Liberia's own auditors found six years of unexplained revenue gaps and unauthorized withdrawals at the finance ministry, tax authority and central bank.
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What happened
A General Auditing Commission (GAC) compliance audit covering July 1, 2018 through December 31, 2024 found widespread discrepancies between transitory and general revenue accounts, mismatches between customs and tax records, unauthorized cash withdrawals, irregular reversals, and delays by commercial banks in remitting funds to the Central Bank - spanning the Ministry of Finance and Development Planning, the Liberia Revenue Authority, and the Central Bank of Liberia. Finance Minister Augustine Ngafuan had asked the Auditor-General on January 6, 2025 to investigate the variances; President Boakai's government publicly endorsed all of the GAC's recommendations and forwarded the findings to the Ministry of Justice and the Liberia Anti-Corruption Commission to determine whether the irregularities amount to fraud.
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