leadership, said Weah. In July 2018, Weah ordered that $25 million should be injected in the economy to mop-up excess liquidity of Liberian dollars. An investigation by the state auditor found that only $17 million was used for this purpose. A separate inquiry into the alleged disappearance of about $100 million in cash that was printed abroad found that while no money was missing, there were lapses in the accuracy and completeness of the central bank’s internal records.SOURCE: BLOOMBERG

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