Liberia’s central bank said it did not lose $104m in newly printed cash — the equivalent of 5 per cent of gross domestic product — contrary to previous government statements that spurred thousands to protest in the capital and calls for internationally monitored investigations.
Nathaniel Patray, central bank governor, said in a statement that an internal audit found that notes, which Liberia prints abroad because it does not have a mint, were indeed in the bank’s vaults. This was despite an announcement last month by the information minister that two shipments totalling nearly 16bn Liberian dollars had disappeared over the previous two years.
The scandal sparked outrage in Liberia and provoked a political firestorm for President George Weah. Last week, more than 30 central bank officials, including the bank’s former governor, Milton Weeks, and current deputy governor, Charles Sirleaf, son of former president Ellen Johnson Sirleaf, were barred from leaving the country. In the statement, Mr Patray requested that the travel ban is lifted.
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Rodney Sieh, the editor of Front Page Africa, a Liberian media outlet, said in an editorial published on Tuesday that the sudden announcement from the central bank “smells a bit fishy”, particularly given that the bank and its employees are subjects of the investigation.
“Here lies the government’s predicament: [the many] contradictions have made it difficult for most Liberians and international partners to believe any explanation at this point,” he wrote.
Last week, thousands of outraged Liberians took to the streets of the capital Monrovia to protest, while the hashtag #BringBackOurMoney began trending on social media.
“People say it’s 5 per cent of GDP — but it’s also 15 per cent of the national budget. This is a huge amount of money that could make a real impact in the lives of people,” said Taa Wonga, a senior adviser to a leading opposition politician. “To put it in perspective, this money [could be used to create a] massive change in our infrastructure, a massive change in our education system, a massive change in our social development.”
The ministry of justice has submitted requests to the UN, the Economic Community of West African States (Ecowas) and the African Union for assistance with the investigation. It could have significant repercussions, given the recent change in government and questions over when exactly the money went missing: either under Mr Weah, a former international football star who took office early this year, or Ms Sirleaf.
Ms Sirleaf, a Nobel Peace Prize laureate, has been lauded for stabilising her country after her election in 2005 following two devastating civil wars. She recently won the $5m Mo Ibrahim Prize for leadership in Africa.
But at home she was blamed for the weak performance of an economy hit by falling commodity prices and an outbreak of Ebola in 2013. She was also criticised for alleged nepotism after two of her sons, including Charles, were appointed to senior positions.
Liberia, one of the poorest countries in the world, has an annual GDP per capita of $729, according to the IMF.
