The Perspective
Atlanta, Georgia
March 13, 2019

The recent report issued by Kroll, an audit outfit that was hired by the international partner or USAID is like a CIA report or a classified report.  Numbers are the most crucial components of any audit report, but some of these numbers are redacted in the report, implying that the Weah Government, with the help of USAID and Kroll, is not acting in good faith.  What is troubling to most Liberians and well-wishers of Liberia is the involvement of the American Embassy through USAID in covering the financial scams of the Sirleaf and Weah regimes.

Kroll mentioned that requested documents and access were not given to them but failed to name the people at the CBL who denied them the access and documents.  Though the government promoted Kroll as a reputable international audit firm that was going to conduct a forensic audit as mentioned in President Weah”s Annual Message, the U.S. Embassy is calling the exercise a “scoping” exercise, instead of a forensic audit.  PIT was appointed before Kroll was hired, but did nothing until Kroll issued its report, meaning that the PIT report is government’s spin of the Kroll report. 

In an apparent rush to appease the Government, PIT and Kroll hurriedly issued their reports within hours of each other and then recommended for more investigations, when Liberians were led to believe PIT and Kroll were hired to conduct the investigation. Why did Kroll and PIT not ask for more time or resources, if they were constrained: this would have been far better to avoid the confusion that each of the report has created.

The issue of the L$18.8 billion has generated more questions than answers. For example, the two reports stated that they did not get information from the commercial banks about the new banknotes and the old banknotes. How can this be when the commercial banks are the institutions CBL uses to infuse (or deposit the new banknotes) the new banknotes and retrieve the old banknotes from the market. Yet, Kroll and PIT are suspiciously stating how much banknotes CBL infused into the currency in circulation and how much old banknotes CBL destroyed without any supporting documents from both the commercial banking institutions and the Central Bank of Liberia.

Kroll did not get information from the auditee and did not explain in its report whether it asked third parties (i.e., commercial banks) for schedule and information about the new banknotes and old banknotes that should have been destroyed. But, interestingly, the foreign “forensic investigators” reported that CBL infused more banknotes into currency in circulation, than the value of banknotes CBL reported in its financial statements, which an external audit firm audited for 2016 and 2017. Kroll’s “forensic investigators” failed to also explain the difference between what the investigators reported and the value of banknotes CBL reported in 2016.  For example, in 2016. CBL reported in its financial statements that it infused L$2 billion banknotes into the currency in circulation, the “forensic investigators” reported that CBL infused L$3 billion banknotes into the currency in circulation. So, how is it possible for a forensic investigation to conclude that CBL infused L$3 billion into the currency in circulation, even though it didn't get any information from the CBL and/or third parties that received the new banknotes. Also, how did the “forensic investigators” verify the number and amount of old banknotes that CBL destroyed? Did the forensic team have the authority to investigate or did the investigators even care to verify the amount infused?

How and from where did the investigating Teams get the information on the new banknotes CBL infused?  Were the old banknotes withheld within the reserved vault of CBL? Or the information came from the site where CBL destroyed the old notes?

Interestingly, the PIT gave us information on the beginning balance and ending balance of currency in circulation of 2016. But the same PIT gave us a combined ending balance of 2017 and 2018. Providing separate information about 2017 and 2018 is important because most of the new banknotes came in 2017, the last year of former President Sirleaf.

How was it possible for the PIT to have verified that CBL infused L$23 billion into the currency in circulation as per page # 43 of the PIT report? This is troubling information because CBL reported to have infused L$8 billion into the currency in circulation between 2016 and 2018. CBL reported that it had L$10 billion at January 1, 2016, and also reported that it had L$ 18.8 billion at November 30, 2018. The External Audit Firm audited CBL financial statements of 2016 and 2017. 

Let us look at what amount of the new banknotes PIT said is missing or to be accounted for, L$2.6 billion. PIT reported that CBL infused L$13 billion (L$3 billion in 2016 and L$10 billion in 2017 and 2018). PIT stated that CBL destroyed L$4.4 billion old banknotes. In the reserved vault, PIT reported that CBL kept L$1.4 billion banknotes.

So, let us add the above numbers and determine what banknotes that CBL accounted for:
1) L$13 billion infused.
2) L$4.4 billion destroyed 
3) L$1.4 billion kept in the reserved vault.

If CBL deposited L$13. billion, destroyed L$4.4 billion and reserved L$1.4 billion, does CBL owe any banknotes from the L$18.8 billion banknotes to be accounted for? The total of the numbers is over the L$18.8 billion. 

To make matter worst and even more confusing, Kroll reported that L$1.9 billion could not be accounted for. This amount was reported to have been delivered by the Crane, the company hired by CBL to print the Liberian dollar bills. CBL records showed that it received L$1.9 billion less than Crane reported to Kroll.

The gimmick that led to the hiring of Kroll has backfired, so President Weah is now bringing in the General Auditing Commission (GAC).  Did he not know that Liberia had an audit entity called GAC?  But, when GAC files a credible report, like his predecessor, President may unleash a flurry of attacks on the entity too, branding them as enermy of the state.

Amazingly,they jailed some officials of the Central Bank of Liberia, but this was yet another smokescreen that had nothing to do with accounting for the missing billions of Liberian dollars.  It was another attempt to fool the Liberian people.  But amidst these troubling situations, all is not lost.  The same way we elected the government, we can collectively show our moral outrage by holding the feet of the government to the fire. We can converge on the streets of Liberia in peaceful protests to demand the resignation of President Weah, as it is done around the world.  Algerian President Abdelaziz Bouteflika, who iniatially said he was going to re-run, bowed down to pressure from protesters by opting not to re-run after ruling Algeria for 20 years.

But before it gets to that point, Liberians must continue to call on the Weah Government to account for the missing 16 billion dollars and the US$25 million dollars. 

Those at the national bank who refused to give documents to the Kroll auditors must be dealt with in accordance with the law of the nation.  The Finance Minister and current Central Bank Governor must be held responsible for the US $25 million. 

There must also be a call for an audit of President Weah to ascertain the origin of the money used to build the Weah estates in and around Monrovia.  These can be done, but without a unified and strong opposition, independent judiciary, a strong catoless media, a genuine civic society, and a strong legislature, Liberia will not make progress -  the broad-day theft will continue to multiply.

Liberians must put on their lenses to see clearly, because it does look like the step-father who bankrolled the Kroll investigation is standing tall to protect the financial scams of the Sirleaf and Weah administrations.  In other words, supporting the redactment of the figures in the Kroll report and treating the attendant short-comings of the report mutedly means that America is helping to dig the “shithole” so Liberia will forever remain a “shithole.”  To paraphrase the Great Dalai Lama, if you cannot help the Liberian people to get out of the shithole, do not hurt them by digging it further.  The Weah adiminstration, with the backing of USAID, is now using the Kroll report to lie to us (the Liberian people). So let’s put on our lenses. IMF recent reports that Liberia is sinking fast is just the tip of the iceberg.